Latest news with #PropTrackHomePriceIndex
Herald Sun
5 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.'
News.com.au
30-04-2025
- Business
- News.com.au
Real estate value grow in April
Darwin homes prices have hit a new peak in April with new data revealing the house market significantly outperformed the unit market in the past 12 months. The latest PropTrack Home Price Index showed the median dwelling price in Darwin increased 0.2 per cent in April and 4.1 per cent in the last year to sit at a peak of $531,000. REA Group senior economist and report author, Anne Flaherty said despite the increase, Darwin remained the cheapest capital city in Australia. 'Houses in Darwin have significantly outperformed units over the past 12 months, up 5.1 per cent compared to 1.7 per cent for units,' she said. The HPI showed the average cost of a Darwin house also increased 0.03 per cent in April to $602,000, while units were up 0.44 per cent last month to $383,000. Home prices in regional NT had a small decline in April, down 0.1 per cent to $418,000. 'With the fall, prices are 1.3 per cent below their most recent peak but, compared to a year ago, home prices in regional NT are up 3.8 per cent,' Ms Flaherty said. House prices in regional NT were down 0.09 per cent month-on-month but up 4.59 per cent year-on-year to $465,000. The median unit price remained flat in April and dropped 2 per cent in the past 12 months to $302,000. Nationally, home prices increased 0.2 per cent month-on-month and 3.71 per cent year-on-year to sit at a new peak of $805,000. Sydney remained the most expensive capital, with a median dwelling price of $1.118m, while all capitals saw monthly growth and all but Melbourne saw annual growth in April. 'While national home prices rose in April, the rate of growth has slowed compared to the first three months of the year,' Ms Flaherty said. 'Should interest rates fall in May, we may see the rate of growth pick up again as borrowing capacities increase and mortgage repayments decline. 'The rate of price growth is moderating in outperforming cities such as Perth, Adelaide and Brisbane, while underperformers such as Melbourne, Canberra, and Sydney have started to pick up. 'This is lessening the divergence in home price growth seen across the country over the past year.' Ms Flaherty said with housing affordability a key issue at the upcoming federal election, both Labor and the Coalition have announced policy incentives for first homebuyers. 'As a result, many of these buyers may be biding their time to get into the market after the election and the launch of these policies,' she said. 'Whichever party is elected, the combination of increased first homebuyer incentives, lower interest rates, and supply side challenges are expected to contribute to even higher property prices in 2025.'
Courier-Mail
30-04-2025
- Business
- Courier-Mail
$101,000 higher: records tumble as Brisbane, Qld, home prices rise
Home prices have jumped by as much as 22pc in parts of Queensland, with latest PropTrack figures seeing records tumble across the board including a $101k rise in Brisbane. Brisbane held on to its title of second most expensive capital city in Australia, with dwelling prices hitting a record $882,000 median, the latest PropTrack Home Price Index out Thursday found, but shockingly, its 8.7 per cent annual rise was at the lower end of surges the state has seen this past year. MORE: Shock: Brisbane prices to smash Sydney Australia's biggest political property moguls revealed REA Group senior economist and report author Anne Flaherty said 'less than 12 months ago, the median price of a home in Brisbane was less than Melbourne. Now, it is $101,000 higher' – which sees it remain one of the strongest performing capitals following closely behind Adelaide (+10.8pc) and Perth (+9.3pc). Bu at least five Queensland regions have beaten Brisbane home price growth significantly, led by Townsville where the dwelling median spiked 22.02 per cent in the past year alone to hit $534,000. Central Queensland surged 18.09pc to $527,000 thanks in part to resource sector resurgence, Mackay-Isaac-Whitsunday was up 14.84pc to $547,000, Darling Downs-Maranoa rose 13.17pc to $483,000 and Ipswich beat Brisbane's regional level to log 12.28pc to $738,000. MORE: Four cuts: Aus bank's huge move before RBA May interest rate decision already made for Reserve Bank 'It's kind of amazing actually that Townsville has emerged as this investor hotspot, which has really pushed up those prices. From the perspective of a lot of buyers, not just investors but owner occupiers, there was a lot of value in the Townsville market.' 'There's very hot competition for those homes that do hit the market so that dynamic is really starting to shift.' Brisbane's median house price is now $989,000 and regional Queensland $763,000, while units were at $683,000 and $669,000 respectively. 'As a whole, Queensland's regional markets have absolutely been booming. The fact that we've seen 0.43pc growth in just one month over April is really, really strong,' she said of monthly rise the rest of the state has logged. 'We're seeing across the whole of the state a massive shortfall in the homes being built versus the population growth. A lot of Queensland's regions are really feeling this.' MORE: Negative gearing cull: Real victims revealed Builder's marvel named Aus hottest house Ms Flaherty said Queensland stood out from other Australian states because there are a lot more people living across the regions than greater Brisbane. 'Queensland is a bit different. If we look at a lot of those regional markets, whether it's Townsville, Gold Coast, the Sunshine Coast or Cairns, they are areas with good economic activity. There are a lot of opportunities for jobs. There's good infrastructure, good lifestyle. So that buyer demand is being driven by a lot of different demographics.' She said Brisbane was now a far cry from a decade ago when it was in the middle of an apartment oversupply with prices set to continue to rise, driven by not just the Olympic infrastructure build program but continued surges in population growth, and within weeks another expected fall in interest rates. 'Should interest rates fall in May, we may see the rate of growth pick up again as borrowing capacities increase and mortgage repayments decline.' Since the onset of the pandemic in March 2020, home price growth in regional Queensland (+85.8pc) has risen slightly more than Brisbane (+83.4pc) over the five years, she said. Qld's biggest annual growth (all dwellings): Townsville 22.02% $534,000 Central Queensland 18.09% $527,000 Mackay-Isaac-Whitsunday 14.84% $547,000 Darling Downs-Maranoa 13.17% $483,000 Ipswich 12.28% $738,000 Brisbane 8.7% $882,000 Gold Coast 6.71% $976,000 Cairns 6.45% $584000 Sunshine Coast 5.99% $1,024,000 Source: PropTrack Home Price Index
