Sydney Smashes Record with Sky-High Auction Rates
Sydney has shrugged off 2020 with a record-breaking number of auctions for Super Saturday ahead of Easter. The city’s real estate agents tallied up 1227 auctions at the weekend, smashing the record-high of 1154 from the same weekend in 2017, reinforcing the city’s place at the top of the market after its first Super Saturday in three years. It was billed as a litmus test for Sydney’s red-hot auction market, but the city’s buoyancy has continued to boost market confidence and
How did Australia’s property market go from predicted collapse to roaring comeback?
Experts predicted 20% drops. But 12 months after COVID-19, prices are soaring. Exactly a year ago, things were looking bad for the Australian property market, and everything else. The pandemic was just getting started, with lockdowns, unemployment and the sudden end of the travel of the industry. For anyone wanting to sell and buy property, open inspections switched to private viewings and auctions went online. House prices began to fall. “Vendors are anxious, fearful and pan
Queensland Rushes to Meet Land Demand
A new planning taskforce has one month to deliver a pilot site and unlock land suitable for residential development in south-east Queensland. Minister for planning Steven Miles announced the taskforce at the Urban Development Institute of Australia’s SEQ Growth Forum. The specialist growth areas delivery team will ensure the state can keep up with population growth, demand for affordable housing and infrastructure. “I’ve tasked them with choosing one pilot growth area between
Australia’s Housing Boom ‘Not Unique’: BIS
As Australia emerges from Covid-shock and property prices are tipped to grow 20 per cent over the next two years, BIS Oxford Economics says the nation is not alone in its housing boom. BIS economist Maree Kilroy said housing demand had picked up in recent months with a boost to prices and construction of new dwellings, particularly in the regions. This phenomenon has been mirrored in other countries across the world. “Australia’s recent experience has not been unique,” Kilroy
Brisbane Housing Market Insights: February 2021
The Urban Developer’s Brisbane housing market insights for February reveals increased demand for houses has been underpinned by increasing consumer sentiment and a surge in interstate migration. This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling Brisbane’s housing market. Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look a
Queensland on Cusp of Property Boom
Queensland is booming according to Westpac’s Housing Pulse Report. Senior economist Matthew Hassan said the state’s markets were now very tight with “sales running well ahead of listings and extremely tight rental vacancy rates in most areas” tipping the market into a boom. “Market turnover has continued to hold well above pre–pandemic levels and prices are pushing new historic highs,” Hassan said. “While there are some soft patches—Brisbane’s inner city and tourism exposed a
CBA Tips 16pc House Price Growth
The CBA is forecasting a surge in house prices over the next two years of up to 16 per cent, while unit price-growth will be more muted at 9 per cent. According to the CBA, lending rates have lifted sharply, signalling a housing market on the “cusp of a boom”. “The increase in new lending is now feeding into higher prices for bricks and mortar,” CBA economist Gareth Aird said. “The negative impact that Covid-19 had on Australian property prices turned out to be much more mute
Council secures $20.65m deal with West Moreton Health
Ipswich City Council has sold four of its buildings and other land to West Moreton Health for $20.65 million in a move that is set to future proof the city. A crucial step in the redevelopment of Ipswich Central, the sale of the South Street buildings and other properties paves the way for a dedicated health precinct in Ipswich that will help keep pace with the region’s booming population. Mayor Teresa Harding said it was an important milestone for the city as council brings
NAB raises dwelling price forecast for 2021 and 2022
The revision comes after a stronger than expected housing market, pared with the low interest rates, the government's HomeBuilder grants and stamp duty concessions on new properties. After a stronger than expected housing turnaround, NAB are now forecasting dwelling values to rise by an average of eight per cent nationally across 2021, with a view that 2022 will also see strong gains. The revision comes after the turnaround in the housing markets, pared with low interest rate
Why are Brisbane property prices going up by so much during a pandemic?
A perfect storm of low stock, even lower interest rates, wage growth and a global pandemic have catapulted Brisbane’s typically slow-moving property market into the stratosphere, sparking a once-in-a-decade boom that experts say could fuel a further 10 per cent rise in house prices in the coming year. While detached property prices rose in every capital city except Darwin and Perth over the January quarter, according to figures released by Domain, the almost magical mix swell
