News

Melbourne region

RBA says surging house prices are a government problem

RBA says surging house prices are a government problem

Australian Bureau of Statistics data showed a 6.7 per cent jump in the June quarter in its measure of house prices. The Reserve Bank has urged governments to deal with tax and social security policies to bring surging house prices under control after new figures showed the biggest jump in nation...

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Perth house values climb $260 a day amid fears of living standard hit

Perth house values climb $260 a day amid fears of living standard hit

The average new mortgage to buy an established house in WA has soared by almost $50,000 in two years amid a nationwide glut of home lending. The rapid increase has raised fears our obsession with pumping money into real estate may hurt Australia's long-term living standards. As Perth's median h...

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Buying a home can feel impossible. Here are alternative ways to get into the housing market

Buying a home can feel impossible. Here are alternative ways to get into the housing market

Nic and Chris are trying a rent-with-option-to-buy option in their home city of Melbourne. Hands up if you're sick of being locked out of the housing market right now. If you've been paying attention, then you'll know that in the past 12 months alone prices have gone up by an eye-watering $100,...

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What the median house price gets you in Australia's most expensive suburbs

What the median house price gets you in Australia's most expensive suburbs

A multimillion-dollar budget may not go as far as you think in the top-priced suburbs. When it comes to buying a house in some of the nation’s most expensive suburbs, a multimillion-dollar budget may not stretch as far as you think. That glamorous waterfront mansion you dream of buying wh...

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Housing big spenders fear going bust when interest rates rise

Monthly mortgage repayments now chew up 42 per cent of after-tax income in Brisbane. More than half of homeowners are concerned about interest rates increasing in the near future, with 15 per cent fearing they will be unable to make their repayments. And those fears are felt most acutely by hou...

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Australians save $60 billion a year on overseas travel, spend part of it on buying property

Australians save $60 billion a year on overseas travel, spend part of it on buying property

Buyers are using savings from cancelled holidays to buy holiday homes. Australians have saved some $60 billion a year in cancelled overseas travel because of the pandemic, figures show, with part of that cash flowing into the property market. Buyers lucky enough to keep their jobs have been tak...

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Housing market in 'tricky territory', warns Westpac

Housing market in 'tricky territory', warns Westpac

Westpac senior economist Matthew Hassan said the Aussie property market is stuck in a tricky situation. Australia's housing markets are entering very tricky territory as the return of COVID-19 lockdowns yet again disrupt activity and price momentum in major markets, Westpac said. This, combined...

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Weaker demand, higher stock to slow house price growth

Weaker demand, higher stock to slow house price growth

House price growth is set to slow further in the months ahead as affordability worsens. The unparalleled growth in home prices over the past year is expected to slow further, with the pool of buyers not deep enough to absorb the amount of stock sellers are likely to unleash once the lockdowns en...

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Southern developers make a beeline for the Gold Coast

Southern developers make a beeline for the Gold Coast

Palm Beach has become a hotspot for interstate developers. A raft of Sydney and Melbourne developers are snatching up landholdings along the Gold Coast's middle and southern beaches, as demand for high-end apartments in the region grows. With 12,000 Victorians and 18,000 Sydney-siders last year...

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Developer fees adding up to $85,000 a block, driving up housing prices

Developer fees adding up to $85,000 a block, driving up housing prices

Developer fees are adding up to $85,000 to new house prices, with doubts they are going into essential local infrastructure. Developers are paying up to $85,000 for every housing block they put on the market, with research showing the fees are driving up property prices and in some cases aren't ...

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Lockdowns hit property auction clearance rates

Lockdowns hit property auction clearance rates

Properties are being withdrawn from auction, but prices tipped to keep rising, but a slower rate. Ongoing lockdowns in Sydney and Melbourne have hit property auctions in our two biggest cities, but most experts do not expect to see an end to the prolonged boom any time soon, though price rises a...

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Housing affordability worsens most in wealthy areas

Housing affordability worsens most in wealthy areas

Average home buyers in Pittwater, in Sydney's northern beaches, now need 93 per cent of their household income to afford a mortgage, according to CoreLogic. Housing affordability has deteriorated the most across the Pittwater area in Sydney's northern beaches, with the proportion of income neede...

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What the median house price gets you in Australia's most expensive suburbs

What the median house price gets you in Australia's most expensive suburbs

A multimillion-dollar budget may not go as far as you think in the top-priced suburbs. When it comes to buying a house in some of the nation's most expensive suburbs, a multimillion-dollar budget may not stretch as far as you think. That glamorous waterfront mansion you dream of buying when you...

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Reforms needed before Victoria hits 10 million people, infrastructure adviser says

Reforms needed before Victoria hits 10 million people, infrastructure adviser says

Melbourne's population is predicted to boom in outer suburbs. The population of Melbourne's fringe suburbs will grow by more than 900,000 people in the next 30 years, leading Victoria's independent infrastructure adviser to urge sweeping reforms to housing, transport, and energy use. Infrastruc...

