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...
Source, CoreLogic
Australian home values have risen 35.6% since the COVID-19 pandemic hit Australia in March 2020. The market saw a strong cycle of growth through the pandemic, and a short-but-sharp drop in values following the commencement of the rate hiking cycle, and made a full recovery in value by November 2023, hitting fresh record highs each month since. Below the headline figure, the market has been driven higher by multiple ‘speeds’ of growth across the capital cities an...
Source: Courier Mail
Home builder AVJennings has pulled out of a major development site in southeast Queensland, citing application delays and rising infrastructure costs, with its move coinciding with a slump in new housing through the region.
The residential developer will no longer progress with its option for a 3,500 lot site at Caboolture, north of Brisbane, which was expected to be finalised late this year. The company will take a $17.2m hit from the decision.
In an announcemen...
Source: CoreLogic
CoreLogic’s Home Value Index rose 0.8% in May, the 16th consecutive month of growth and the largest monthly gain since October last year.
The mid-sized capitals continued to lead the pace of growth, with Perth home values up 2.0% in May, Adelaide rising 1.8% and Brisbane up 1.4%. In dollar terms, it’s the equivalent of the median dwelling value rising by more than $12,000 month-to-month in each city.
CoreLogic research director, Tim Lawle...
Source: Courier Mail
Record immigration continues to put upward pressure on home prices in most markets but the overall effect if dramatically different from city to city and state to state.
Home values are still rising across Australia, with the national median price up 8.8 per cent over the past 12 months and the hottest markets currently being Western Australia and Queensland. However, we are seeing differences in the rates of price growth between states and territories.
In the st...
Source: CoreLogic
The median weekly rent value across all Australian dwellings has hit a fresh record high of $627 per week, and rental costs range from $770 per week in Sydney, to $547 in Hobart.
Summary of median weekly rent and value change data as of April 2024
Region
Median weekly rent
Quarterly change in rents
Annual change in rents
Sydney
$770
3.0%
9.0%
Melbourne
$589
2.8%
9.6%
Brisbane
$649
2.1%
8.5%
...
Source: Domain.com.au
If you've been trying to buy property in Brisbane during the past year, no, you are not the only one feeling the pain and no, it is not your imagination - prices really are rising quickly. Brisbane's median house price is now $924,498 - that's nearly $103,000 more than it was this time last year and a whopping $324,000 more than it was four years ago. In the Carindale SA3 region, which includes suburbs like Camp Hill, Carina Heights and Carina, house p...
Source: Courier Mail
Southern migrants are helping to underpin the Queensland property sector, which has been described as the strongest in Australia.
Population growth has put Queensland on the map for major property investors, and the Sunshine State is set to continue to attract big money at the expense of its southern rivals.
Despite yields across all sectors softening in line with the rest of Australia because of higher interest rates, Consolidated Properties Group chief executiv...
