Where are properties selling quickest?
Where are properties selling quickest?
Posted on Friday, June 13 2014 at 12:24 PM
The latest property data shows that Sydney and Perth are recording the shortest days on market.
RP Data’s Property Pulse
report shows on average Australian houses took 80 days to sell while units were
taking 75 days over the 12 months to March 2014. For the same period in 2013,
houses took 94 days to sell and units sold in 88 days.
The cities to record the
shortest time on market for houses were Perth at 54 days and Sydney at 59 days.
At the other end of the scale, the cities recording the longest days on the
market were Hobart with 90 days and Darwin with 86 days.
According to RP Data
research analyst Cameron Kusher, the annual average time on market has generally
fallen over the year across each capital city.
“The fall in average time on
market at a national level is a clear sign the amount of sales is picking up
and sellers are becoming more empowered at the time of negotiation,” Kusher
says.
“If there’s less scope for
negotiation and discounting, you’ll typically find that a property sells
quicker which is the scenario currently at play.”
Focusing on the unit market,
the trends are similar to those found across houses. All of the areas with the
shortest average days on market are within a capital city and all of them are
within Sydney, Melbourne or Perth.
For units, Sydney recorded
the shortest days on the market at 49 and Perth 56, while Hobart and Darwin
shared the longest days on the market at 96.
With mortgage rates tipped
to remain low for some time yet, it’s possible we could expect to see a further
reduction in average days on market.
There’s evidence which
suggests peak capital growth conditions have passed in Sydney, Melbourne and
Perth, so in 12 months’ time the list of fastest-selling council areas could
look quite different as buyers broaden their horizons and look for
opportunities outside of these centres.
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Australian property prices rise
Australian property prices rise
Posted on Wednesday, June 11 2014 at 1:18 PM
The nation’s property recorded average capital city median price rises of 1.9 per cent for houses and 1.7 per cent for other dwellings in the March quarter 2014.
According to the Bendigo Bank/Real Estate Institute of Australia
(REIA) Real Estate Market Facts, all but two capital cities saw an
increase in house prices for the period.
Peter Bushby, president of the REIA, says the
results are subdued, but positive.
“The weighted average median house price for
the eight capital cities is now $606,517 with Sydney, Melbourne, Adelaide,
Canberra, Hobart and Darwin all contributing to the rise.
“Brisbane
and Perth fell by 1.1 per cent and 1.6 per cent respectively.”
Unsurprisingly,
Sydney has the highest median house price at $782,973.
Hobart
has the cheapest at $385,000, although it did see the highest percentile price
increase at 4.1 per cent for the quarter.
Bushby
says the results are far softer than in March quarter 2013.
“Compared to the same time last year, the
difference is much starker. The weighted average median house price rose 13.1
per cent over that period.”
For other dwellings, Sydney and Melbourne had
increases, with the largest rise being for Darwin – up eight per cent.
Adelaide, Perth, Canberra and Hobart recorded
falls for the median price for other dwellings while Brisbane remained
unchanged.
Bushby says their information reveals rents have
increased also.
“The rental market tightened further and, as
a result, median house rents increased in most of the capital cities and solid
increases were also seen in rents for other dwellings.
“A tightening rental market is another
indicator that the Federal Government did the right thing leaving negative gearing
in its current form and its retention is critical to maintain the supply of
housing and the level of rents.”
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Housing recovery on track
Housing recovery on track
Posted on Tuesday, June 10 2014 at 4:15 PM
Based on the latest Australian Bureau of Statistics (ABS) housing finance data, the recovery in residential building is set to continue but at a more sustainable rate, according to experts.
“Despite the flat headline figure for the
number of owner-occupied housing finance commitments in April, builders will be
encouraged to see that overall finance commitments underpinning the upturn in
residential building activity are holding up,” Peter Jones, chief economist of
Master Builders Australia, says.
“While the numbers of commitments for
construction or purchase of new dwellings fell in April, there’s been solid
growth over the year.”
Jones says commitments for construction of
dwellings fell in April, but are up 15 per cent over the year.
“Investors remain a key driver of the upturn
in residential building activity, with the value of commitments for investment
housing continuing to power ahead, up by 2.3 per cent in April to be 30 per
cent higher than a year ago,” he says.
“However, first homebuyers only represented
12.3 per cent of all dwellings financed in April, down two percentage points on
the 14.3 per cent last year.
“Looking ahead, builders will be looking to the government to rollout
the detail of its national economic growth strategy foreshadowed in the Budget
to boost homebuyer and investor confidence.”
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Australia in global top 10 for price growth
Australia in global top 10 for price growth
Posted on Friday, June 06 2014 at 3:45 PM
Property advisory firm Knight Frank has released analysis, placing Australia in the top 10 nations globally for real estate price growth.
The
Knight Frank
Global House Price Index for the first quarter of 2014 sees the
nation at number seven on a ranking of countries with the biggest price gains.
Michelle
Ciesielski, an associate director at Knight Frank, says the result highlights a
return to form for Australia and other markets.
