Latest news with #PropTrack
Mercury
2 days ago
- Business
- Mercury
Speed bumps sidestepped as growth momentum builds
When a federal election is looming, property markets tend to be softer, but a new report shows Tasmanian real estate kicking off 2025 with increasing growth. While cost-of-living pressures remain top of mind for family budgets, more people bought homes in the March quarter than the previous quarter, or at the same time in 2024. And values are on the up. The Real Estate Institute of Tasmania's March Quarterly report found these 2399 sales were worth $1.48bn. This cumulative value was an increase of 1.6 per cent on the previous quarter and compared to March 2024, was up by 7.3 per cent. Tasmania's median house price increased 1.6 per cent for the quarter to $620,000, which was a 3.3 per cent increase over March last year. Launceston and the North West median house prices were up by 1.3 and 1 per cent. Hobart decreased by 3 per cent. MORE: Interstate developer to put stamp on 'gateway' site How much 1990s Hobart homes would cost today With property prices soaring interstate, Tasmania is re-emerging as an option for investment spending. The report showed a 'sharp rise' in interest from mainland investors. They accounted for almost half (46.5 per cent) of all investor purchases during the quarter, significantly above the two-year average of 31.8 per cent. Statewide, rental vacancies were steady at 2 per cent. However, demand saw the median rent for a three-bedroom home in Hobart increase by $10 to $560 per week. Launceston rents decreased $30 to $450 per week, while the North West centres added $15 to $430 per week. Historic Richmond was the quarter's standout price performer with a median of $1.66m, followed by Sandy Bay, Kingston Beach and East Launceston. The West retained the affordability crown with Queenstown houses selling for a $165,000 median value. There were 211 sales in March in excess of $1m. While this was more than March 2024, it was a handful less than the December quarter. As recently as 2019, Tasmanians recorded just 175 sales at this level in an entire year. While 447 first-home buyers got their foot on the ladder over the quarter, this was a 13 per cent decrease compared year-on-year. REIT president Russell Yaxley said Tasmania real estate takes a 'slow and steady approach', avoiding the volatile ebbs and flow activity that are common in larger cities. 'Our market has clearly recovered from its slowdown — late 2023 to early 2024 — and signs look positive for a rebound into 2025,' he said. 'Increasing demand with diminishing stock levels over 2025 will see increased pressure placed on property for sale and rentals over this coming year.' Meanwhile, PropTrack's latest monthly Home Price Index shows continued gains with Hobart, which was up by 0.3 per cent in May and 2.58 per cent annually to post a median home value of $685,000 while remaining the second-cheapest city behind only Darwin. Regional Tasmania was down 0.29 per cent in May and 1.78 per cent higher annually, with a $526,000 median home value. REA Group senior economist Eleanor Creagh said the rise in home prices was largely driven by falling interest rates. 'With interest rates falling, price momentum has increased and broadened, with all capitals seeing prices lift in May,' she said. 'Lower interest rates have lifted borrowing capacities and boosted buyer demand.'
News.com.au
3 days 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.'
News.com.au
3 days ago
- Business
- News.com.au
Median house prices for capital cities reaches $1 million
The median house price in Australian capital cities has now hit a record $1 million. The price growth is forecast to increase after the Reserve Bank eased interest rates for the second time this year. PropTrack data reveals the predicted growth is supported by about seven in 10 homes selling during one of the busiest weeks of the year. The highest median house price in Sydney is sitting at $1.4 million, with bargains still being found in Darwin for over $600,000.
Sky News AU
3 days ago
- Business
- Sky News AU
Median house price for capital cities reaches $1 million
The median house price in Australian capital cities has now hit a record $1 million. The price growth is forecast to increase after the Reserve Bank eased interest rates for the second time this year. PropTrack data reveals the predicted growth is supported by about seven in 10 homes selling during one of the busiest weeks of the year. The highest median house price in Sydney is sitting at $1.4 million, with bargains still being found in Darwin for over $600,000.
Herald Sun
3 days 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.'
