TEMPERATURES may be dropping but real estate agents agree, the property market is starting to heat up.
Australian Property Monitors preliminary Saturday auction results show 28 sales from 57 auctions, resulting in a clearance rate of 45 per cent. The official figures come out on Tuesday.
It was the second largest auction week this year, behind the 393 total for the week of March 18 but higher than the 309 for January 28 – which was influenced by a Ray White Auction Spectacular event.
Industry experts believe this winter will be a good selling season, citing increased buyer inquiry, greater numbers of inspections and improved market confidence.
Place CEO Damian Hackett said the market had been steady for 18 months and people recognised that the bottom had been reached.
“Looking back at the last four or five years, I think the dynamics are there to have the best winter season since 2007,” he said.
RE/MAX Australia managing director Michael Davoren said low stock levels and high buyer numbers would drive a strong market.
“Lack of confidence has held the property market back, even when affordability is attractive with lower interest rates and prices down,” he said.
“The market is now dealing with the pent-up demand and the reality is that people will be buying and selling without a thought to the season.”
Optimism has improved since last winter according to Ray White Queensland CEO Peter Camphin who said there was now “more buzz” in the market place.
He said stock levels were tight and advised people thinking of selling to list now – instead of waiting for the more popular spring season when there would be increased competition.
“I think it is going to be a strong trading period this winter,” Mr Camphin said.
“It’s not over-inflated optimism from a real estate person, we are seeing more people coming to open for inspections. It is a good time to sell.”
Belle Property agent Debora Sutton agreed that optimism had returned.
“We are still getting record numbers at open homes and multiple bidders at auction,” she said.
“People have been waiting for the right time to buy. If they see something they like, they are buying.”
LJ Hooker Toowong sales consultant Daniel Lee has noticed a high level of unseasonal interest in auction campaigns from would-be sellers.
“Spring is traditionally the strong auction season,” he said.
“But at the moment, the combination of historically low interest rates and encouraging market improvements has motivated buyers who have sat on their hands for the last few years.
“Winter is typically a quieter time for the auction market, but that notion is going to be tested this year because of where we’re positioned in the market cycle.”
Mr Lee said his office had conducted 61 inspections and multiple valuations during the auction campaign for a four-bedroom home in Murray St, Taringa.
A five-bedroom, two-bathroom contemporary home in Orcades Rd, Yeronga, was also popular, again attracting more than 60 inspections during a three-week open home campaign.
Marketing agent Tegan Zernike of Place Newmarket said the numbers were encouraging.
The property sold under the hammer on Saturday for $950,000.
“There is not a lot of stock at the moment so we are seeing better open home numbers and properties are selling faster,” she said.
“Buyers are not so spoilt for choice.
“There is competition for quality properties priced correctly.”
Original Article published www.couriermail.com.au by Paula Shearer 3/6/2013
Queensland Attracts UK Property Seekers
Research by realestate.com.au showed that searches for property in Queensland climbed by nearly a third in December compared to the same period in the previous year. This was driven largely by British people who are flocking to one of the most populous states in the country, according to a report by news.com.au.
The study found that property searches originating from the UK increased 31%, with the Sunshine Coast suburbs of Noosa Heads, Buderim and Mooloolaba as popular picks among potential buyers.
New Farm, Redcliffe and North Lakes, meanwhile, topped the list of the most in-demand suburbs in Brisbane.
Nerida Conisbee, Realestate.com.au chief economist, said Queensland, specifically its beachside properties, held the top spot in terms of total search activity among UK property seekers.
“The Hemsworth impact seems to be impacting the view of Byron Bay with this the most searched by UK property seekers in December 2018 — the number tripling from December 2017,” she said.
Universal Buyers Agents Director Darren Piper said that the chaos surrounding Brexit in Britain was enticing overseas buyers to explore the Australian property market.
“House prices in London have fallen for the fifth quarter in a row. It’s natural for investors to look for safe havens in times of uncertainty,” he said.
Australia’s property market has consistently grown over the past decade, with homes in Sydney, Brisbane and Melbourne reaching record prices.
