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News.com.au
a day ago
- Business
- News.com.au
Hobart home listings trend lower
There are fewer Hobart homes for sale now than there were last month or last year. And there are fewer new listings coming through to fill the gap. But this doesn't necessarily mean that budding buyers are starving for choice. REA Group's June Listings Report showed a 18.1 per cent decline in new Hobart listings when comparing June to May. Hobart was among five capital cities with a double-digit decline. Compared year-on-year, new listings in June were 7.5 per cent lower. Hobart's total listings figure was down by 8.1 per cent month-on-month and 6.4 per cent lower year-on-year. In regional Tasmania, the annual total figure was 4.8 per cent higher. However, the new listings year-on-year result was 1.4 per cent behind 2024. REA Group executive manager of economics, Angus Moore, said the market had entered the quieter winter season now, which is particularly pronounced in Hobart. 'This means we're seeing fewer new listings and less stock on the market,' he said. 'Even so, this June has been quieter than last year, and a bit quieter than average, though that comes off a busy first three months of 2025 and a busy spring last year.' Mr Moore said while there are fewer homes for sale this year compared to June last year, that mainly reflects that there was quite a lot of stock last year, not that choice is more limited this year. 'In fact, even with the decline we've seen year-on-year, there is far more stock available for sale than was the case during the pandemic, or during Hobart's late 2010s home price boom,' he said. 'Barring last year, the last time there was this much stock available during winter was 2016.' Meanwhile, SQM Research figures show 2931 listings across greater Hobart, including 559 that have been available for under 30 days. There were only 249 in the 30-60 day bracket; 308 in the 60-90 day range; 594 listed for 90-180 days; and 1221 have been on the market for over 180 days. Separate research by PropTrack shows houses in Hobart are selling 14 per cent faster now than they were a year ago (43 days on market), while units are selling 7 per cent faster (42 days). REA Group senior economist Anne Flaherty said days on the market are a clear indicator of how demand is tracking in a suburb. 'Where we see demand tracking up, we see days on market going down,' Ms Flaherty said. PropTrack statistics show the fastest moving suburbs in Hobart — for house sales — are Warrane (13 days), Glebe (18 days), Geilston Bay (20 days) and Mount Nelson (21 days). For units, the quickest suburbs are Moonah (16 days), Oakdowns (20 days) and Mount Stuart (22 days).
News.com.au
5 days ago
- Business
- News.com.au
Sydney suburbs where units still reeling from pandemic
Call it suburban 'long Covid' –– many of Sydney's most popular suburbs before the pandemic are suffering from a chronic, post-pandemic slump in housing values that's refused to go away. These pockets are still feeling the economic shocks of Covid and the 13 interest rate hikes from 2022-23 which have seen property values going backwards, flatlining or barely budging. Price declines have been especially pronounced in high-density areas that were once magnets for investors — particularly those catering to international students and short-term renters. Data from PropTrack reveals that units in the inner city, the lower North Shore and beyond are cheaper now than they were in 2020. PropTrack economist Angus Moore said Sydney's unit growth since then has been sluggish in comparison to other capital markets. 'Since the pandemic began, unit prices in Sydney are up 22 per cent; far slower than over 80 per cent in Adelaide, or nearly 95 per cent in Brisbane,' he said. 'This is partly due to people moving to the smaller capitals during Covid and partly due to their relative affordability. 'Though that is not as true today as it was five years ago, given how far prices in the smaller capitals have risen.' Mr Moore said Sydney's apartment struggles reflected a change in buyer preferences that began during Covid. 'People wanted more space to be able to work from home and were less concerned about commuting,' he said. 'This favoured larger detached houses over apartments.' The cost and duration of building units has been a factor in the restrained overall growth of units. 