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Property Market News

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James

James

Why Australian property values have held up so well in the face of the COVID-19 pandemic?
2020 has been a devastating year for many households and small businesses. As Australia moves through its first recession in over 28 years, ABS payroll data suggests wages are down 4.3% between Australia’s 100th case of COVID-19 on March 14, and October 31st. In the same period, payroll jobs decreased 3.0% At the onset of the pandemic, consensus seemed to be building that the national decline in property values could reach 10%, with worst-case scenarios suggesting prices could fall by as much as a third. Although housing values are once again rising, it’s important to highlight that Melbourne housing values remain around 5.4% below their recent high, and Sydney housing values are still 4.8% below their 2017 peak. Values in Perth and Darwin are more than 20% below their 2014 peaks, while the remaining capital cities have seen housing values move to new record highs through the COVID period. As Australia enters the start of a gradual recovery from the largest economic downturn since the 1930’s, how can this be reconciled with such a mild downturn in property values? A few factors that may explain the relative stability in housing, at a high level, are put forward below. For full details, Visit: x Why didn't Australia's property market crash? - Ma... Eliza Owen, head of research at CoreLogic, has released an interesting report explaining why Australian property values have held up so well in the face of the COVID-19 pandemic: www.macrobusiness.com.au
0 Reply 4 Views 22Hr ago
InvestAus

InvestAus

NSW: Sydney’s auction clearance firmed to 71.6% from 71.3% the prior week
Sydney
The final national clearance rate retraced to 69.1% from 70.6% the prior week: Last week, the combined capital city final auction clearance rate fell as volumes rose. There were 1,803 homes taken to auction over the week, recording a final auction clearance rate of 69.1%. The previous week saw a lower 1,728 auctions held with a higher 70.6% final clearance rate. One year ago, a higher 2,612 homes were taken to auction when 68.5% cleared. In Sydney, the final auction clearance rate remained relatively steady as volumes fell slightly. There were 805 homes taken to auction, returning a final auction clearance rate of 71.6%. The week prior saw 840 auctions take place and a final clearance rate of 71.3%. One year ago, 940 Sydney homes were auctioned with a higher final clearance rate (76%). Continue reading at: x Auction market bullish for Sydney property? - Macr... CoreLogic has released its final auction clearance results for last weekend, which reveals that the final national clearance rate retraced to 69.1% from 70.6% the prior week: www.macrobusiness.com.au
0 Reply 5 Views 22Hr ago
Royal

Royal

The reduction in loan deferral defies doom and gloom forecasts in the property market
New figures from the Australian Banking Association show that the number of deferred loans has fallen below 300,000, a reduction of nearly 70 per cent from the peak of the pandemic when more than 900,000 loans were deferred by Australian banks. According to REIA president Adrian Kelly, the data is definitely positive news for property markets as it signals the minimisation of forecasted financial disaster. “This is good news for those living in investment properties as it provides increased security to tenants,” he said. Moving forward, REIA continues to encourage home owners and investors who are concerned about meeting their commitments to engage with the banks early and often. Source: x Falling loan deferrals prove market recovery: REIA The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. www.smartpropertyinvestment.com.au
0 Reply 4 Views 22Hr ago
John

John

NSW: Sydney’s most liveable and affordable suburbs for houses
Sydney
Beverly Hills, Padstow and Peakhurst are Sydney’s most liveable and affordable suburbs for houses, according to a report via realestate.com.au and PRD chief economist Dr Asti Mardiasmo. Beverly Hills, San Souci and Peakhurst were the top picks for buyers after an apartment. Dr Mardiasmo said the suburbs had the best affordability due to a median house price below the Sydney average, distance to the CBD and infrastructure. Beverly Hills has a $1.25 million median house price, which while more than Padstow ($1.035 million) and Peakhurst ($1.05 million), it was the closest suburb to the CBD that met the criteria. For apartments, Beverly Hills had a median price of $752,000, followed by Sans Souci with $782,500 and Peakhurst at $680,000. Get details at: x Sydney’s most affordable suburbs for property Several south and south-western suburbs are the most affordable areas in Sydney to buy a property. www.smartpropertyinvestment.com.au
0 Reply 6 Views 1D ago
Anuj

Anuj

NSW: NSW government’s proposed new property tax system might drive up house prices
Proposed in Tuesday’s state budget, house hunters in the state would get the choice of paying a stamp duty sum upfront and land tax, or opt for an annual property tax instead. “If buyers are able to pay property tax rather than an upfront stamp duty, then they’re going to have a potentially larger deposit to be able to bid up house prices,” University of Sydney political economist Gareth Bryan said. Experts have also predicted a short-term dip in demand as home buyers wait and see what the new system might entail. “Potentially, it might slow down buyer demand during a period of uncertainty, until the legislation is announced,” realestate.com.au chief economist Nerida Conisbee said. “On the one hand, you may save money by waiting, because you won’t have to pay stamp duty. Source: x Stamp duty change could increase real estate price... Experts have warned that the NSW government’s proposed $25,000 new property tax system might drive up house prices. www.smartpropertyinvestment.com.au
0 Reply 6 Views 1D ago
Justprop Team member

