Latest news with #houseprice
News.com.au
3 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.
The Independent
3 days ago
- Business
- The Independent
House prices rise by 0.5% month-on-month in May after April dip
House price growth accelerated in May, amid 'supportive' underlying conditions for home buyers, according to an index. Property values increased by 0.5% month-on-month in May, following a 0.6% fall in April, taking the average UK house price to £273,427, Nationwide Building Society said. The typical UK house price increased by 3.5% annually in May, compared with 3.4% in April. Robert Gardner, Nationwide's chief economist, said: 'Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive.' A stamp duty holiday ended in March, with recent figures showing there was a stampede to get sales over the line before the deadline, followed by a transactions dip. HM Revenue and Customs (HMRC) figures published last week showed an estimated 64,680 house sales took place in April – 64% lower than the 177,440 reported in March. The study indicated the figures had been affected by changes to stamp duty rates which apply in England and Northern Ireland. Outlining underlying conditions which could be positive for home buyers, Mr Gardner said: ' Unemployment remains low, earnings are rising at a healthy pace, household balance sheets are strong and borrowing costs are likely to moderate a little if (the Bank of England base rate) is lowered further in the coming quarters as we, and most other analysts, expect.' Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'After the surge in transactions earlier this year, driven by the stamp duty deadline, April's drop in sales was expected. It's likely we'll see a short period of adjustment but agent sentiment, as captured in the latest (Royal Institution of Chartered Surveyors) data, suggests optimism for the second half of the year.' Jason Tebb, president of OnTheMarket, said: 'Even though a considerable number of buyers brought forward transactions to take advantage of the stamp duty concession before it ended in March, there is still plenty of activity in the market now the incentive is no longer available.' He added: 'Lenders have been trimming mortgage rates and easing criteria in recent weeks which should help a little, giving buyers who rely on mortgages more wiggle room.' Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, said: 'The traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price.' Tom Bill, head of UK residential research at Knight Frank said: 'There are tentative signs of momentum in the UK housing market after a slump in activity in April caused by higher rates of stamp duty but a dramatic rebound in prices doesn't feel likely. 'Concerns around inflation and the Government's financial headroom mean mortgage rates don't feel poised to drop meaningfully. Buyers also have a lot of properties to choose from this spring, which we expect to keep downwards pressure on prices in the short term.' David Johnson, managing director of property consultancy Inhous, said: 'Buyer demand picked up immediately after the bank holidays and has remained strong throughout May.' Karen Noye, mortgage expert at wealth manager Quilter said: 'Mortgage rates continue to improve meaning more buyers are finding the confidence to enter the market. 'Although lenders have started to reduce rates, many borrowers are still facing higher monthly costs than they would have a couple of years ago, particularly those coming off ultra-low fixed deals. Affordability stress testing also remains a barrier, with lenders continuing to apply caution particularly for those with smaller deposits or variable income. 'Some existing borrowers are resorting to term extensions or interest-only arrangements to ease the pressure on monthly budgets, but these are not long-term fixes and often result in higher overall repayment costs. 'The underlying issue is that property prices remain significantly out of line with average earnings, particularly in southern England, and that mismatch is limiting how far the market can stretch. 'Looking ahead, if interest rates fall further, we may see further house price increases, but with ongoing economic uncertainty, many would-be movers may decide to hold off until the outlook becomes clearer. The market is still navigating a complex landscape.'
Yahoo
3 days ago
- Business
- Yahoo
House prices rise by 0.5% month-on-month in May after April dip
House price growth accelerated in May, amid 'supportive' underlying conditions for home buyers, according to an index. Property values increased by 0.5% month-on-month in May, following a 0.6% fall in April, taking the average UK house price to £273,427, Nationwide Building Society said. The typical UK house price increased by 3.5% annually in May, compared with 3.4% in April. Robert Gardner, Nationwide's chief economist, said: 'Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive.' A stamp duty holiday ended in March, with recent figures showing there was a stampede to get sales over the line before the deadline, followed by a transactions dip. HM Revenue and Customs (HMRC) figures published last week showed an estimated 64,680 house sales took place in April – 64% lower than the 177,440 reported in March. The study indicated the figures had been affected by changes to stamp duty rates which apply in England and Northern Ireland. Outlining underlying conditions which could be positive for home buyers, Mr Gardner said: 'Unemployment remains low, earnings are rising at a healthy pace, household balance sheets are strong and borrowing costs are likely to moderate a little if (the Bank of England base rate) is lowered further in the coming quarters as we, and most other analysts, expect.' Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'After the surge in transactions earlier this year, driven by the stamp duty deadline, April's drop in sales was expected. It's likely we'll see a short period of adjustment but agent sentiment, as captured in the latest (Royal Institution of Chartered Surveyors) data, suggests optimism for the second half of the year.' Jason Tebb, president of OnTheMarket, said: 'Even though a considerable number of buyers brought forward transactions to take advantage of the stamp duty concession before it ended in March, there is still plenty of activity in the market now the incentive is no longer available.' He added: 'Lenders have been trimming mortgage rates and easing criteria in recent weeks which should help a little, giving buyers who rely on mortgages more wiggle room.' Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, said: 'The traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price.' Tom Bill, head of UK residential research at Knight Frank said: 'There are tentative signs of momentum in the UK housing market after a slump in activity in April caused by higher rates of stamp duty but a dramatic rebound in prices doesn't feel likely. 'Concerns around inflation and the Government's financial headroom mean mortgage rates don't feel poised to drop meaningfully. Buyers also have a lot of properties to choose from this spring, which we expect to keep downwards pressure on prices in the short term.' David Johnson, managing director of property consultancy Inhous, said: 'Buyer demand picked up immediately after the bank holidays and has remained strong throughout May.' Karen Noye, mortgage expert at wealth manager Quilter said: 'Mortgage rates continue to improve meaning more buyers are finding the confidence to enter the market. 'Although lenders have started to reduce rates, many borrowers are still facing higher monthly costs than they would have a couple of years ago, particularly those coming off ultra-low fixed deals. Affordability stress testing also remains a barrier, with lenders continuing to apply caution particularly for those with smaller deposits or variable income. 'Some existing borrowers are resorting to term extensions or interest-only arrangements to ease the pressure on monthly budgets, but these are not long-term fixes and often result in higher overall repayment costs. 'The underlying issue is that property prices remain significantly out of line with average earnings, particularly in southern England, and that mismatch is limiting how far the market can stretch. 'Looking ahead, if interest rates fall further, we may see further house price increases, but with ongoing economic uncertainty, many would-be movers may decide to hold off until the outlook becomes clearer. The market is still navigating a complex landscape.'
Yahoo
3 days ago
- Business
- Yahoo
House prices rise by 0.5% month-on-month in May after April dip
House price growth accelerated in May, amid 'supportive' underlying conditions for home buyers, according to an index. Property values increased by 0.5% month-on-month in May, following a 0.6% fall in April, taking the average UK house price to £273,427, Nationwide Building Society said. The typical UK house price increased by 3.5% annually in May, compared with 3.4% in April. Robert Gardner, Nationwide's chief economist, said: 'Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive.' A stamp duty holiday ended in March, with recent figures showing there was a stampede to get sales over the line before the deadline, followed by a transactions dip. HM Revenue and Customs (HMRC) figures published last week showed an estimated 64,680 house sales took place in April – 64% lower than the 177,440 reported in March. The study indicated the figures had been affected by changes to stamp duty rates which apply in England and Northern Ireland. Outlining underlying conditions which could be positive for home buyers, Mr Gardner said: 'Unemployment remains low, earnings are rising at a healthy pace, household balance sheets are strong and borrowing costs are likely to moderate a little if (the Bank of England base rate) is lowered further in the coming quarters as we, and most other analysts, expect.' Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'After the surge in transactions earlier this year, driven by the stamp duty deadline, April's drop in sales was expected. It's likely we'll see a short period of adjustment but agent sentiment, as captured in the latest (Royal Institution of Chartered Surveyors) data, suggests optimism for the second half of the year.' Jason Tebb, president of OnTheMarket, said: 'Even though a considerable number of buyers brought forward transactions to take advantage of the stamp duty concession before it ended in March, there is still plenty of activity in the market now the incentive is no longer available.' He added: 'Lenders have been trimming mortgage rates and easing criteria in recent weeks which should help a little, giving buyers who rely on mortgages more wiggle room.' Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, said: 'The traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price.' Tom Bill, head of UK residential research at Knight Frank said: 'There are tentative signs of momentum in the UK housing market after a slump in activity in April caused by higher rates of stamp duty but a dramatic rebound in prices doesn't feel likely. 'Concerns around inflation and the Government's financial headroom mean mortgage rates don't feel poised to drop meaningfully. Buyers also have a lot of properties to choose from this spring, which we expect to keep downwards pressure on prices in the short term.' David Johnson, managing director of property consultancy Inhous, said: 'Buyer demand picked up immediately after the bank holidays and has remained strong throughout May.' Karen Noye, mortgage expert at wealth manager Quilter said: 'Mortgage rates continue to improve meaning more buyers are finding the confidence to enter the market. 'Although lenders have started to reduce rates, many borrowers are still facing higher monthly costs than they would have a couple of years ago, particularly those coming off ultra-low fixed deals. Affordability stress testing also remains a barrier, with lenders continuing to apply caution particularly for those with smaller deposits or variable income. 'Some existing borrowers are resorting to term extensions or interest-only arrangements to ease the pressure on monthly budgets, but these are not long-term fixes and often result in higher overall repayment costs. 'The underlying issue is that property prices remain significantly out of line with average earnings, particularly in southern England, and that mismatch is limiting how far the market can stretch. 'Looking ahead, if interest rates fall further, we may see further house price increases, but with ongoing economic uncertainty, many would-be movers may decide to hold off until the outlook becomes clearer. The market is still navigating a complex landscape.'
News.com.au
4 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.