'The cost of building increased rapidly during Covid, the time it takes to build homes has increased, and labour has been a constraint,' Mr Moore said. According to ABS data, prices received by building construction businesses have increased 31.1 per cent from the September quarter of 2020 to the June quarter of 2024. The suburb with the biggest decline in unit prices since Covid — with at least 50 properties sold in the last 12 months –– was Eastwood, with a drop of 18.4 per cent. Units in the nearby suburbs of Epping and Gordon have also felt the post-Covid drop. Raine & Horne Lower North Shore sales agent Andrew Bowden said the price of units in the area were 'still fluctuating'. 'Premium, highly sought-after properties are achieving the highest price levels they have seen, whereas others are still sitting at pricing levels seen around the market peak of 2021.' Mr Bowden said the struggle of some lower North Shore units was also in part due to their presentation. 'Well-presented apartments in premium Lower North Shore pockets are performing well, whereas buyers are showing more patience with less desirable options, choosing to hold out for properties to meet more of their requirements,' he said. Further into the city, units in Haymarket, Darlinghurst, Ultimo and Sydney all experienced five-year price declines. A unit at 88 Hay Street, Haymarket sold for $875,000 in April 2025, despite previously selling for $878,000 in April 2020. Village Property sales executive Jack Williams said the Covid period was 'definitely challenging' for the area, as people dealt with transitioning to a new way of living and working. Mr Williams said a key factor of the long-Covid effects on the market were new developments being opened in the early 2020s. 'When a new development goes up it does provide more choice which generally does plateau prices for a period,' he said. 'We're seeing now there's very limited new developments because construction costs have gone up so much.' He added that it wasn't all doom and gloom, with the long-term potential for units in these areas improving as more people returned towards high density living. 'Rental demand is strong, yields are strong — I think it's got some solid long-term prospects,' he said. Mr Moore said the effects of Covid on Sydney's high-density suburbs were 'starting to ease'. 'In particular, we're not seeing rapid escalation in the cost of building,' he said. 'However, building costs haven't come down and therefore remain a lot more expensive than pre-pandemic.' SYDNEY SUBURBS BY MEDIAN PRICE DECLINE (Units; Min 50 property sales in 12 months to June 2025) Suburb Median unit price (June 2025) Median unit price (June 2020) Price decline since 2020 Per cent change Eastwood $751,000 $920,000 $169,000 -18.4 Darlinghurst $895,000 $1,045,000 $150,000 -14.4 Sydney $1,050,000 $1,200,000 $150,000 -12.5 Ultimo $684,000 $760,000 $76,000 -10 Haymarket $970,000 $1,055,000 $85,000 -8.1 Kirribilli $1,525,000 $1,650,000 $125,000 -7.6 Roseville $957,500 $1,010,000 $52,500 -5.2 Belmore $612,750 $645,000 $32,250 -5 Auburn $559,000 $585,000 $26,000 -4.4 Gordon $888,888 $928,000 $39,112 -4.2
News.com.au
5 days ago
- Business
- News.com.au
Melbourne: 90+ suburbs where house, unit prices have declined
House or unit prices have gone backwards across the past five years in almost 100 Melbourne suburbs — but experts believe we'll soon see a growing number swap doom for boom. In 80 areas, mostly across the city's inner ring, typical values for units including apartments have decreased since 2020, creating opportune conditions for bargain-hunting buyers. Analysis of data from research arm, PropTrack, shows median house prices in 16 suburbs – also mostly among inner suburbs – have declined. But on the flip side, houses in more than 40 areas predominantly in the leafy north east and south east have gone from doom to boom since the pandemic. Median prices in areas such as Lower Plenty, Lysterfield and Diamond Creek have all since surged past $1m, adding hundreds of thousands of dollars to their owners' hip pockets along the way. PropTrack senior economist Angus Moore said that Melbourne's units had not experienced strong growth compared to other Australian states. In a sign that now might be an ideal time to buy, he added that conditions in Victoria's capital were looking firmer this year than they have in a while. 'This is a real change from the past few years, since the RBA started raising rates, where home prices were tracking sideways or falling,' Mr Moore said. Prominent Melbourne-based buyers' advocate Frank Valentic said Victoria was still experiencing the pandemic ripple effect of people wanting larger blocks and homes with space to work remotely. And with many middle-to-outer suburbs in the north east and south east being relatively affordable, first-home buyers have been pushing up prices and competition. 