8 November 2019

Weekly Market Wrap 8/11

National dwelling values up across the country

National dwelling values have risen for the fourth straight month according to the recent CoreLogic Home Value Index report.

The report found for the month of October, Australia’s property market rose by 1.2%, up a total of 2.9% since June.

Sydney and Melbourne continue to return the strongest growth results, with the cities rising 1.7% and 2.3% respectively.

In Sydney, the median unit is now valued at $720,658, while the median house price is $918,314.

The top quartile of Sydney homes is seeing the fastest appreciation in value, rising 7.1% over the three months to October, while the ‘middle’ of the market has seen a 4.6% rise in the same timeframe.

More first home buyers getting their foot in the door

Recent ABS Housing finance data also out from Corelogic has revealed more first home buyers have been able to get their foot in the door this year, than any other year since 2012.

In August, first home buyers made up the largest proportion of national owner occupier mortgage activity, compromising 29.8% of all owner-occupier home-loans, compared to the decade average of 25%.

Property listings on the rise

New figures released by SQM Research reveal property listings in Sydney rose 4.2% for the month of October. However, when compared to October 2018, listings are still down by a considerable 19%.

Rental vacancies bounce back

The REINSW October Rental Vacancy report found vacancies have risen in Middle and Outer Sydney, bucking the usual trend of a downturn over the warmer months. Inner Sydney was the only market which saw a decrease in unlet dwellings, falling for the third straight month to sit at 2.7%.

The Illawarra and Hunter region both saw a rise in the number of vacant rental properties, with many agencies reporting having to drop rents in order to attract tenants.

Hot Topics

Cladding crisis

A list of 444 buildings across NSW potentially clad in combustible material will not be released by the State Government. The list has been earmarked as a potential security risk, with the government citing terrorism, arson and the potential for financial repercussions as the reason to keep it quiet.

Building commissioner David Chandler says he put forward a recommendation on how to handle the crisis two months ago. At this stage the government is yet to act on it.

Australia rates in Wellness Real Estate

The Global Wellness Institute has rated Australia third in the in the world’s wellness real estate market. Defined as ‘homes that are proactively designed to support holistic health’, wellness real estate is the idea that your property and surrounding community is built to foster healthy, active and social lives.

The Institute estimates Australia’s wellness real estate market to be worth around $9.5 billion.

Record smashed in Rozelle

A renovated cottage has smashed Rozelle’s suburb record by $700,000. The house was sold by Ray White Balmain through private treaty for between $5.5 - $6 million.

The suburb record was last set a couple of weeks ago, when former ABC Chairman Justin Milne sold his property for around $5 million.

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