Australian property: New record housing boom for most capital cities ‘just months away’, industry data reveals

Australian property: New record housing boom for most capital cities ‘just months away’, industry data reveals
Real Estate


Record price highs could be right around the corner, and this bumper weekend under the hammer might just be the start of a new property boom.

Tim Lawless, head of research for property data firm CoreLogic said that if property prices continue to rise at the rate they have been over the past three months, national dwelling values could hit new record highs within in just six months.

RELATED: New Sydney property high in ‘six months’

Matty Johns’ drops $7.1m on neighbour’s house

Sydney’s housing market is on track to post a recovery within six months. Picture: John Appleyard

National dwelling values remained 5.7 per cent below their peak at the end of October, but with values averaging a rise of just under 1 per cent a month over the last three months, based on CoreLogic’s Home Value Index.

Mr Lawless estimates that housing values would to return to their historic high before the end of the financial year.

The ups and downs

In his latest edition of Property Pulse, Mr Lawless pointed out that most of Australia’s capital cities have recorded increases in home values over the past 90 days, all except Perth and Darwin where prices have been on a downwards slide since the middle of 2014.

These cities have median dwelling values of $435,119 and $394,132, respectively, according to CoreLogic numbers as at October 31.

This Adelaide address was the most viewed home heading to auction in South Australia this week. Picture: Supplied

This Adelaide address was the most viewed home heading to auction in South Australia. Picture: Supplied

Where prices have already started to skyrocket is Hobart and Canberra.

In the Tasmanian capital, home values reached a new record high in October 2019 and now sit at $460,033 while in the national capital, housing values recorded their new record high in September with a current median dwelling value of $601,487.

Aerial panoramic view of Hastings suburb and Westernport Marina at dusk. Melbourne, Australia

Melbourne’s house prices are on track to recover the earliest. Picture: iStock

Melbourne leading the race

Mr Lawless tips Melbourne to be on track to stage a full recovery the earliest.

“If the current run rate of growth continues, Melbourne’s housing market will recover in January. During the correction, Melbourne housing values fell by 11.1 per cent from peak to trough and remained 5.8 per cent below their peak in October,” he explained.

Brisbane Skyline

Brisbane isn’t far behind in the property recovery race. Picture David Clark

Brisbane a close second

Brisbane has been picked as the city with the next-fastest recovery time frame.

“Mostly because the correction in values across Brisbane was quite shallow (down 2.9 per cent from peak to trough).

The past three months of gains (up 1.1 per cent or 0.4 per cent per month) has put Brisbane housing values on a path to recover within the next 4 months,” he said.

Real Estate Aerials

The Sydney market could be on track to recovery in mere months. Picture: John Appleyard

Sydney is slow and steady

Sydney’s housing market is on track to post a recovery within six months the current pace of growth continues, according to the number crunchers at CoreLogic.

“Housing values are trending higher rapidly, up 5 per cent over the past three months, however the correction was more substantial across Sydney, with housing values falling by 14.9 per cent from peak to trough. Sydney dwelling values remained 10.4 per cent below their 2017 peak at the end of last month,” Mr Lawless added.

Auction action

Heading into a super Saturday under the hammer, Victoria and NSW dominate the top 15 list of most-viewed homes on realestate.com.au going to auction this weekend.

Twelve of the 15 are from the greater Melbourne area while three are from NSW.

In the week to November 7, there were 2257 auctions scheduled. Now that The Melbourne Cup is gone for another year, Melbourne had a total of 966 auctions scheduled over the seven-day period – a significant increase on just 255 the week prior during Spring Racing Carnival fever). Sydney and Brisbane locked in 887 and 133 auctions respectively.

Here are some of the hottest auctions this week.

It's a dump, but it's been turning heads across Sydney. Picture: Supplied

There is by far and away the most popular home going to auction this week, but enter if you dare. Picture: Supplied

NSW

69 Sutherland St, St Peters

For a dilapidated dump, this inner Sydney terrace has been turning quite a few heads as the most viewed home heading to auction this week.

When the home was first listed, the price guide was a modest “high $700,000s” but thanks to huge interest the property is tipped to sell for almost $1 million.

Buyers keen on a period property with original interiors have taken note of this Melbourne home. Picture: Supplied

Buyers keen on a period property with original interiors have taken note of this Melbourne home. Picture: Supplied

Victoria

42 George St, Preston

Priced between $700,000 and $770,000, this suburban Melbourne home was the most viewed address in Victoria this week. The mid-century residence probably peaked a great deal of interest due to its period interiors.

This looks like a historic Queenslander, but this Brisbane beauty is actually brand new. Picture: Supplied

This looks like a historic Queenslander, but this Brisbane beauty is actually brand new. Picture: Supplied

Queensland

6 Maurice St, Windsor

A picture-perfect Queenslander, this near new home was the most popular property in the state this week. The three-bedroom home is just north of the river and is 5kms from Brisbane’s CBD.

This Queenslander is the hottest home in the Sunshine State going under the hammer this weekend. Picture: Supplied

Inside the Windsor home in Queensland. Picture: Supplied

South Australia

7 Highet Ave, Brighton

A character stone home with modern updates, this Adelaide address was the most viewed home heading to auction in South Australia this week and is listed with a price guide of $655,000.

A suburban Perth home, this family residence was the most viewed auction property this week in WA. Picture: Supplied

A suburban Perth home, this family residence was the most viewed auction property this week in WA. Picture: Supplied

Western Australia

77 Buntine Rd, Wembley Downs

Popular with Western Australian house hunters, this 1980s home drew attention thanks to its position across the road from a public reserve, loads of family room and the backyard pool.



Source link

Articles You May Like

Real Estate Investing: Build Massive Cash Flow and Retire Before 40!
WARNING ONLY FOR THE MASSIVE ACTION TAKER | Wholesaling Real Estate
Most Common Issues When Selling To Buyers!
South San Francisco Market Overview,CA, Real Estate Market Update from Intero Real Estate,November,
Net Hustlers Lead Real Estate Investor/Agent Gene Holloman, Jr Goes Over Wholesale, Flipping, AirBNB

Leave a Reply

Your email address will not be published. Required fields are marked *