'We will continue to see many middle 'doom suburbs' go to boom suburbs,' Mr Valentic said. When it comes to units and apartments, there's an oversupply of them compared to detached houses in many areas, he added. Mr Valentic said while buying a bargain in these suburbs was possible, it was important for purchasers to steer clear of cheap 'lemon' properties. In Malvern, where unit and apartment typical values now sit at $650,000 compared to $813,500 five years ago, Belle Property Armadale principal Walter Summons said the market was seeing signs of recovery. Values became 'very hot' in 2020 to 2021 before multiple interest rate rises prompted an exodus of investors who have since been replaced by first-home buyers. 'We've certainly seen, in the last couple of months, some improvement with the lower interest rate environment,' Mr Summons said 'So prices may well increase over the next few months.' In Melbourne's east, Blackburn units were among the top performers, with its median soaring from $570,000 in 2020 to $765,000 today – equating to a $195,000 increase. Woodards' Blackburn partner Rachel Waters said many younger buyers who had grown up in the area with a 'gorgeous village feel' wanted to remain local. 'We're often selling these units and apartments to people who have mum and dad around the corner,' she said. But the main reason Blackburn's unit market has stayed strong was a shortage of opportunities to secure low-maintenance properties on a budget, she noted. 'So anything that's between $500,000 and $800,000 still stays quite consistent in terms of the results,' Ms Waters said. When it comes to the Melbourne suburbs where typical house values increased the most, Jellis Craig Eltham's Justin Booth said areas like Diamond Creek and Lower Plenty offered good access to the city for buyers seeking bigger blocks. 'You can have a backyard space for kids to run around, you've got space for the dog – you're not on the back door of your neighbour and jammed in or anything like that,' Mr Booth said. 'The traditional Aussie backyard is still available in Diamond Creek.' The PropTrack data excludes areas with less than 20 sales in the past 12 months, as well as the Mornington Peninsula which had a massive buyer influx when Covid hit only for holiday home markets to be impacted by a limited time tax increase on secondary homes last year. How to get a bargain in an underperforming suburb: + Aim to buy a property that has good resale and growth fundamentals. + Small, older-style boutique apartment and unit blocks are often a good option. + Off-street parking is a plus. + An outdoor area such as a courtyard is a good feature to have. + Try to find a home that's a decent size – not too small. + Buy in an area considered 'blue chip' with good amenities. + Remember the adage 'land appreciates, buildings depreciate'. Source: Buyers' advocate Frank Valentic, Advantage Property Consulting. MELBOURNE: BEST-PERFORMING SUBURBS IN THE PAST FIVE YEARS SUBURB: 2020 MEDIAN / 2025 MEDIAN / CHANGE Lower Plenty: $950,000 / $1.586m / 66.9% Gembrook: $650,000 / $1.0498m / 61.5% Kinglake: $606,500 / $930,600 / 53.4% Research: $1.0825m / $1.6m / 47.8% Longwarry: $407,000 / $592,800 / 45.7% Lysterfield: $951,400 / $1,361,444 / 43.1% Beaconsfield Upper: $1.040m / $1.48m / 42.3% Diamond Creek: $760,000 / $1.076m / 41.6% Wandin North: $672,569 / $951,125 / 41.4% Millgrove: $432,500 / $605,000 / 39.9% UNITS: Hampton East: $687,500 / $975,000 / 41.8% Doveton: $386,500 / $535,000 / 38.4% Hampton Park: $410,000 / $560,000 / 36.6% Blackburn: $570,000 / $765,500 / 34.3% Beaumaris: $895,000 / $1.175m / 31.3% Sunshine West: $450,000/ $590,000 / 31.1% Ivanhoe East: $710,000/ $930,000 / 31% Mont Albert North: $888,000 / $1,156,944 / 31% Watsonia: $582,500 / $752,500 / 30.3% Narre Warren: $437,000 / $564,000 / 29.2% MELBOURNE: WORST-PERFORMING SUBURBS IN THE PAST FIVE YEARS Cranbourne South: $1.015m / $790,000 / -22.2% Balaclava: $1.46m / $1.3025m / -10.8% Parkville: $1,968m / $1.82m / -7.5% Kensington: $1.0815m / $1.018m / -5.9% Armadale: $2.6m / $2.45m / -5.8% Windsor: $1.39m / $1.315m / -5.4% Elsternwick: $1.925m / $1.826m / -5.1% Cremorne: $1.29m / $1.25m / -3.1% South Melbourne: $1.423m/ $1.38m / -3% Middle Park: $2.63m / $2.55m / -3% UNITS: Aberfeldie: $980,000 / $548,500 / -44% Kingsbury: $530,550 / $395,000 / -25.5% Toorak: $1.005m / $780,000 / -22.4% Albion: $360,000 / $281,000 / -21.9% St Kilda West: $659,000 / $524,500 / -20.4% Malvern: $813,500 / $650,000 / -20.1% Balwyn: $994,000 / $800,000 / -19.5% Blackburn South: $965,000 / $779,500 / -19.2% Kingsville: $499,000 / $410,000 / -17.8% Forest Hill: $777,500 / $661,250 / -15% Source: PropTrack Market Trends Suburbs July 2025. Excludes the Mornington Peninsula and areas with fewer than 20 sales in the past 12 months.
