Source: The Chronicle Investors are exiting the residential real estate sector at a faster rate than a year ago, new research by Property Investment Professionals of Australia has found. PIPA's 10th annual investor sentiment survey found 14.1 per cent had sold at least one property in the past year, up from 12.1 per cent previously, and the majority went to existing owner-occupiers and first home buyers. PIPA chair Nicola McDougall said investors were still buying rental properties, &q...

Source: CoreLogic Monthly rental growth hits lowest rate in four years as capital city demand declines The Australian rental market has experienced its slowest growth in four years, with CoreLogic’s monthly Chart Pack showing a modest 0.1% increase in national rents during July. CoreLogic Australia economist Kaitlyn Ezzy said the easing in the monthly growth trends marks a stark contrast to the 39.7% surge in rents recorded over the past five years. &ld...

Source: CoreLogic While headline growth rate remains positive, three capitals recorded a decline in values over the past three months with Melbourne falling -0.9%. However, while the headline growth rate remains positive, it is clear momentum is leaving the cycle and conditions are becoming more diverse. The rolling quarterly pace of growth has slowed markedly in Sydney to 1.1%, a fraction of the 5.0% quarterly gain recorded at the same time last year.  The mid-sized capitals are con...

Source: PEXA Key Findings: FY24 A total of 509,955 new loans were issued in FY24, an increase of 6.0% compared to FY23. New loan volumes were highest in VIC in FY24 (136,461), despite more property transactions being settled in QLD and NSW in FY24 (see PEXA Property Insights FY24).  396,653 refinances were completed in FY24, a 11.9% decline compared to FY23.  The month of June 2024 is typically one of the strongest months for property settlements in any given year. New loan ...

Source: CoreLogic After years of unprecedented accelerated growth, residential construction costs have stabilised, growing at the slowest annual rate in 22 years, CoreLogic's Cordell Construction Cost Index (CCCI) shows. The Q2 2024 national CCCI, which tracks the cost to build a typical new dwelling, recorded a 0.5% rise, a further slowing from the 0.8% increase recorded in Q1. During FY24, annual costs increased 2.6%, marking the smallest annual rise in the national CCCI si...

Source: Courier Mail The new financial year has been greeted with an exodus investors from the housing market. The start of the new financial year has prompted a quick spurt in sales by investors, with their post July 1 timing ensuring any capital gains tax will sit in the 2024-2025 tax year. Ray White calculated 35.8 per cent of its sellers across Australia last week were investors, which was a higher investor exodus than June when it averaged 30.2 per cent. It was the highest weekly per...

Source: Courier Mail More than 20,000 Queensland families have been forced to sell their homes in distress sales in the past year, with ‘survival-mode’ interest only home loans rising almost $1bn nationally in three months to fight off delinquency. Exclusive data by national research firm SQM Research revealed Queensland recorded the highest rates of distress listings in the nation amid mounting financial pressures of 13 rate hikes and worsening cost of living pressures. It com...

Source: PEXA More than one quarter of all residential properties purchased across Australia’s three largest states were funded entirely with cash in 2023, with buyers immune to recent interest rate hikes, according to a new report released by PEXA today. PEXA’s 2023 Cash Purchases Report found the total value of cash-funded residential sale settlements (that is, properties purchased without a mortgage attached) increased by 1.5% in 2023 across the nation’s eastern states o...

Source: CoreLogic Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across FY2023-24. This is the equivalent of a $59,000 increase to the median dwelling value in Australia, which is now $794,000. The annual rise was in stark contrast to the FY2022-23 when CoreLogic’s national index was down -2.0%. In that year, annual growth was weighed down by a -7.5% drop in values in the nine months following May 2022, when the cash rate target started to rise. De...