ABC News
30-04-2025
- Business
- ABC News
National house prices lift in April and expected to keep rising amid rate cuts
House prices are on track to continue rising across the country as interest rates fall and supply continues to remain tight. As voters head to the ballot box prepared to cast votes on the issue of housing affordability, data from Cotality (formerly CoreLogic) shows that house prices trended higher in April. Its national Home Value Index recorded a third straight month of growth in April, with dwelling values up 0.3 per cent to reach a new record high. This rise in values added about $2,720 to the median value of an Australian dwelling over the month. Nationally, the median value is now standing at $825,349, according to Cotality. Sydney maintains the highest median value at $1,194,709, while Darwin has the lowest at $526,410. The monthly lift in home values was recorded across every capital city, with gains highest in Darwin (up 1.1 per cent in the month of April). However, the annual pace of gains slowed to 3.2 per cent nationally in April, the slowest annual rise since the 12 months ending August 2023. Over the year, all states except Melbourne and Canberra recorded gains. Melbourne's values fell 2.2 per cent over the year, while Canberra saw a slight 0.6 per cent drop. Conversely, Perth saw the highest annual gain, lifting 10 per cent. Cotality's head of research, Eliza Owen, says house prices have stayed strong are expected to trend higher in the coming months. "When you weigh up all of the headwinds and tailwinds for the housing market, I think ultimately, we're still looking at price rises over the course of the year, with lower interest rates being the main tailwind," Ms Owen said. "However, it's going to be hampered by economic uncertainty and what that could do to the labour market. It's an evolving picture, but ultimately, I think we're looking at a more modest growth rate for 2025." Eliza Owen expects house prices will keep rising but possibly at a slower pace. ( ABC News: John Gunn ) Cotality's data was in line with the PropTrack Home Price Index, which found national home prices hit a new peak in April, but growth has slowed compared to the start of 2025. The report found that national home prices lifted 0.2 per cent over the month, and 3.7 per cent year-on-year in April 2025. Auction clearance rates and new listings slow down A slight slowdown in buying and selling over the Easter break was evident in weekly auction numbers, which dropped to 644 auctions scheduled for the week of April 20 across the combined capitals. Photo shows A house frame being constructed with timber. Builders take out insurance designed to cover clients' costs in the event they go bust. But some people are waiting for years for a payout and facing potential bankruptcy. Cotality says outside of the initial COVID impact in 2020, this is the lowest Easter auction week since 2019, when the housing market was nearing a cyclical trough, and a federal election was dominated by conversations of housing policy reform. It found the flow of new listings also dropped off substantially, with new listings for sale across the combined capitals falling to 19,650 in the four weeks to April 27. Much like with the auction numbers, this is the lowest number of new listings for this time of year since 2019 (outside of COVID impacts in 2020). Ms Owen said during the period measured "there was so much going on between tariff announcements, the federal election, the extended public holiday period". " Ultimately, what we saw from the housing market is that strong lending conditions and people being able to service their mortgage empowered them to stay back from buying and selling, and that's why in times of uncertainty, you get lower transaction activity. " There was a slight slowdown in buying and selling over the Easter break. ( ABC News: Nassim Khadem ) Houses continue to outpace units, rents continue to rise Growth in house values is continuing to outpace the unit sector. Photo shows A red sold sticker across a for sale sign outside a house with a large front yard on a sunny day A moderate fall in home values may be just what Australia's economy needs in the long-term. Cotality noted the past three months have seen the value of houses rise by 1.1 per cent across the combined capitals, more than double the 0.5 per cent rise recorded across the unit sector. It found this trend was mostly being driven by Sydney, where house values were up 1.4 per cent over the rolling quarter compared with a 0.3 per cent fall in unit values over the same period. Hobart had the largest disparity between house and unit growth in the period, with houses rising 1.4 per cent against a 1.1 per cent fall in units. Regional housing values have continued to outpace the capitals, with values up 0.6 per cent and 0.2 per cent respectively over the month of April. Loading Rental growth also firmed, with the national rental index rising by 0.6 per cent over the quarter. But Cotality said that adjusting for seasonality, the pace of growth is milder, with rents rising 0.4 per cent nationally in April. Over the year, the pace of rental growth has more than halved, from 8.3 per cent over the 12 months to April 2024, to 3.6 per cent over the most recent 12-month period. Eliza Owen says the slowdown in rents is "a good sign for renters, and it's well down from the eight to 10 per cent increases we'd seen in 202, 2022 and 2023". "It all points to this picture of annual rent growth continuing to slow, and rent values stabilising, albeit at very high levels," Ms Owen said.