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Why rentvesting is a smart move to break into property market

Why rentvesting is a smart move to break into property market

It's no secret it's getting harder to own a home, but could rentvesting hold the key to cracking the market? Rentvesting could be the answer for budding buyers struggling to break into the market, experts say. The strategy involves getting on the property ladder by buying an investment where yo...

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Price Pressures, Labor Shortages Rein in Construction Activity

Building costs are rising at a faster rate than inflation as construction demand continues to outstrip supply for both labour and materials. Despite billions of dollars' worth of stimulus being poured into housing and construction, activity will continue to decline due to the pandemic. Global s...

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APRA warns of housing market risk

APRA warns of housing market risk

Australia's banking regulator says the state of the housing market could pose a risk to the economy. Australia's banking regulator doesn't know if the housing market looks risky but can't say whether its in a bubble. The head of the banking regulator says the current state of the housing market...

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First-home buyers dropping out of the property market as investors return, new data shows

First-home buyers dropping out of the property market as investors return, new data shows

First-home buyers are dropping back from their 2020 boom levels. First-home buyers are getting crowded out of the hot property market by stiff competition from investors, downsizers and buyers in between. The value of loans to first-time buyers dropped 7.8 per cent in the month of June, ABS fig...

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Lockdowns spark city exodus as thousands head to the hills

Lockdowns spark city exodus as thousands head to the hills

Since the start of the pandemic, a net 24,500 people have left Sydney for other parts of NSW. In total, almost 40,000 have moved out of Sydney since the pandemic started, with more than 10 per cent making the move to Brisbane.. But there are signs of change. In the first three months of this yea...

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Houses earning more than Australia's highest paid professionals

Houses earning more than Australia's highest paid professionals

Home owners are out-earning some of Australia's top professionals, with rapid price growth seeing house values climb by more than $1000 per day in some cities. Houses are out-earning some of Australia's top-paid professionals, with price growth in some cities outstripping the income of surgeons,...

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Regional house price growth in Australian towns reaches dizzying new heights

Regional house price growth in Australian towns reaches dizzying new heights

House prices in Australia's most popular regional towns have continued their phenomenal run of growth. Regional Australia is continuing its dizzying house price growth, with a jump of 4.5 per cent this last quarter alone, and a spectacular 12.5 per cent rise over the past year, latest figures sh...

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Sydney house prices: The COVID-19 effect sees lifestyle locations soar up to 38.7 per cent in a year

Sydney house prices: The COVID-19 effect sees lifestyle locations soar up to 38.7 per cent in a year

Peter Harvey and Kylie Storen recently traded their Fairlight house for a Manly semi to live closer to the beach. He says he was spurred on by lockdowns and the rise of working from home. Sydneysiders are paying a pretty penny for big homes near parks and beaches as home owners place more value ...

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John McGrath - Investors replacing first home buyers

John McGrath - Investors replacing first home buyers

Investor activity across Australia has soared in recent months, with the highest amount borrowed to buy investment properties since mid-2015, however, John McGrath founder and executive director of McGrath Estate Agents cautions investors not to overextend for fear of missing out. Investor activ...

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Worst suburbs to be a landlord: where investors are losing the most money

Worst suburbs to be a landlord: where investors are losing the most money

High density areas such as the Parramatta region in Western Sydney have more vacancies. How long can low interest rates last? Lockdowns, border closures and a depleted pool of international students have been bleeding landlords dry in parts of Sydney and Melbourne. With vacancies elevated and ...

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New Queensland town will be built to accommodate thousands of Australians priced out of the Sydney and Melbourne markets

New Queensland town will be built to accommodate thousands of Australians priced out of the Sydney and Melbourne markets

'Shoreline' at Southern Redland Bay, 43km south-east of Brisbane, will see 3000 homes housing more than 10,000 people The new development will offer 3000 new homes for up to 10,000 people 'Shoreline' will cover 243 hectares at Southern Redland Bay south of Brisbane It follows the announcement ...

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Your guide to buying the perfect investment property: Young investor, 28, who bought her first block of land when she was 21 reveals why it's ALWAYS better to build rather than buy a home

Your guide to buying the perfect investment property: Young investor, 28, who bought her first block of land when she was 21 reveals why it's ALWAYS better to build rather than buy a home

Alex Fitzgerald purchased her first investment property when she was 21 and is inspiring other young people to get into the market. Alex Fitzgerald bought her first house and land package at the age of 21. The 28-year-old purchased her fourth investment property in September 2020. Building a...

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Sydney and Melbourne property prices slow after record-breaking boom

Sydney and Melbourne property prices slow after record-breaking boom

Buying a house in Sydney and Melbourne is now tens of thousands of dollars more expensive than it was just a month ago but there are signs the strongest property boom in decades is slowing. Property prices increased 1.8 per cent nationally in April with every capital city and region recording gr...