“The
turnaround in the US, Australian and Icelandic housing markets is evident with
three countries now appearing in the top 10 rankings for annual price growth
alongside key emerging markets such as China, Turkey and Brazil.”
Dubai topped the annual
rankings, but prices rose by only 3.4 per cent in the first quarter, compared
to a 9.2 per cent jump over the same period in 2013.
Croatia, Cyprus and Greece were the weakest-performing housing markets
in the 12 months to March 2014.
Although the index saw slower growth in the first quarter of 2014 compared
to last quarter, it still recorded annual growth of 7.1 per cent.
Ciesielski says their outlook remains bullish for future results.
“We expect to see the index’s performance strengthen again in the second
quarter,” she says.
“All eyes will remain on central banks, in particular the Federal
Reserve, the Bank of England and the European Central Bank.”
And she says the pace of monetary policy change will be the determining
factor.
“The issue is not when interest rates rise but the speed and extent to
which they do.”
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Perth house prices moderate
Perth house prices moderate
Posted on Friday, June 06 2014 at 11:41 AM
The Real Estate Institute of Western Australia (REIWA) has reported a moderation in Perth’s median house price.
According to new data, Perth’s median house price reduced 0.7 per cent
over May to $548,000.
REIWA president David Airey said the results were in-line with market
predictions from the March quarter.
“The evidence suggests that Perth peaked in the first quarter of the
year but dipped in the three months to April and then a little further in the
month of May,” Airey says.
REIWA data shows that sales activity rebounded by 18 per cent in May
after a weaker market in April, however the numbers of sales transactions is
down five per cent on the same time last year.
In May, early indications were that stronger sales activity were
recorded in the northeast region of Perth through the City of Swan and Shire of
Kalamunda, while Gosnells in the southeast region also performed well.
“The numbers of properties on the market is trending back strongly
towards Perth’s long term average, up by 16 per cent in the three months to May
and putting 10,665 properties up for sale,” Airey says.
“This is a reflection of a range of factors but most notable is weak
interest from investors and much slower activity from first homebuyers.
Together this is adding to stock.”
Perth’s rental market was largely unchanged with a small rise in the
numbers of available properties and the median rent staying the same.
“It appears that northeast parts of Perth, including the City of Swan
and Kalamunda, experienced the highest percentage of new rentals coming onto
market, followed by Kwinana and Rockingham in the southwest region,” Airey says.
“There are now almost 5400 rental homes across the metropolitan area
available for lease and typically these rent for $440 per week for a unit or
villa and closer to $460 per week for a house.”
Perth’s rental vacancy rate continues to hover around four per cent.
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Stock levels rise as market steadies
Stock levels rise as market steadies
Posted on Wednesday, June 04 2014 at 9:18 AM
Market analyst SQM Research says increased property listings during May signal a slowing Australian market.
According
to SQM’s numbers, national stock on market rose by 5.2 per cent during the
month bringing the total number of listings to 366,413.
SQM
recognised that five Fridays in May, as opposed to the usual four, provided an
extra week to gather listings making for a larger sample.
Louis
Christopher, managing director of SQM Research, says despite this anomaly, results
indicate the market is cooling.
“Some
heat has come out of the national housing market as SQM Research is no longer recording
the large scale, year-on-year decreases in listings that were occurring this
time last year.”
Sydney
recorded the highest monthly rise in listings of all capital cities, increasing
by 12.9 per cent to reach 25,699.
No
capital city recorded a monthly decrease in stock levels, however Hobart
recorded the most modest increase, rising by 1.7 per cent to total of 4499.
Compared
to the same time last year, national listing fell 1.8 per cent, with Canberra
recording the largest annual fall – down by 11.4 per cent.
Christopher
says the results make a case for keeping the cash rate low.
“Right
now, it appears to be a market that is steady and not too strong yet not too
weak.
“At
this stage I don’t believe the market is at the point where upward pressure
would be placed on interest rates.”
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Australia’s top suburbs in 2014
Australia’s top suburbs in 2014
Posted on Thursday, May 29 2014 at 1:59 PM
Investors and homeowners are continuing to enjoy solid gains across the capital cities, with Sydney remaining the standout performer.
Sydney suburbs
have dominated the top 10 list for capital growth when it comes to houses and
units this year, according to Onthehouse’s property data arm Residex.
Values in
Beaumont Hills increased by more than 13 per cent in the three months to April,
making it Australia’s fastest growing suburb. Eastwood and West Pennant Hills
followed closely behind, with capital growth rates over 12 per cent.
Alphington in
Melbourne, with a growth rate of 8.65 per cent, was the only suburb outside of
New South Wales to rank in the top 10 list for houses.
Consulting
analyst for Onthehouse and founder of Residex, John Edwards, says the growth
rates in Sydney have remained solid.
“Growth in Sydney
has continued, with house price growth of 8.15 per cent in the last quarter. We
haven’t seen this high level of quarterly growth since September 1988, when
Sydney saw its last large property price boom,” he says.
“While the strong
growth rates are good news for property owners, if growth continues on its
current upward path there could potentially be some problems in the medium-term
as interest rates are likely to increase.”