Justprop Team member

People want a place of their own after spending lockdowns with family, friends and housemates
Deflated prices, cheap mortgages and government subsidies are motivating twice as many people to buy their first property, according to a big bank’s research. The number of people wanting to buy their first home in the next five years has more than doubled from 7 to 16 per cent in the space of 12 months, according to a survey of 2088 people commissioned by Westpac. “Even though younger generations have been some of the most financially impacted this year, it’s positive that many have really used this time to take stock of their finances and get serious about their long-term goals.” The survey found 69 per cent of participants currently live with housemates, parents or in-laws. Nearly a third -- 32 per cent -- believed home ownership would grant them a sense of independence. Continue reading at: x Twice as many Aussies want to buy their first home Deflated prices, cheap mortgages and government subsidies are motivating twice as many people to buy their first property, according to a big bank’s research. www.ratecity.com.au
0 Reply 9 Views 4D ago
Sam2019

Sam2019

COVID-19 continues to shape Australian home ownership goals
According to Westpac, the number of first home buyers looking to enter the property market in the next five years has significantly increased from 7 per cent in 2019 to 16 per cent in 2020. The research found that among the major drivers for home purchase are: ‘no longer wanting to pay rent’ (54 per cent), ‘seeking more stability’ (39 per cent) and ‘financial security’ (37 per cent), particularly after the uncertainty brought about by the pandemic. Beyond financial reasons, the findings suggest that time spent with others during restrictions has also been a motivating factor, with seven in 10 (69 per cent) of those currently sharing a roof with housemates, parents or in-laws now determined to get a foot on the ladder. A third (32 per cent) of prospective buyers are also seeking a sense of independence through home ownership. “Even though younger generations have been some of the most financially impacted this year, it’s positive that many have really used this time to take stock of their finances and get serious about their long-term goals,” Ms Hughes highlighted. In Sydney, prospective first home buyers identified western suburbs as locations they want to buy in, particularly areas within 10km from the city centre, like Ashbury and Marrickville. Continue reading at: x Property hotspots for young Aussies revealed New research from Westpac revealed that the number of first home buyers looking to enter the market has more than doubled since 2019, proving that COVID-19 continues to shape Australian home ownership... www.smartpropertyinvestment.com.au
0 Reply 6 Views 4D ago
InvestAus

InvestAus

It could cost less to pay down a home loan each month than to pay rent
The report found that when buying a house under a three-year fixed rate scenario, over half – or 52.2 per cent – of Australian suburbs were cheaper to pay down a mortgage than pay rent on a house, which is up from 39.9 per cent last year. According to the report, this growing trend of home loan borrowers paying less in their mortgage repayments than rent has been attributed to record-low mortgage rates, combined with a slightly weaker property market. “This is great news for first home buyers, who may not realise that buying a property could reduce their housing costs in the long term. And we’re talking savings that have an impact,” Aussie CEO James Symond said. The mortgage broker believes now is a good opportunity for first home buyers to get into the market. “Our report shows there’s a big choice of suburbs where owning a home could be a lot kinder on your budget than renting,” Mr Symond said. Source: x 1 in 2 suburbs cheaper to buy than rent Borrowers are paying less on their loan repayment across more than half of all suburbs compared with if they rented in the same suburb, an industry report has revealed. www.smartpropertyinvestment.com.au
0 Reply 8 Views 4D ago
Anuj

Anuj

Buyer demand for properties outside of the big smoke has skyrocketed to record levels
With many people unable to travel, restricted to local areas and spending more time than ever at home, the desire to live in places with more space and natural beauty has never been greater. Buyer demand for properties outside of the big smoke has skyrocketed to record levels. A recent report from REA Insights found that behind the shift was two prime driving factors – lifestyle and jobs. Some new communities are taking this into account, emphasising nature and associated lifestyle benefits in their community design, while still being close to thriving business centres. Leading developers are responding to that demand by weaving the natural surrounds into their community masterplans, explains Cameron Kusher, executive manager – economic research at REA Group. “Some communities offer that nice lifestyle, you can get more space, you’re near nature and that’s what makes it very attractive,” Kusher says. Continue reading at: x Getting back to nature in new community design - r... Active young families are looking for a new place to call home that has natural bushland and national parks right on their doorstep. www.realestate.com.au
0 Reply 7 Views 4D ago
Liam

Liam

NSW: Stamp duty hasn’t appeared to have had any effect on buyers’ appetite for upper north shore property
North Shore
Talk about changes to the much-maligned stamp duty on property transactions hasn’t appeared to have had any effect on buyers’ appetite for upper north shore property, agents say.Upper north shore property buyers pay some of the highest stamp duties in the country. According to figures from realestate.com.au, Longueville buyers pay the most in stamp duty based on the suburb’s current median house price of $4.18 million. This attracts a stamp duty of $232,302. “Ideally it will lead to more transactions taking place, and turnover of stock is a good thing for the market,” she said. “It’s going to be a complicated process.” “The news around stamp duty hasn’t really influenced buyers,” he said. “The market is very resilient at the moment.” Alex Mintorn, of McGrath Wahroonga, said he had already had a few conversations with buyers who felt the changes could cause prices to jump, while developers believe it is going t make it easier for them to move forward with new projects. Get details at: x NSW stamp duty reform proving no deterrent for kee... Talk about changes to the much-maligned stamp duty on property transactions hasn’t appeared to have had any effect on buyers’ appetite for upper north shore property, agents say. www.realestate.com.au
0 Reply 7 Views 4D ago
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