Latest news with #CoreLogic
News.com.au
2 days ago
- Business
- News.com.au
Albion family reveal how rare reno move helped smash price record
An Albion family who spent years plotting the perfect renovation for their home have smashed the suburb's house price record by almost $150,000. Owners Dean and Emily were nervous as the home went under the hammer, and when it started out slowly with a $1.2m vendor bid needed to get buyers involved. But with a crowd close to 150 watching, the bids for their 33 Adelaide St home kept coming as three buyers pushed it to $1.402m. CoreLogic records show 34 Burnewang St set the previous house price benchmark for Albion at $1.255m in 2021. The record-result for Emily and Dean followed a painstaking renovation in which they spent years getting a feel for where the sun would be at different times of year, mapping out what was needed in an extension and borrowing the idea for a scissor truss roof over the rear from popular TV show Grand Designs. The pair said a big part of the result was the exhaustive effort they put into renovating it, more than doubling the size of the interior floorplan as well as installing energy efficient features — and even a series of openable skylights. 'We have lived through it every step of the way, when it was hard and cold and hot, we have had the dogs and the kids getting into the mud and the dirt, and it's nice to put a full stop on it and see it through to the finish.' Dean said. 'Every time you do another one, you find out more of what works and what doesn't. This one was a bit more involved than the last time, but we have a much better idea of what works and doesn't — and the next one will be even better.' But first they're planning a holiday. 'We need that break before we channel all our energy into the next project,' Emily said. Ray White Sunshine's Marcus Fregonese handled the sale and said the result had been a bit of a shock — with bidding becoming so fierce he only got a chance to call it on the market at $1.35m, well after it reached the point of sale. 'They have done an unbelievable job, it's a renovation you just don't see around here — it's something you might see in Northcote or Brunswick,' Mr Fregonese said. A local family bought the home, with the result something he said should give any owners thinking of a reno the confidence to do so.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Property market records one of the quickest downturns ever
The latest property market downturn has become one of the shortest and shallowest on record, ending just three months after it started. Dwelling values took a hit between November 2024 and January 2025, falling 0.4 per cent nationally, latest data from Cotality (formerly CoreLogic) shows, after a series of interest rate hikes and cost-of-living pressures weighed on buyers' hip pockets. But in February, the month of the first interest rate cut in more than two years, the market started to turn around. The Reserve Bank cut the cash rate in February and May, to have it now sitting at 3.85 per cent. Cotality's Home Value Index for May showed dwelling values have jumped 1.7 per cent over the first five months of the year. Values in every capital city rose in May, by at least 0.4 per cent. Sydney values rose 0.5 per cent in May, Melbourne was up 0.4 per cent, Brisbane 0.6 per cent and Perth 0.7 per cent. Cotality research director Tim Lawless said the latest slowdown was more like a levelling-out of values, rather than an actual downturn, and was a lot less steep than the short downturns of 2020 and 2015. Dwelling values fell 1.8 per cent between April and June 2020 (the start of the COVID-19 pandemic), before skyrocketing on the back of cuts to the cash rate that ultimately reached rock bottom at 0.1 per cent. A similar, quick market turnaround also happened in 2015, when the Australian Prudential and Regulation Authority tightened lending criteria, particularly for property investors. Values fell 1.4 per cent in the December 2015 quarter. 'It really shows how much access to credit, or the ability to borrow money from the banks, can affect housing values,' Lawless said.
The Age
2 days ago
- Business
- The Age
Property market records one of the quickest downturns ever
The latest property market downturn has become one of the shortest and shallowest on record, ending just three months after it started. Dwelling values took a hit between November 2024 and January 2025, falling 0.4 per cent nationally, latest data from Cotality (formerly CoreLogic) shows, after a series of interest rate hikes and cost-of-living pressures weighed on buyers' hip pockets. But in February, the month of the first interest rate cut in more than two years, the market started to turn around. The Reserve Bank cut the cash rate in February and May, to have it now sitting at 3.85 per cent. Cotality's Home Value Index for May showed dwelling values have jumped 1.7 per cent over the first five months of the year. Values in every capital city rose in May, by at least 0.4 per cent. Sydney values rose 0.5 per cent in May, Melbourne was up 0.4 per cent, Brisbane 0.6 per cent and Perth 0.7 per cent. Cotality research director Tim Lawless said the latest slowdown was more like a levelling-out of values, rather than an actual downturn, and was a lot less steep than the short downturns of 2020 and 2015. Dwelling values fell 1.8 per cent between April and June 2020 (the start of the COVID-19 pandemic), before skyrocketing on the back of cuts to the cash rate that ultimately reached rock bottom at 0.1 per cent. A similar, quick market turnaround also happened in 2015, when the Australian Prudential and Regulation Authority tightened lending criteria, particularly for property investors. Values fell 1.4 per cent in the December 2015 quarter. 'It really shows how much access to credit, or the ability to borrow money from the banks, can affect housing values,' Lawless said.
ABC News
3 days ago
- Business
- ABC News
Rate cuts fueling house price rises
Australians are being forced to fork out more for a home with the median price of a house across the capital cities climbing further above the one million dollar mark. The latest data from Cotality - formerly known as CoreLogic - shows all the capitals rose by at least point four of a per cent in May.
Business Times
3 days ago
- Business
- Business Times
Australian house prices continue to climb after RBA rate cut
[SYDNEY] Australian home prices climbed for a fourth straight month, driven by a second interest rate cut by the country's central bank and expectations more will follow later this year. The Home Value Index advanced 0.5 per cent in May, with every major city recording a rise, property consultancy Cotality, formerly CoreLogic, said on Monday (Jun 2)). Darwin was the top gainer, climbing 1.6 per cent, followed by Perth which rose 0.7 per cent. The bellwether market of Sydney was up 0.5 per cent and Melbourne increased 0.4 per cent. 'The continued momentum we're seeing across almost all markets is no doubt being fuelled by rate cuts – both those that have already happened, but also potential cuts in the coming months,' said Tim Lawless, research director for Cotality. 'With interest rates falling again in May, we are likely to see a further positive influence flowing through to housing values in June and through the rest of the year.' Financial market pricing implies the Reserve Bank of Australia (RBA) will cut three more times this year to bring the cash rate to 3.1 per cent, from 3.85 per cent now. The national dwelling value was about eight times the household income at the end of last year, highlighting affordability constraints while home-loan serviceability was also at an all-time high, the Cotality data showed. A major factor supporting house price growth across the country is a chronic under-supply of homes. The newly re-elected government of Prime Minister Anthony Albanese has promised steps to address a once-in-a-generation housing crisis by building more homes and providing financial incentives to first-home buyers. While home prices gained in May, the monthly pace of rental growth eased to 0.4 per cent following three months of 0.6 per cent increases, according to Cotality. The largest capital markets of Sydney and Melbourne are among the softest, the data showed. The slowdown comes despite rental vacancy rates being below 2 per cent as affordability constraints and slowing migrations ease some of the demand pressure. 'Even if there are few vacant properties available for rent, it's hard to see how rental values can continue to record a strong rise off already high prices, especially with wage growth now slowing,' Cotality said. 'Larger households may be forming as a result, such as share homes and multi-generational living arrangements, taking some pressure off demand.' BLOOMBERG
