Latest news with #AngusMoore
News.com.au
3 days ago
- 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.
Herald Sun
5 days ago
- Business
- Herald Sun
Melbourne: Less listings, rising prices facing home buyers
Melbourne home buyers are facing less choice and a growing risk of imminent price rises after the number of new listings across the city substantially slumped last month. A report released this week shows the amount of new abodes listed in Victoria's capital dropped 14.1 per cent in June, compared to May. While winter starting traditionally leads to fewer homes being put up for sale, there was also a 4.4 per cent decrease in new listings across the 12 months to June. RELATED: Melbourne houses tipped to hit new high by Christmas $3.75m Eaglemont auction shocks buyers Phone bidder from NSW swoops at entry-level Leopold auction And research arm, PropTrack, is expecting 666 across Victoria this week, 19 per cent less than the same time last year. PropTrack senior economist Angus Moore said that having less stock on the market could lead to increased competition and, in turn, support home prices. 'We're expecting to see a couple more rate cuts this year – coupled with the fact Melbourne home prices have been consistently increasing this year for the first time since the RBA started raising rates, that's likely to support vendor confidence,' Mr Moore said. Total Melbourne listings, meaning all homes up for sale, not just new ones, declined 5.8 per cent from June 2024 to June 2025. Plus, PropTrack data last week revealed the city's median house price rose 1.6 per cent to hit $979,979 in June. Industry experts have tipped that Greater Melbourne's median house vale could top seven-figures before December. Victoria also recorded a 66 per cent clearance rate last week. Real Estate Institute of Victoria interim chief executive Jacob Caine said that the state's weekly clearance rates had been incrementally ticking upwards. 'We would attribute that to even though we didn't get an interest-rate cut last week, buyers and sellers are pricing in interest rate cuts to their buying and selling decisions,' Mr Caine said. 'So there's an anticipation of an easing in terms of repayment amounts and interest rates – and as a result, people are starting to demonstrate a little bit more confidence, whether that's from a buying perspective, or from having the confidence to go to the market and sell.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Aussie property hotspots: Where homes sell in days AFL stars Mark and Lachie Hunter's family home sets 2025 record Trump role in Melbourne CBD office market's suburb-sized hole
News.com.au
5 days ago
- Business
- News.com.au
Melbourne: Less listings, rising prices facing home buyers
Melbourne home buyers are facing less choice and a growing risk of imminent price rises after the number of new listings across the city substantially slumped last month. A report released this week shows the amount of new abodes listed in Victoria's capital dropped 14.1 per cent in June, compared to May. While winter starting traditionally leads to fewer homes being put up for sale, there was also a 4.4 per cent decrease in new listings across the 12 months to June. Phone bidder from NSW swoops at entry-level Leopold auction And research arm, PropTrack, is expecting 666 across Victoria this week, 19 per cent less than the same time last year. PropTrack senior economist Angus Moore said that having less stock on the market could lead to increased competition and, in turn, support home prices. 'We're expecting to see a couple more rate cuts this year – coupled with the fact Melbourne home prices have been consistently increasing this year for the first time since the RBA started raising rates, that's likely to support vendor confidence,' Mr Moore said. Total Melbourne listings, meaning all homes up for sale, not just new ones, declined 5.8 per cent from June 2024 to June 2025. Plus, PropTrack data last week revealed the city's median house price rose 1.6 per cent to hit $979,979 in June. Industry experts have tipped that Greater Melbourne's median house vale could top seven-figures before December. Victoria also recorded a 66 per cent clearance rate last week. Real Estate Institute of Victoria interim chief executive Jacob Caine said that the state's weekly clearance rates had been incrementally ticking upwards. 'We would attribute that to even though we didn't get an interest-rate cut last week, buyers and sellers are pricing in interest rate cuts to their buying and selling decisions,' Mr Caine said. 'So there's an anticipation of an easing in terms of repayment amounts and interest rates – and as a result, people are starting to demonstrate a little bit more confidence, whether that's from a buying perspective, or from having the confidence to go to the market and sell.'
News.com.au
23-06-2025
- Business
- News.com.au
‘Fairly solid' auction clearance rates across Australia despite quieter winter
REA Group Senior Economist Angus Moore discusses the 'fairly solid' auction clearance rates across Australia. This comes amid Australia returning a national clearance rate of 63.2 per cent. 'Obviously very light volume in some cities, as we'd expect to see in winter,' Mr Moore said. 'But even in Sydney and Melbourne, which are our deepest and most liquid markets, particularly for auctions, we're still seeing pretty solid results.'
News.com.au
09-06-2025
- Business
- News.com.au
Property price growth sparks interest in home builders around Australia
REA Group Senior Economist Angus Moore discusses the key costs for home builders as auction clearance rates drop alongside interest rates. 'Two of the key costs for home builders are obviously the cost of building the home but also the cost of financing, and so as we are starting to see rates fall, that is going to start to make a lot more projects a bit more feasible,' Mr Moore told Sky News Australia. 'The fact we are starting to see home prices grow, in a bit more broad base … more than we were last year, that is also going to start to make more projects feasible and encourage home builders to start those projects … hopefully as rates start to come through that is what we will start to see.' In partnership with
