- Queensland property market (Source: REIQ)
The Queensland property market has seen strong growth, with median house and unit prices increasing steadily. Houses are selling faster, with regional areas like Rockhampton and Townsville showing significant growth. Brisbane is experiencing optimism and transformational projects, but first home buyers are facing challenges due to the widening deposit gap and high rental costs.
- Perth, Adelaide & Melbourne property markets (Source: Craig Francis)
The property market in Melbourne has slowed down, causing it to be overtaken by Perth and Adelaide in terms of median dwelling value. Perth’s property market is particularly strong with continuous growth, while Melbourne’s property values have shown a decrease. Nationally, property prices have risen, with affordable suburbs seeing the most growth. The market in Perth and Adelaide is expected to remain strong due to low stock levels and high demand. There are signs of an increase in housing supply, but apartment construction may take longer to recover.
- National rental index (Source: CoreLogic)
The CoreLogic national rental index has shown minimal growth in the past two months, marking the weakest rental market conditions since the early stages of the pandemic. The annual rental trend has slowed, but most cities still report higher rental trends than pre-COVID levels. The slowdown in rental growth is most notable in the unit sector, with a decrease in annual change in unit rents nationally. Factors contributing to the rental slowdown include affordability constraints, changes in household formation patterns, a peak in net overseas migration, completion of new dwellings, and increased investor activity. These factors have led to reduced rental demand and may continue to impact the rental market.
- Housing affordability (Source: REIA)
The Housing Affordability Report from the Real Estate Institute of Australia (REIA) reveals that housing affordability in Australia has reached its lowest point since monitoring began in 1996. The average loan repayment now represents 48.1% of the median family income, an increase of 1.3 percentage points from the previous quarter. Affordability declined in most states and territories, with rental affordability also decreasing. However, there was an increase in the number of first home buyers, making up 36.6% of owner occupier dwelling commitments. The report also highlights increases in the average loan size for first home buyers and owner-occupied dwellings.
- Brisbane property market (Source: Melinda Jennison)
The Brisbane property market has seen strong growth in dwelling values, with both houses and units performing well. While the market is still strong compared to other cities, there is a slowing in growth, possibly due to affordability concerns. The rental market remains competitive with low vacancy rates and rising rents, though at a slower pace. Looking ahead, Brisbane’s property market is expected to stay robust, supported by infrastructure development and economic growth, but affordability is becoming a concern. Overall, the market continues to offer opportunities for capital growth, but careful consideration is needed to navigate evolving dynamics.
- Property prices (Source: Craig Francis)
The property market in Australia is experiencing declines in almost 30% of suburbs, with Melbourne and regional Victoria being the most affected. The data indicates a weakening demand and market conditions, with a significant increase in the share of suburbs experiencing decline compared to a year ago. However, the Perth market has seen a remarkable turnaround, with no suburbs experiencing price falls. Sellers in Victoria are facing tough competition, especially with higher supply levels in Melbourne. Despite concerns about housing affordability, a majority of Australians actually want to see house prices decrease. Furthermore, the use of build-to-rent projects is proposed as a potential solution to the housing crisis, offering benefits to investors and renters while addressing the supply crunch.
- Total residential dwelling values (Source: Malavika Santhebennur)
The latest data from the Australian Bureau of Statistics (ABS) shows that the total value of residential dwellings in Australia has reached $10.9 trillion in the June 2024 quarter, with an increase of $225.9 billion from the previous quarter. The number of residential dwellings has also risen to 11.2 million. While the growth in dwelling values has slowed down, there has been an increase in the mean price of residential dwellings, with the highest prices in New South Wales and the Australian Capital Territory. Capital city values have varied, with Perth experiencing the largest increase and Hobart recording a decline. The national median time on the market has also increased.
- CoreLogic Auction Results (Week ending 8 September 2024)
(Total Auction / Clearance Rate)
– Sydney: 776 / 65.9%
– Melbourne: 974 / 60.9%
– Brisbane: 149 / 56.8%
– Perth: 13 / 53.9%
– Canberra: 49 / 49%
– Adelaide: 148 / 77%
– Tasmania: 3 / 33.3%
– Combined Capitals: 2,112 / 63.2%
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