Latest news with #NeridaConisbee
Sky News AU
a day ago
- Business
- Sky News AU
New data reveals the amount of affordable housing across Australia is collapsing, leaving home ownership out of reach for many Aussies
An expert has warned that Sydney could run out of affordable housing by 2027 after new data revealed the dire strait that the Australian property market is in. The data from real estate group Ray White tracked properties sold over the last decade across the capital cities, showing that across the east coast the number of properties that could be considered affordable is collapsing. Affordable housing is defined in the research as housing that is less than or equal to $750,000. Sydney was leading the decline across the capitals, with a loss of 7.1 affordable homes a day. Brisbane was losing 5.0 affordable houses a day and in Melbourne the decline in affordable homes is down 3.6 a day. The data also showed that smaller markets like the Gold Coast, Hobart and Adelaide are shedding affordable homes along with Canberra - which is considered to be a renter friendly city due to legislation the ACT government has enacted. The only capital city which has added affordable homes below $750,000 is Darwin, but the growth is small at 0.7 affordable homes a day. Nerida Conisbee, Chief Economist at Ray White, told that the data is even starker when the number of affordable units are factored in. 'Between 2015 and 2025, Sydney's affordable house stock collapsed from 24,009 to just 2,674 – an 89 per cent decline that mirrors similar trends across the Gold Coast (94 per cent decline) and Canberra (89 per cent decline),' she said. She said that if the current trends continue, Sydney will run out of affordable houses in two years - while Melbourne and Brisbane would run out before the 2030s. Ms Conisbee blamed the housing crisis on the spike in the cost of raw construction materials and an undersupply of rental and housing units being built. 'Chronic undersupply means demand continues outstripping available stock, while government first-home buyer assistance schemes paradoxically inflate prices by increasing buyer purchasing power without addressing supply constraints,' she said. Nationally she said capitals were gaining 1.5 affordable units a day, but it was not enough to offset the decline. The federal government has said that tackling the housing crisis in Australia is a priority, and consistently has pointed to the Housing Australia Future Fund. According to a Twitter post from her X account, she claims to Parliament that new home approvals in Australia have increased by 30 per cent on last year. "Great news - home building approvals are up nearly 30 per cent since last year" she tweeted.
Courier-Mail
2 days ago
- Business
- Courier-Mail
Why Australia is losing 24 affordable houses every day
Video Player is loading. Play Video Play Next playlist item Mute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Play Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently playing live LIVE Remaining Time - 0:00 Picture-in-Picture Fullscreen Huge pay rise needed to afford first home 01:48 The dream of affordable housing slips further away as new research reveals Australian cities are hemorrhaging 24 sub-$750,000 homes every single day. The latest Ray White Economic Update analysed properties that sold for under $750,000 across Australia's nine capital cities between 2015 and 2025 – and the result was alarming. 'Sydney leads the decline with 7.1 affordable properties disappearing daily, followed by Brisbane losing 5.0 and Melbourne 3.6,' the report by Ray White chief economist Nerida Conisbee said. 'Even smaller markets show significant losses – Gold Coast sheds 2.5 properties daily, Adelaide 2.1, while Canberra and Hobart each lose around 0.7 properties per day. 'Darwin stands alone as the only capital showing growth, gaining 0.3 affordable properties daily.' On the flip side, the unit market across the combined capital cities was adding 1.5 affordable properties daily, albeit this growth falls far short from offsetting house losses – creating a net reduction of nearly 23 affordable homes daily. 'Looking specifically at houses, Sydney loses 5.8 affordable houses daily – equivalent to one house vanishing from the affordable market every four hours,' Conisbee said. 'Brisbane follows closely at 5.5 houses per day, while Melbourne sheds 5.1 daily. 