The total value of home building work surged by 5.1 per cent to $18.95 billion in the first quarter of 2021—the biggest lift in six years—with construction of detached houses and renovations leading the way. According to the Australian Bureau of Statistics, building construction as a whole lifted by 2.5 per cent in the March quarter but remained 1.8 per cent lower than for the same period last year. Work on new detached houses rose by a strong 10.2 per cent while alterations

Low vacancy rates across the Gold Coast have spurred landlords to demand higher rents. Asking rents have soared by 32 per cent during the past 12 months to an average of $744 a week for houses, and a 14 per cent increase to unit rental prices, up to an average of $515 a week, according to SQM Research data. SQM Research managing director Louis Christopher said the tightening rental market trend was likely to continue in the lifestyle regions. “We are seeing a surge in rents a

Lenders are lining up to provide capital on new projects as the property industry suddenly becomes an attractive prospect, a swift turnaround on the situation six months ago. Both bank and non-bank lenders are trying to take advantage of the real estate market, granting more opportunities for developers, however capital supply could outpace demand, according to Stamford Capital Australia. Stamford’s Great Re-Set Report surveyed more than 100 lenders on the eastern seaboard an

Rental vacancy rates have dipped below pre-pandemic levels while rent rates are tipped to rise during the next 12 months. Vacancy rates are lower in all capital cities except for Melbourne when compared to this time last year, according to Domain’s rental vacancy rate report for April 2021. Nationally the vacancy rate is 1.8 per cent. Domain senior research analyst Dr Nicola Powell said Melbourne’s rental market had been heavily affected by two lockdowns in 2020 that resulted

Surging investor lending has seen new mortgage commitments rise by 5.5 per cent across March to reach a record $30.2 billion, according to the latest figures from the Australian Bureau of Statistics. The rise in March, spurred by continuing low interest rates, is the largest recorded since July, 2003 and was driven by increased loan commitments to investors for existing dwellings. Lending to investors accounted for more than half of the rise. The value of new loan commitments

QUEENSLAND set its highest sales settlements since 2007 in the first quarter of the year, as confidence soars in the north-eastern property market. According to recent analysis by PEXA, national sale settlements in the first quarter were up 30% compared to the same period in the previous year, with nearly 200,000 properties being settled. “All Australian mainland states have jumped out of the gates well, with New South Wales posting 26% growth year-on-year, and South Australi

Brisbane is preparing to add a succession of new major development projects to its ever-changing skyline. Australia’s third-largest city recently welcomed the completion of the $1.1-billion second runway at the Brisbane International Airport and has been boosted by a $50-billion infrastructure and transport pipeline. The city is also lining up an Olympic bid. While Brisbane’s infrastructure backlog has finally started to move, the Queensland capital is still coming to terms w

House price rises have reached a record high during the March quarter, surging to an average of $899,509 across the country, with Sydney recording a $100,000 increase to the median house price. According to Domain’s Quarterly House Price Report, the 5.7 per cent quarterly gain was the steepest rise in almost 18 years and the first time in more than a year that the capital cities have outperformed the regions. Domain senior research analyst Dr Nicola Powell said all capital ci

Brisbane’s private rental market vacancies are at their lowest rates for more than eight years, with most of the state's rates less than 1 per cent. The Real Estate Institute of Queensland’s latest vacancy report found 70.2 per cent of the state’s rental vacancies are under 1 per cent, while Brisbane’s inner city dropped 5.5 per cent over the quarter to 2.8 per cent. REIQ chief executive Antonia Mercorella said rental markets across Brisbane’s entire metropolitan has tightene