Latest news with #EleanorCreagh
News.com.au
5 hours ago
- Business
- News.com.au
Qld's million-dollar shock: Majority now priced out of Brisbane houses
Queensland has hit a jaw-dropping milestone, with Brisbane's house price skyrocketing to the brink of $1m, slamming the door on the dream of home ownership for the majority of wage earners. The latest PropTrack Home Price Index released Monday saw Brisbane's median house price reach just $2k shy of $1m to $998,000 with its median unit now priced the same as houses were in April 2022 ($690,000). figures estimate a pre-tax income of about $187,000 is required to buy a million-dollar home, off a 10pc deposit with lender's mortgage insurance – out of reach of the majority of Queensland where Australian Bureau of Statistics figures put median weekly earnings at $1,350 in August 2024 or $70,200 a year. Brisbane's median dwelling price (which includes houses and units) rose 8.38 per cent annually to $889,000, the PropTrack data found, with unit growth outpacing houses (11.42pc vs 7.8pc). PropTrack senior economist Eleanor Creagh found no relief from price rises across the state over the year, with regional Queensland dwelling prices rising stronger than Brisbane annually, up 8.66 per cent to $733,000. Regional houses which are at peak median of $769,000 are outpacing the rise in unit prices there, seeing an annual jump of 8.96pc versus 7.58pc respectively. Regional unit prices are shockingly close to Brisbane's median sitting at $674,000 now. The top four SA4 regions in Queensland had higher dwelling price growth levels than any of its counterparts across the country, led by Townsville up 20.19pc to $540,000, Central Queensland +16.33pc to $534,000, Darling Downs-Maranoa +14.13pc to $482,000 and Toowoomba +13.36pc to $661,000. Queensland fifth strongest SA4 region was Ipwich in Greater Brisbane which rose 11.35pc to $747,000. Ms Creagh said cities like Brisbane 'are now seeing growth moderate after strong outperformance' but added 'lower interest rates have lifted borrowing capacities and boosted buyer demand' which was 'likely to drive further price growth throughout the remainder of 2025'. 'While stretched affordability will remain a constraint, a chronic lack of new housing supply, population growth, and targeted buyer incentives are expected to keep upward pressure on prices,' she said. OpenCorp founder and property investment expert Cam McLellan said more everyday Queenslanders were now turning to 'creative, sustainable ways into the market', seeking options 'outside of being 'traditional' PPR (principal place of residence) owners' given price surges. His main recommendations centre around 'buying sight unseen in more affordable states; embracing rentvesting – renting where you want to live, buying where you can afford; and accessing equity from parents' homes, no cash needed'. Inside slumlord's empire: derelict, unliveable, worth millions Queenslanders Lee and Marie Brown are among those who've given up living in their own home in Greater Brisbane – instead buying rentals including two interstate bought sight unseen. The couple now have four properties in their portfolio, and said the scariest part was just getting started. 'We live in Queensland and had already bought two investment properties here, in Doolandella and Algester, with OpenCorp's help in 2019 and 2022. But when we were ready to keep building our portfolio, they showed us we didn't have to stick to our own state.' 'That's how we ended up buying in Perth and Victoria. We realised it's not about buying close to home, it's about buying where your money will work hardest.' 'We were used to taking big holidays and getting new cars every other year. Shifting our mindset from spending to investing took work. We also had to clear our bad debt. But education was key. Now we look back and wish we'd started earlier.' MORE: 65k Airbnb rentals banned amid court battle The HPI results come as the latest Australian Bureau of Statistics building approval data warned just 5,612 apartments were approved across March and April, compared with 8,625 across January and February – a sad statistic for those priced out of houses hoping to buy a unit to live in. Property Council of Australia group executive policy and advocacy Matthew Kandelaars said 'this is a far cry from the 15,029 greenlit during March and April in the apartment boom of 2016'. 'We will not meet our housing targets without the heavy lifting that needs to come from apartments that can deliver homes at scale close to transport, existing infrastructure and amenities.' He warned even with approvals 'it can take years for a project to start construction, held back by a tight labour market, high construction costs and complicated planning systems'. 'State and territory governments need to step up. Planning is key to delivering more homes, and our approvals data shows that the current systems are not working. More must be done.'