'Between 2015 and 2025, Sydney's affordable house stock collapsed from 24,009 to just 2,674 – an 89 per cent decline that mirrors similar trends across the Gold Coast (94 per cent decline) and Canberra (89 per cent decline).' Perth loses 2.7 affordable houses daily, while Adelaide – traditionally an affordable capital – now sheds 2.2 houses per day from its sub-$750,000 market. 'Even smaller markets aren't immune,' Conisbee noted. Conisbee warned that on current trajectories, Sydney's would have zero affordable houses by 2027. 'While Brisbane and Melbourne retain larger affordable stocks, their rapid daily losses signal similar endpoint scenarios within the decade,' she said. MORE: 'Gloriously neglected' worst house has roof (mostly intact) Named: 18 banks drop rates below 5pc Aussie Lotto winner to spend $1.4m on her cat Conisbee said that the crisis stemmed from multiple converging factors, including rising construction costs, which peaked at 17.8 per cent annually in 2022, pushing new housing in many cities beyond affordable thresholds. 'Chronic undersupply means demand continues outstripping available stock, while government first-home buyer assistance schemes paradoxically inflate prices by increasing buyer purchasing power without addressing supply constraints,' she said. 'Ideally affordable units would be able to offset the reduction in affordable houses and the number of units priced under $750,000 has increased dramatically. 'Cities like Perth have seen 105 per cent growth in affordable unit sales, and Darwin recorded 71 per cent growth. 'Nationally, capitals are gaining just 1.5 affordable units per day (but) the increase is clearly not enough to offset the drop in houses.' Conisbee said that affordable unit gains compensate for only six per cent of affordable house losses, creating a net reduction of 22.9 affordable properties daily across all capitals. Even cities showing unit growth like Melbourne (+1.5 units daily) and Perth (+1.1 units daily) cannot match their house losses of 5.1 and 2.7 respectively. 'Australia is losing nearly 23 affordable homes daily with minimal replacement stock filling the void,' she said. The report comes as a new survey by Finder revealed that 35 per cent of Aussies do not believe they will ever be able to afford a home. Graham Cooke, head of consumer research at Finder, said the dream of homeownership was slipping out of reach for more Australians. 'Record prices, steep borrowing costs, and saving for a deposit are locking people out,' Cooke said. 'In many suburbs, even a six-figure salary won't comfortably cover a mortgage.'
News.com.au
2 days ago
- Business
- News.com.au
Why Australia is losing 24 affordable houses every day
The dream of affordable housing slips further away as new research reveals Australian cities are hemorrhaging 24 sub-$750,000 homes every single day. The latest Ray White Economic Update analysed properties that sold for under $750,000 across Australia's nine capital cities between 2015 and 2025 - and the result was alarming. 'Sydney leads the decline with 7.1 affordable properties disappearing daily, followed by Brisbane losing 5.0 and Melbourne 3.6,' the report by Ray White chief economist Nerida Conisbee said. 'Even smaller markets show significant losses - Gold Coast sheds 2.5 properties daily, Adelaide 2.1, while Canberra and Hobart each lose around 0.7 properties per day. 'Darwin stands alone as the only capital showing growth, gaining 0.3 affordable properties daily.' On the flip side, the unit market across the combined capital cities was adding 1.5 affordable properties daily, albeit this growth falls far short from offsetting house losses - creating a net reduction of nearly 23 affordable homes daily. 'Looking specifically at houses, Sydney loses 5.8 affordable houses daily - equivalent to one house vanishing from the affordable market every four hours,' Conisbee said. 'Brisbane follows closely at 5.5 houses per day, while Melbourne sheds 5.1 daily. 'Between 2015 and 2025, Sydney's affordable house stock collapsed from 24,009 to just 2,674 – an 89 per cent decline that mirrors similar trends across the Gold Coast (94 per cent decline) and Canberra (89 per cent decline).' Perth loses 2.7 affordable houses daily, while Adelaide – traditionally an affordable capital - now sheds 2.2 houses per day from its sub-$750,000 market. 'Even smaller markets aren't immune,' Conisbee noted. Conisbee warned that on current trajectories, Sydney's would have zero affordable houses by 2027. 