News.com.au
5 days ago
- Business
- News.com.au
Revealed: Qld suburbs where home prices have doubled
Home prices in about 300 Queensland house or unit markets have more than doubled over the past five years, with new analysis showing the Covid boom's enduring impact across the state. The pandemic's shot-in-the-arm effect on the real estate market was most pronounced in the regions, led by Monto in Wide Bay where house prices were up a staggering 260 per cent since 2020. PropTrack's Market Trends report shows the Logan-Beaudesert and Ipswich regions were other 'Long Covid' winners. A typical unit in North Booval is still relatively affordable at $495,000 – but has tripled in value in half a decade. house in Logan Central now costs $681,500, up 140 per cent over the same period, according to the data. Central Queensland areas including Gladstone also notched near-triple gains, along with hotspots on the Sunshine Coast, Gold Coast and Cairns where prices were up more than 135 per cent. Closer to the city, Brisbane's big boom winners included Moggill in the western suburbs, where house prices more than doubled to sit at $1.22m, and Red Hill, up 116 per cent to $1.875m. PropTrack economist Angus Moore said low interest rates during the pandemic drove rapid house price growth around the country. 'Queensland has also benefited from strong interstate migration, as well as relative affordability coming into the pandemic. However, the latter driver is much less true today given how rapidly home prices have grown since 2020,' Mr Moore said. The 'unusually strong growth' of recent years — 2021 was the third-fastest year for price growth nationally in 150 years — was 'not going to be repeated soon'. 'The big factor for home prices over the rest of this year and into next is what happens to interest rates. Housing affordability is at very stretched levels, but falling mortgage rates will start to reduce mortgage and boost borrowing capacities, which will support home prices. 'But how much further and how fast the RBA decide to cut is uncertain, given how rapidly the global outlook is changing,' Mr Moore said. Ipswich agent Jordan Strudwick, of STRUD Property, said homeowners could expect an uplift of 15 to 20 per cent by the end of 2026. 'With the Olympic Games coming to Queensland, we're entering a once-in-a-generation window of opportunity. 'Infrastructure, population, and investment are set to surge and that means real estate in SEQ is set for massive growth,' Mr Strudwick said. Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said the state's strong post-pandemic performance was driven by 'lifestyle preferences, affordability pressures, and the appeal of Queensland's decentralised population centres'. 'The appeal of Queensland is not just limited to our capital city, with more and more people looking to experience life beyond the big smoke,' Ms Mercorella said. 'The fact your dollar goes further in Queensland, particularly in the regions, is a key driver but it's not the only one. There's more space, less traffic, more sunshine, and a better work-life balance and people are seeking that out.' Latest Australian Bureau of Statistics (ABS) population data shows Queensland gained 29,900 people in the 12 months to December 2024, including 18,000 from NSW. In the final quarter of 2024 alone, regional Queensland welcomed 4,317 new residents from interstate, the strongest result in a year, while Brisbane recorded 3,285. The best new architecture in Qld Buyers agent Simon Pressley, of Propertyology, said Queensland's coastal regions had emerged among 'the most hotly contested real estate in Australia', boosted by the pandemic's influx of interstate migrants as people moved away from high-density capital cities. Mr Pressley took an even longer view, examining property price growth over 10 years in areas that also hosted the fastest growing populations. 'There were 53 separate regional cities across the country which produced a capital growth rate that was equal to or better than Australia's best-performed capital city over the last decade,' he said. The luxury holiday hotspot of Noosa was the 10-year winner for growth with a 156 per cent spike in house prices, compared to 96 per cent for Hobart, which topped capital cities. 'The two fastest growing regions in the country, Sunshine Coast and Gold Coast, were also hot property,' Mr Pressley said, adding home values in those Queensland centres were up 114 and 118 per cent respectively in the 10 years ending 2024. PropTrack's data shows median home prices across Greater Brisbane tipped $1m for the first time last month, reflecting the wider backdrop of sustained growth across the state underscoring a crisis of affordability as supply failed to keep pace with demand. On the flipside, only a handful of suburbs recorded price falls since 2020. The report shows units in Brassall, Ipswich, were now selling for 30 per cent less, at $156,550. Another five suburbs recorded negative growth — all were in the outback with the exception of Rockhampton City units (-18 per cent).