Herald Sun
9 hours ago
- Business
- Herald Sun
Interest rate cut has immediate impact on Geelong home prices
Geelong's property market is just a chip-shot away from making up the ground lost in home prices over the past 12 months, new data shows. The latest PropTrack Home Price Index results reveals the median home price in Geelong ended May just .67 per cent shy of the value recorded at the same time last year. It marks a quick turnaround as the Reserve Bank locked in the second interest-rate cut in 2025 a fortnight after the government banked a stunning federal election win. RELATED: 'Biggest challenge' facing Geelong's population success Geelong tops Australia's regional migration rankings East Geelong character home sells $120k above reserve Geelong's median house price reached $893,000 in May, according to the PropTrack figures, just shy of the figure recorded in 2024. The value of a typical unit is up on all measures, reaching $612,000 by the end of May. PropTrack senior economist Eleanor Creagh said Geelong was not far off returning to positive territory on annual terms. 'It's a bit of a chip shot, and it's likely that prices are going to continue lifting throughout the remainder of 2025,' Ms Creagh said. 'We're seeing that price momentum has increased and broadened with interest rates falling. 'And we know that lower interest rates have lifted borrowing capacities and boosted buyer demand, and of course, with further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions. 'And as a result, we're seeing that growth momentum has increased, underpinned by improving buyer sentiment and confidence.' Ms Creagh said it appears that interest rates moving lower has buoyed buyer confidence. 'I think people are anticipating that interest rates are going to continue to move lower already and that prices are going to continue to rise.' The fast turnaround comes regional prices outpaced the combined capitals. Regional home prices are now 65 per cent higher than their levels five years ago. The turnaround in buyer sentiment after an interest-rate cut comes amid continued strong population growth on the back of nation-leading internal migration figures. More than 10 per cent of people moving to regional Australia have settled in Geelong, the Regional Australia Institute data from the Regional Movers Index revealed. McGrath, Geelong agent David Cortous said the changing sentiment was already visible on the streets, with more people attending inspections, watching auctions and in some cases competing for properties. 'The Geelong market has been flat on price to two years now,' Mr Cortous said. 'We're starting to see that multiple buyers are back on properties now and we're selling through stock that's been sitting there. That's an indicator that the needle is moving.'
News.com.au
10 hours ago
- Business
- News.com.au
Interest rate cut has immediate impact on Geelong home prices
Geelong's property market is just a chip-shot away from making up the ground lost in home prices over the past 12 months, new data shows. The latest PropTrack Home Price Index results reveals the median home price in Geelong ended May just .67 per cent shy of the value recorded at the same time last year. It marks a quick turnaround as the Reserve Bank locked in the second interest-rate cut in 2025 a fortnight after the government banked a stunning federal election win. Geelong's median house price reached $893,000 in May, according to the PropTrack figures, just shy of the figure recorded in 2024. The value of a typical unit is up on all measures, reaching $612,000 by the end of May. PropTrack senior economist Eleanor Creagh said Geelong was not far off returning to positive territory on annual terms. 'It's a bit of a chip shot, and it's likely that prices are going to continue lifting throughout the remainder of 2025,' Ms Creagh said. 'We're seeing that price momentum has increased and broadened with interest rates falling. 'And we know that lower interest rates have lifted borrowing capacities and boosted buyer demand, and of course, with further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions. 'And as a result, we're seeing that growth momentum has increased, underpinned by improving buyer sentiment and confidence.' Ms Creagh said it appears that interest rates moving lower has buoyed buyer confidence. 'I think people are anticipating that interest rates are going to continue to move lower already and that prices are going to continue to rise.' The fast turnaround comes regional prices outpaced the combined capitals. Regional home prices are now 65 per cent higher than their levels five years ago. The turnaround in buyer sentiment after an interest-rate cut comes amid continued strong population growth on the back of nation-leading internal migration figures. More than 10 per cent of people moving to regional Australia have settled in Geelong, the Regional Australia Institute data from the Regional Movers Index revealed. McGrath, Geelong agent David Cortous said the changing sentiment was already visible on the streets, with more people attending inspections, watching auctions and in some cases competing for properties. 'The Geelong market has been flat on price to two years now,' Mr Cortous said. 'We're starting to see that multiple buyers are back on properties now and we're selling through stock that's been sitting there. That's an indicator that the needle is moving.'