'While Brisbane and Melbourne retain larger affordable stocks, their rapid daily losses signal similar endpoint scenarios within the decade,' she said. Conisbee said that the crisis stemmed from multiple converging factors, including rising construction costs, which peaked at 17.8 per cent annually in 2022, pushing new housing in many cities beyond affordable thresholds. 'Chronic undersupply means demand continues outstripping available stock, while government first-home buyer assistance schemes paradoxically inflate prices by increasing buyer purchasing power without addressing supply constraints,' she said. 'Ideally affordable units would be able to offset the reduction in affordable houses and the number of units priced under $750,000 has increased dramatically. 'Cities like Perth have seen 105 per cent growth in affordable unit sales, and Darwin recorded 71 per cent growth. 'Nationally, capitals are gaining just 1.5 affordable units per day (but) the increase is clearly not enough to offset the drop in houses.' Conisbee said that affordable unit gains compensate for only six per cent of affordable house losses, creating a net reduction of 22.9 affordable properties daily across all capitals. Even cities showing unit growth like Melbourne (+1.5 units daily) and Perth (+1.1 units daily) cannot match their house losses of 5.1 and 2.7 respectively. 'Australia is losing nearly 23 affordable homes daily with minimal replacement stock filling the void,' she said. The report comes as a new survey by Finder revealed that 35 per cent of Aussies do not believe they will ever be able to afford a home. Graham Cooke, head of consumer research at Finder, said the dream of homeownership was slipping out of reach for more Australians. 'Record prices, steep borrowing costs, and saving for a deposit are locking people out,' Cooke said. 'In many suburbs, even a six-figure salary won't comfortably cover a mortgage.'
News.com.au
04-07-2025
- Business
- News.com.au
Geelong: The best time to sell in your suburb revealed
New data blowing the myth that spring is the best time to sell your house reveals when homes in each Geelong suburb achieves top dollar. The Ray White research found a handful of major Geelong suburbs scored their best prices in the spring months of September, October and November. The research, analysing 10 years worth of residential property sales to detail the months with the highest and lowest median home prices for 77 localities across the Geelong region, reveals February, March and April were the best time to sell in many areas. Ray White chief economist Nerida Conisbee said while improving weather and a season where gardens can look their best made sense for many people, the research revealed the drawbacks of selling at the busiest time of the year. 'It makes sense. People traditionally like to sell in spring is because their homes look better and they want to get in before Christmas,' Ms Conisbee said. 'All these things lead to a higher level of activity in spring. 'But the reality is that trying to sell in a very busy market or a very well supplied market is a bit more challenging, so selling at other times can make sense.' The data revealed homes in Highton, central Geelong, Rippleside and St Albans Park scored their best results in spring. Among the 15 areas where the best prices were in spring were areas such as Lethbridge and Bannockburn, Curlewis and Charlemont and Fairhaven and Anglesea on the Surf Coast. January was the best month to sell in coastal areas such as Bellbrae, Breamlea and St Leonards, along with inner city Geelong West and South Geelong, the research revealed. February, March and April were the best months for 32 suburbs, including Lara, Corio and Bell Park in the north, to Grovedale, Newtown and Leopold and Torquay and Ocean Grove on the coast. Ray White Lara agent Matthew Wade-Taylor said sellers faced more competition for buyers in busier spring months. 'A lot of people do want to go to the market in spring. They think the weather's great, the plants, the garden, everything's looking perfect,' he said. 'Coming into spring, you've got a lot more competition you're working against. 'I'm seeing a little bit more of a spike in the cooler months. There's not a lot on the market, therefore, the competitions with the buyers.' But Mr Wade-Taylor said most buyers don't pay much attention to when they sell. 'I always say to my clients, the best time to go to the market is when you're ready.' While winter was the best time to sell in Armstrong Creek and Belmont, the research revealed the season was the slowest market for many suburbs, with 17 recording their lowest median sale prices in August, followed by 14 in August. Ray White Highton agent George Politis said quiet months such as June can be strong. 