“It’s the perfect time for people to get their foot in the door and it’s a great time as a homeowner to explore your options, maybe make a move or stay the course,” said Piper.
Labor Unveils $6.6bn Affordable Housing Plan to Build 250,000 New Homes
Labor has announced a ten-year plan to build 250,000 new homes across Australia, including 20,000 during its first term in government if it wins the election.
The $6.6 billion investment would see 250,000 new homes for low income and working families, key workers such as nurses, police, carers and teachers and women over 55, the fastest emerging group of Australians at risk of homelessness.
Subsidies of $8,500 per year would be offered to investors building new homes in return for cheaper rent for eligible tenants.
Opposition leader Bill Shorten unveiled the multibillion-dollar plan in his address yesterday at Labor’s three-day national conference in Adelaide.
“Building more affordable housing is infrastructure policy. It is cities policy. It is jobs and productivity policy,” he said.
The plan would see a family paying the national rental average save up to $92 each week.
“When you provide an affordable home for hard-working people, you give them the level playing-field and fair start they need,” he said.
Shorten said Labor would work with the states and territories, local councils, and community housing providers to make sure the rollout of homes were built “where they’re needed most” and would “go to the people who need them most”.
“Not foreign investors, nor international students.”
The new homes would be accessible for all ages and for people with a disability, with Shorten describing the new homes as “more energy efficient, meaning lower power bills”, also offering a rental discount of 20 per cent.
Describing Labor as a “party of home ownership, and a party of affordable housing and community housing”, Shorten used the speech as an opportunity to call on industry super to “step up” and invest in affordable housing projects.
And of course, the opposition leader touched upon the hotly debated campaign election issue: negative gearing.
“This is a boost for renters and for the liveability of our growing suburbs… Alongside our plans to make negative gearing fairer, it will drive a boom in construction jobs and apprenticeships,” Shorten said.
A recent report published by the Australian Housing and Urban Research Institute (AHURI) found Australia needed to triple its social housing by 2036, faced with a shortfall of 433,000 social housing dwellings.
Property industry bodies welcome Labor’s announcement
Property Council chief executive Ken Morrison welcomed the incentives, but said they are “no substitute” for the supply of housing which is funded by 2.1 million property investors, “including those who access negative gearing”.
Housing affordability remains a critical issue for many Australians, an issue Morrison says is often overshadowed in the media by Melbourne and Sydney’s cooling markets.
“It makes sense to harness the investment capacity of the private sector to deliver affordable housing,” Morrison said.
“Labor’s incentives for investors to deliver affordable housing will make a contribution to meeting that need while also providing a boost to our construction industry, a key driver of economic activity.”
Planning schemes, land supply, and property taxes, which make up around 25 per cent of the cost of a new house are all part of the housing affordability mix, Morrison added, “there is no single ‘silver bullet’ solution”.
Urban Taskforce chief executive Chris Johnson said many different approaches are needed to tackle the hugely complex housing affordability issue.
“State and territory governments still have a responsibility to ensure that enough appropriately-zoned land is available in inner-ring suburbs to ensure sufficient housing supply,” Johnson said.
“Infrastructure levies must be kept under control to ensure that these do not add to the cost of housing production.”
Top 68 suburbs for growth in Queensland revealed
Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.
Top 68 suburbs for growth in Queensland revealed
Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.
“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.
“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”
While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.
The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.
Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:
- Spring Mountain with growth of 103.6 per cent;
- Collinsville with growth of 46.2 per cent;
- Minyama with growth of 45.8 per cent;
- with growth of 32.9 per cent;
- Hollywell with growth of 30.5 per cent;
- Miles with growth of 23.5 per cent;
- Mount Coolum with growth of 21.9 per cent;
- Dundowran beach with growth of 21.5 per cent;
- Boonah with growth of 21.3 per cent; and
- Idalia with growth of 21.3 per cent.
Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.
“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.
It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”
While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.
Of these, 15 suburbs were located in theCoast region, with the highest growing being Minyama, which ranked fourth overall.
The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.
Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.
Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.
Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.
While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.
The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each
The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:
|Rank||Suburb||Median price||Capital growth over 12 months (as a percentage)|
|27||Charters Towers City||$142,500||14.0%|
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