News.com.au
11 hours ago
- Business
- News.com.au
PropTrack: Melb six months from record prices
Melbourne house prices gained a nation-leading $250 a day in May with experts revealing the city's median could be back to record levels of more than $960,000 by Christmas. PropTrack figures released today show the city's fifth straight month of home price growth added almost $8000 (0.87 per cent) to the city's $902,000 typical house value across the past 31 days. Senior economist Eleanor Creagh said the past month was Melbourne's biggest single month of growth for house prices since 2021. 'It's over': Block star says Aussies killed trend On its current trajectory of 1.6 per cent a quarter, Ms Creagh said the city would achieve a 6.7 per cent resurgence over the next 12 months — enough to smash through its previous median price record in about six months' time. 'Melbourne has been underperforming for much of the past five years, and it's now one of the more affordable capitals,' Ms Creagh said. 'But with interest rates falling, seeing renewed competition and improving buyer sentiment, it's all proving to be the catalyst to reversing the relative weakness that we have seen in Melbourne.' However, the economist noted it was not guaranteed that the city would maintain its current high rate of growth and a 4-5 per cent uplift was more likely for the coming 12 months. This would delay the return to peak prices until next year. Real Estate Buyers' Agents Association of Australia Victorian representative Matthew Scafidi said the end of Melbourne's buyers market was 'right now', and he believed growth would continue at higher rates in the months ahead. 'There's no more buyer's market, it has swung back in favour of vendors,' Mr Scafidi said. 'Melbourne is back in a big way.' The Abode Advocacy Group buyer's agent said that about two weeks ago a switch had been flicked, with auctions more competitive, more homebuyers at inspections and he was now advising owners planning to sell to buy first – then list their home, as the market would likely give them a boost. 'And when the Reserve Bank meets next, we might get another drop in interest rates — if we do, it will be on like Donkey Kong,' Mr Scafidi said. Melbourne's median unit price also gained ground in May, rising almost $2000 (0.31 per cent) to $588,000. On current trends, both houses and units are as little as a month away from recording their first 12 month growth cycle since 2023. Across regional Victoria the median house price rose 0.18 per cent to $602,000, while the typical unit outside of the metropolitan area now costs $414,000 after a 0.17 per cent rise in May. Much of the wider growth was a result of more significant increases in areas around the Hume region, up 4.56 per cent in the past year to $564,000, the Bendigo area, where the median rose 2.45 per cent to $587,000, and Warrnambool and surrounds, which gained 2.39 per cent to reach $521,000. Melbourne's top performing areas were the city's south east, where values rose 1.5 per cent in the past year to $787,000, and the north east where they gained 0.96 per cent and the typical home now costs $721,000.
News.com.au
11 hours ago
- Business
- News.com.au
Sydney homes $500k pricier than next most expensive city after rate cuts fuel big spending
Recent interest cuts have ignited another surge in Sydney property values and house prices could average an unprecedented $1.5 million by as early as spring if their current trajectory continues. PropTrack's latest Home Price Index released Monday showed the median price of dwellings, based on sales of units, townhouses and houses, rose 0.36 per cent over May. It was the fourth successive month of growth in prices since the Reserve Bank announced the first of two interest rate cuts in February, with prices up about 1.5 per cent since the cut. Recent growth has also marked a rapid turnaround from late last year when prices were falling and buyer demand slumped as cost of living pressures squeezed aspiring purchasers out of the market. The median price of a Sydney house is now $1,471,000, while the unit median has risen to $820,000. REA Group senior economist Eleanor Creagh said the market was picking up momentum and it was likely house buyers would soon be paying an average of $1.5 million across the Greater Sydney area. This would put Sydney prices a good $500,000 ahead of the country's next priciest city Brisbane, where the median house price is currently $998,000. 'Interest rate cuts have been the clear catalyst for growth and we can expect more price rises to come,' Ms Creagh said. '(Cuts) have boosted buyer demand and improved confidence. There is also an expectation among buyers that lower rates will lift prices and that has brought forward a lot of people's buying decisions. 'Another factor is that there's less uncertainty in the market. The federal election has passed and some of the global economic concerns have eased.' Mortgage Choice broker James Algar said the impact of rate cuts on buyer confidence could be seen in rising requests for loan pre-approval. 'We're starting to get a lot busier,' he said. Auctioneer Edward Riley, fresh off an auction sale where the price went $450,000 over reserve, said it was clear that FOMO, or the fear of missing out, was 'creeping' back into the market. PropTrack indicated that the strongest markets since the interest rate cut in February have been the southwest and inner west. Prices in the former have risen by an average of about $22,000, or 2 per cent, since the cut, while in the inner west the increase was about $30,000, or 2.33 per cent. Mr Creagh said some of the growth in the southwest region was likely the result of increased competition for properties in the areas around Bradfield, which will form part of a precinct around the Western Sydney airport slated to open next year.