News.com.au
21-07-2025
- Business
- News.com.au
Battleground suburbs: where 150 buyers are vying for each home
Home seekers have been competing with an average of more than 100 other interested buyers in some capital city areas as speculation mounts over further interest rate cuts and infrastructure projects. It comes as agents reported a growing sense of FOMO has descended over key areas, leading to an explosion in buyer interest – especially across some of the cheapest and most expensive areas. Exclusive PropTrack data laid bare just how competitive some areas have become – especially in Sydney and southeast Queensland. The research examined the number of buyer inquiries launched off listings, revealing a severe imbalance between the number of properties listed and how many buyers wanted them. Individual listings in the most competitive markets attracted an average of 150 motivated buyers, according to the research, levels that indicated stiff competition. REA Group economist Angus Moore said buyers in these areas would be under more pressure to make high offers and bids. 'The fact we're seeing solid enquiries in these areas means those homes are probably going to be more competitive,' he said. 'That's consistent with the fact we're seeing consistent price growth across the country at the moment, and that homes are, in general, selling slightly faster than was the case a few years ago when the RBA was raising rates, or pre-pandemic.' Mr Moore added that competition has been the most intense in affordable markets but this may shift if there are further interest rate cuts. 'In an environment in which interest rates have risen very quickly, and housing affordability has been pushed to very challenging levels, we'd expect to see some buyers looking in more affordable areas. But as that starts to change as mortgage rates fall, that dynamic may also begin to change.' The neighbouring Sydney suburbs of Werrington and St Marys, set to be a major commuter hub for the coming Western Sydney Airport, were the most competitive suburbs in the country. PropTrack indicated individual Werrington listings attracted an average of 150 key inquiries, while in St Marys the average was 144. 'Key' inquiries were those where the buyer had requested documents from the agents, such as contracts of sale, an inspection request or had been in touch with agents via phone, email or text. Local agents revealed that much of the demand in Werrington-St Marys area was from investors. These investors often wanted to land bank around vital infrastructure works, hoping that values would skyrocket in the area once the projects were complete. Recent interest rate cuts have further flamed this speculative activity and encouraged developers to pour into the area. There was a similar pattern in southern Brisbane suburb Rocklea and Forestdale in the Logan area: investor activity accounted for much of the buyer inquiries. UPMARKET SYDNEY SOUGHT AFTER Many of Sydney's other areas where more than 100 buyers were inquiring on house listings included prestige eastern suburbs such as Coogee, Rose Bay, Bellevue Hill and Clovelly. There were also more than 100 interested parties vying for houses in North Sydney and, in the inner south, Rosebery. Ray White eastern beaches agent Angus Gorrie said some of these suburbs offered more affordable prices than neighbouring areas and could be attracting buyers wanting value. Many of the buyers currently vying for listings were strongly motivated, he added. 'There are a lot of buyers who have been looking for months and they're realising there will be a lot more buyers to compete with (once interest rates are cut) and they want to secure something soon,' he said. Mr Gorrie said some of the current patterns in sales were down to seasonality: there are typically less listings in winter. He expected more listings to come in spring, but there would also be further buyer activity. AFFORDABLE QUEENSLAND SPOTS SHINE The Logan-Beaudesert area is a hotbed of activity, with several suburbs making the list. Woodridge, with a median house price of $674,000, sees 111 buyers per listing, while Loganlea and Browns Plains are not far behind, with 109 and 107 buyers respectively. These suburbs offer a mix of affordability and convenience, making them attractive to a wide range of house buyers. MELBOURNE'S NORTHWEST FIRES Leading the charge in the house market is Dallas, located in Melbourne's northwest, where the median house price sits at $551,000. With 87 buyers vying for each listing, Dallas is the epicentre of a property frenzy, drawing attention for its affordability and potential for growth. Broadmeadows and Coolaroo were the most competitive unit markets, both boasting 77 eager buyers per listing. Broadmeadows, with a median unit price of $583,000, and Coolaroo, at $551,000, were attracting buyers looking for value and convenience in Melbourne's northwest corridor. ADELAIDE'S MOST COMPETITIVE SUBURBS Stirling, nestled in Adelaide's Central and Hills region, had 93 buyers competing for each listing. St Peters, where the median house price has soared to $2,193,000, had 79 buyers per listing. Vale Park and Crafers, both with 72 buyers per listing, are also in the spotlight, with prices in both at about the $1.25 million mark. Competition was also strong in Adelaide's northern and southern fringes, where prices were among some of the most affordable in the country. Elizabeth North, where the median house price was $514,000, had 72 buyers for each property. Port Willunga, in Adelaide's South, is another hotspot with 66 buyers per listing and a median price of $849,000.