For units, the
Sydney market again dominated the list, featuring seven of the top 10 suburbs.
Best houses
Best units
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New home sales continue rising
New home sales continue rising
Posted on Friday, May 30 2014 at 8:20 AM
Australian new home sales posted a fourth consecutive monthly gain in April 2014 according to the Housing Industry Association (HIA).
The HIA says private sector new home sales
saw a monthly gain of 2.9 per cent to be up by six per cent over the three
months to April this year.
Multi-unit sales increased by 9.3 per cent in
April, while detached house sales rose 1.8 per cent marking it’s sixth consecutive
increase according to the industry group.
Harley Dale, chief economist with the HIA,
says these results underline the construction industry’s role in boosting the
national balance sheet.
“The recovery in new home building is a key
plank in Australia’s economic growth, as evidenced by the March quarter
construction work done figures released yesterday.”
Dale says market participants can expect the
good news to continue.
“Momentum in new home building activity will
carry over into the June quarter, while the trajectory evident in coming months
for leading indicators such as new home sales and building approvals will
provide crucial insight to the growth prospects for the broader economy in
2014/15.”
On a
state-by-state basis, Western Australia saw the largest increase in seasonally
adjusted figures with a gain of 6.4 per cent for April.
South
Australia had the most disappointing result with a six per cent fall for the
period.
Dale says
increased support from government is needed citing taxes, regulations and
labour shortages as hurdles for the building industry.
“To unleash the productivity dividend the new
home building sector can provide the Australian economy in addition to the
positive impetus already in play, policy makers across all levels of government
need to address these structural impediments.”
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Multibillion-dollar resort approvals edge closer
Multibillion-dollar resort approvals edge closer
Posted on Wednesday, May 28 2014 at 10:21 AM
Queenslanders are a step closer to enjoying two new six star regional integrated resorts.
The State Government yesterday selected the proposed
$8.15 billion Aquis project in Cairns and the proposed $7.5 billion Broadwater
Marine Project on the Gold Coast as two projects able to proceed to the next
stage of development.
Deputy Premier and Minister for State
Development, Infrastructure and Planning Jeff Seeney says the two projects
would be able to receive gaming licences if they proceeded and met all the
necessary environmental, planning and gaming licencing approvals.
“We promised to grow the construction and
tourism sectors of the Queensland economy and today’s announcement paves the
way for this to happen on a scale not previously seen in our State,” Seeney says.
“In October last year the Queensland Government
decided that up to two gaming licences would be offered to encourage the
provision of world-class integrated resorts in regional Queensland.
“(The government) has identified that these
projects have the greatest capacity to deliver the requirements for an
integrated resort development in the regions, particularly the potential to
attract interstate and international tourists as both these centres have
international airports.”
According to the state government, the projects
have the potential to create thousands of new jobs in the two key tourism
centres, with Aquis indicating its project could create more than 3700
construction jobs and more than 10,000 ongoing operational jobs.
“The ASF Consortium has indicated its Broadwater
integrated resort and cruise ship terminal could create 1300 construction jobs
and more than 10,000 ongoing operational jobs,” he says.
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First homebuyer slump sends budget warning: WA
First homebuyer slump sends budget warning: WA
Posted on Monday, May 05 2014 at 10:13 AM
Real Estate Institute of Western Australia (REIWA) chief executive Neville Pozzi says new data showing the continued fall in first homebuyer activity should send a budget warning to the state government.
“Given that first homebuyers are dropping in numbers, it’s
critical the Treasurer doesn’t bring back stamp duty for this segment of the
market.” Pozzi said that first homebuyers were currently exempt from paying
stamp duty for homes under $500,000, saving most entry-level buyers thousands
of dollars and greatly helping with affordability.
“It’s very concerning however that Premier Barnett has
indicated the current tax break for first homebuyers is under review and might
be changed,” Pozzi said.
“The housing market is very susceptible to cost pressures
and making first homes more expensive would be a terrible blow to the market
just as it’s starting to stabilise.”
According to the Office of State Revenue (OSR), results for
the March quarter show a drop of 9 per cent in applications for the first home owners
grant (FHOG), some 21 per cent below the peak in June last year.
“There has been a fall in both the applications for, and
payments of the FHOG, for both established dwellings and new-home builds,” Pozzi
said.
Applications for established homes saw numbers drop by 14
per cent in the March quarter to 2886 dwellings, down from the peak of 4010
applications in June last year.
Grants paid out to applicants in the same period saw a17 per
cent decline to 2833 first homebuyers, down by 27 per cent from the June 2013
peak.
“This means that grants being paid out have now fallen below
the average since the FHOG was first introduced 14 years ago,” Pozzi said.
As a proportion of the overall established market, first
homebuyers had dropped from 26 to 22 per cent of total turnover.
“The last thing the housing market needs right now is
further cost pressure on first home buyers,” Pozzi said.
According to the OSR, the median purchase price by first
homebuyers in the month of March was $470,000 in Perth and $350,000 in regional
WA.
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