'People will go after that house that might be 90 per cent correct for them, rather than the 100 per cent, so they'll accommodate what's on the market at that time,' Mr Politis said. 'At spring, you've got an influx of homes, so the buyers' desires are a little bit more fluid because of instead of looking at say five properties, they are looking at 15 during the spring market.' THE BEST TIME TO SELL IN YOUR SUBURB Suburb High Price Month High Price Low Price Month Low Price Geelong West January $845,000 June $685,000 South Geelong January $882,500 March $575,000 Lara February $640,000 September $585,000 Waurn Ponds February $713,000 January $609,000 Barwon Heads March $1,330,000 July $945,000 Bell Post Hill March $590,000 June $485,000 Corio March $415,000 July $370,000 Grovedale March $599,000 September $510,000 Leopold March $595,000 June $526,000 Newcomb March $525,000 October $430,000 Ocean Grove March $850,000 August $735,000 Whittington March $480,000 December $360,000 Queenscliff March $1,320,500 December $805,000 Drysdale April $690,000 June $590,000 Hamlyn Heights April $645,000 August $547,000 Indented Head April $815,000 July $560,000 Newtown April $1,010,000 January $840,000 Torquay April $1,045,000 July $860,000 Manifold Heights April $940,000 August $760,000 Mount Duneed May $710,000 September $641,000 Lorne June $1,675,000 August $860,000 Armstrong Creek June $650,000 January $615,000 Belmont June $630,000 July $557,000 Aireys Inlet August $1,420,000 July $735,000 Apollo Bay September $825,000 July $565,000 St Albans Park September $505,000 January $442,000 Rippleside September $1,185,000 December $775,000 Fairhaven October $1,850,000 February $1,000,000 Bannockburn October $680,000 December $575,000 Curlewis October $650,000 January $581,000 Anglesea November $1,200,000 September $795,000 Geelong November $885,000 June $730,000 Highton November $767,000 August $715,000 Wandana Heights December $895,000 July $725,000 East Geelong December $710,000 April $620,000
Herald Sun
04-07-2025
- Business
- Herald Sun
When to sell: Vic homeowners lose six figures to crucial mistake
Thousands of Melbourne home sellers are shoving their 'head in the sand' every spring, amid shock new data showing the most profitable time to sell is March. Real estate experts are second-guessing the city's 'archaic' traditions and warning consistently flooding the market at the same time each year is actually helping buyers. Ray White economics team analysis of sales for the past decade show that the highest monthly median prices for houses and units across the city are set during autumn, with price gaps in the hundreds of thousands of dollars and even millions for elite suburbs like Toorak, when compared to their lowest ebb in other months. RELATED: $36m blow to super fund-backed ISPT could hit Aussie retirements National Housing Accord up to 60,000 new homes short in first year Huge blow for Australia's housing crisis It's also revealed that July is one of the best times to buy a home, with median prices this month historically at their most affordable in 108 suburbs. It narrowly outpaces January, when it's the best time to buy in 96 suburbs, however Ray White chief economist Nerida Conisbee said with a number of other suburbs recording their second or third lowest medians in January over the timeline, it was overall the most affordable month to buy a home in. While sellers in both months are likely to be very motivated to lock in a deal, potentially explaining the typically lower prices, Ms Conisbee said spring could also easily work in buyers' favour — especially for buyers who made a move before expected rate cuts drive prices up much further. 'Spring is a time when we see so much stock coming to the market, which is great for buyers – but for sellers it's far more competition,' she said. 'Even so, I would be starting to search right about now. 'That's also because rate cuts are coming, and we know as they do we will get more and more competition from buyers.' For those thinking of selling a home, the economist warned the high numbers of homes for sale in spring could be a reason to reconsider. 'On average, it does seem to be the autumn months that are better for prices,' Ms Conisbee said. 'Maybe it's time to rethink selling season. 