News.com.au
30-04-2025
- Business
- News.com.au
$101,000 higher: records tumble as Brisbane, Qld, home prices rise
Home prices have jumped by as much as 22pc in parts of Queensland, with latest PropTrack figures seeing records tumble across the board including a $101k rise in Brisbane. Brisbane held on to its title of second most expensive capital city in Australia, with dwelling prices hitting a record $882,000 median, the latest PropTrack Home Price Index out Thursday found, but shockingly, its 8.7 per cent annual rise was at the lower end of surges the state has seen this past year. REA Group senior economist and report author Anne Flaherty said 'less than 12 months ago, the median price of a home in Brisbane was less than Melbourne. Now, it is $101,000 higher' – which sees it remain one of the strongest performing capitals following closely behind Adelaide (+10.8pc) and Perth (+9.3pc). Bu at least five Queensland regions have beaten Brisbane home price growth significantly, led by Townsville where the dwelling median spiked 22.02 per cent in the past year alone to hit $534,000. Central Queensland surged 18.09pc to $527,000 thanks in part to resource sector resurgence, Mackay-Isaac-Whitsunday was up 14.84pc to $547,000, Darling Downs-Maranoa rose 13.17pc to $483,000 and Ipswich beat Brisbane's regional level to log 12.28pc to $738,000. 'It's kind of amazing actually that Townsville has emerged as this investor hotspot, which has really pushed up those prices. From the perspective of a lot of buyers, not just investors but owner occupiers, there was a lot of value in the Townsville market.' 'There's very hot competition for those homes that do hit the market so that dynamic is really starting to shift.' Brisbane's median house price is now $989,000 and regional Queensland $763,000, while units were at $683,000 and $669,000 respectively. 'As a whole, Queensland's regional markets have absolutely been booming. The fact that we've seen 0.43pc growth in just one month over April is really, really strong,' she said of monthly rise the rest of the state has logged. 'We're seeing across the whole of the state a massive shortfall in the homes being built versus the population growth. A lot of Queensland's regions are really feeling this.' Builder's marvel named Aus hottest house Ms Flaherty said Queensland stood out from other Australian states because there are a lot more people living across the regions than greater Brisbane. 'Queensland is a bit different. If we look at a lot of those regional markets, whether it's Townsville, Gold Coast, the Sunshine Coast or Cairns, they are areas with good economic activity. There are a lot of opportunities for jobs. There's good infrastructure, good lifestyle. So that buyer demand is being driven by a lot of different demographics.' She said Brisbane was now a far cry from a decade ago when it was in the middle of an apartment oversupply with prices set to continue to rise, driven by not just the Olympic infrastructure build program but continued surges in population growth, and within weeks another expected fall in interest rates. 'Should interest rates fall in May, we may see the rate of growth pick up again as borrowing capacities increase and mortgage repayments decline.' Since the onset of the pandemic in March 2020, home price growth in regional Queensland (+85.8pc) has risen slightly more than Brisbane (+83.4pc) over the five years, she said. Qld's biggest annual growth (all dwellings): Townsville 22.02% $534,000 Central Queensland 18.09% $527,000 Mackay-Isaac-Whitsunday 14.84% $547,000 Darling Downs-Maranoa 13.17% $483,000 Ipswich 12.28% $738,000 Brisbane 8.7% $882,000 Gold Coast 6.71% $976,000 Cairns 6.45% $584000