'It's definitely well worth considering selling outside of spring because of the competition.' Professional auctioneer Andy Reid said a rethink was urgently needed by Melbourne home sellers. 'Summer and autumn have become the new spring; you launch in summer, in February, and sell in March,' Mr Reid said. 'Everyone has their head in the sand. Melbourne is the most archaic capital city when it comes to selling real estate.' He warned the city's obsession with auctioning homes at 11am on Saturday was also likely hurting sellers. 'You are putting your auction in the middle of the most productive day for any working family, so they have no time to do anything at the start of the day and then no real time to do anything proper in the afternoon.' That causes friction, which can cause some buyers who might have bid to be forced to choose between that and family events, their children's sporting commitments and their social life. Midweek auctions and those held earlier on Saturdays, at 9.30am, reduced that friction and could suit buyers better. 'We are clinging to a mentality that's stuck in the 90s,' he said. 'This is probably all working out in favour of the buyers, but with an asterisk — because it's still not fully convenient for them. 'We're adding friction to sales and that reduces competition, which the seller doesn't want, but a motivated buyer does.' The auctioneer added that for buyers who were willing to move against the crowd, there were reasons that others avoided midwinter and midsummer. 'In January, everyone has spent all their pennies on Santa, and in July everyone is waiting for their tax return to come through and boost their deposit,' Mr Reid said. He added that by maintaining the status quo, home sellers were effectively playing into the hands of home buyers. Cohen Handler buyer's advocate Nicole Jacobs said while buyers shouldn't pass over the right property in the hopes of timing a purchase, there were definitely times of year that gave them the upper hand. 'Now is a really good time to buy, and six months ago was a really good time, too,' Ms Jacobs said. 'But I wouldn't be waiting to January. You will be getting a few interest rate cuts between now and then.' For those considering selling, the buyer's agent said the core reason for a spring timeline was for homes that had a reason for doing so – which many don't today. 'If you do have a botanic garden in your backyard, you'd be crazy not to sell when it is at its peak,' she said. 'You may think you need to wait for spring, but if you don't have much of a garden, why?' She also noted that home sellers should be aware agents would try to time their sale to suit their calendar, and workflow – and not necessarily work in their best interests. 'If the agent doesn't have a lot of other listings going, they will try to persuade the seller to do so now, rather than wait,' she said. While she said she did traditionally buy a lot of homes in spring, when volumes of homes for sales were typically higher, December was also a good time to 'mop up' a lot of the properties that had struggled in the prior months. But not every suburb struggles at the same time, Eltham is among the 12 Melbourne suburbs that defy the odds and score the best results in July — when 108 others are historically at their lowest level. Jellis Craig Eltham director Tom Kurtschenko said he wasn't overly surprised, having worked solidly through winter for the past 20 years – despite agents in many other areas heading off on holiday when the weather cools. 'We like the winter months … though ideally you wouldn't book an auction on the key weeks of school holidays,' Mr Kurtschenko said. 'And, in spring, there can be a lot more choice for buyers.' He added that at the moment he was seeing a lot of people in the area looking to buy a home before selling, noting that the market would support that approach for many as prices rose. Loan Market broker Jacob Decru said there had been a surge in homebuyers seeking home approval in the past quarter, with large numbers now ready to go — and more on the way. While that could be good news for home sellers thinking about spring, Mr Decru said many of those looking to buy were hoping to make a move in July or August to beat any future rate rises that might drive prices up. 'The sentiment among buyers now is that it's a good time to buy,' he said. 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: Inside Vic's $2bn housing shake up Toorak: $30m+ health-boosting mansion sold to overseas-based buyer Matthew Dellavedova sells bayside home after Melbourne exit