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Unit prices fall in many city suburbs amid house-led real estate boom

Unit prices fall in many city suburbs amid house-led real estate boom

Ian Kingsford-Smith and Berni Joseph in front of their new apartment, near Parramatta in western Sydney. Despite house prices rising at their fastest pace in 32 years, apartments in Australia's most oversupplied cities aren't getting as much love from buyers. In some areas, unit prices have tum...

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ASX gains as JB Hi-Fi profits surge; Commonwealth Bank forecasts house price boom

ASX gains as JB Hi-Fi profits surge; Commonwealth Bank forecasts house price boom

Commonwealth Bank economists expect national dwelling prices to increase 8 per cent in 2021. Economists at Australia's biggest bank think the housing market is "on the cusp of a boom", as record low mortgage rates collide with the recovery in the jobs market. Key Points : CBA forecasts house p...

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House prices record sharpest increase since 2003, CoreLogic says

House prices record sharpest increase since 2003, CoreLogic says

CoreLogic says housing stock on the market for sale is extremely low, while buyer activity is high. Australian house prices have posted their sharpest monthly increase since August 2003, with analysts at CoreLogic saying the market is now entrenched in one of its strongest growth phases on recor...

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First home buyers to slow down; investors to return in 2021

After the domination of first home buyers in the 2020 property market, investors are expected to make their market comeback this year. Following the introduction of the federal government's First Home Loan Deposit Scheme, the pandemic further accelerated first home buyer activity across property...

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Rents in Australia are rising again, with tenants in some cities paying up to 12% more this year

Rents in Australia are rising again, with tenants in some cities paying up to 12% more this year

Perth's rental market is becoming increasingly expensive as low vacancy rates bite. Australia's rental markets are becoming increasingly expensive again, as vacancy rates fall across the country. Perth tenants are now paying 12% more than they were 12 months ago, while Darwin houses cost almost...

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Australia's housing prices are predicted to rise by more than $160,000

Australia's housing prices are predicted to rise by more than $160,000

Australian house prices are expected to skyrocket by 16 per cent over the next two years, rising by as much as $160,000 in some capital cities. Commonwealth Bank's head of economics Gareth Aird predicted house prices will rise by 9 per cent in 2021 and 7 per cent in 2022 in an economics issues p...

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The house always wins: why house sales vastly outstripped unit sales over the year

The house always wins: why house sales vastly outstripped unit sales over the year

In the year to January, CoreLogic estimates that there were 459,308 properties transacted across Australia. Most of these sales were houses, rather than units. It is not unusual for house sales to make up the majority of transactions, with houses making up an average 70.2% of annual sales volume...

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HomeBuilder Take Up Doubles Expectations

HomeBuilder Take Up Doubles Expectations

The HomeBuilder grant scheme is twice as popular as anticipated and is set to cost the government an expected $2 billion. The original estimate for the scheme was $680 million for 27,000 grants when the prime minister first announced the initiative in June. The latest figures released from the ...

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House prices rise with regional market outperforming capital cities, CoreLogic data shows

House prices rise with regional market outperforming capital cities, CoreLogic data shows

House prices in regional Australia have risen at a higher annual rate than in capital cities for the first time in more than 15 years, as COVID-19 increases people's desire to live outside the big smoke. Annual data by real estate analysts CoreLogic shows dwelling values in capital cities rose 2...

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Housing markets predicted to have a bumper year

After a crazy year, record-low borrowing costs and government efforts to stimulate the economy have set Australian housing prices up for further growth in 2021 - after every city bar Melbourne closed the year in positive territory, having already made up their losses triggered by the pandemic. A...

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Why now might be the time to invest in the property market

Why now might be the time to invest in the property market

A shortage of rental accommodation, multiple applications per property and rising rents are proof that Australia's rental market is undersupplied, with predictions the country could soon see the "biggest rent increases in living memory". Propertyology head of research Simon Pressley said the pro...

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What happened to the property price crash that was predicted but never came?

What happened to the property price crash that was predicted but never came?

At the height of the pandemic, major banking economists sounded the alarm. They warned the coronavirus-induced recession could shave hundreds of thousands of dollars off the value of Sydney and Melbourne homes. But as the worst of the national COVID-19 restrictions passed, property prices fell o...

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How the Australian property market avoided a crash in 2020

Australia headed to its first recession in over 28 years, but no drastic decline was seen in the housing market. Here's how the property market managed to handle the downturn. 2020 has seen devastation across a number of sectors, with wages down by 4.3 per cent and payroll jobs decreasing by 3.0...

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Canberra now Australia’s second most expensive property market

Canberra is now Australia's second most expensive property market, overtaking Melbourne. New data from property research firm CoreLogic shows Canberra now carries a median value of $672,866, overtaking Melbourne which sits at a close $672,172. Sydney remains the most expensive property market i...

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Stiffer market competition on the horizon as investors slowly creep back

Stiffer market competition on the horizon as investors slowly creep back

With first-home buyers and upgraders dominating the market, the quiet pick up in investor activity is going largely unnoticed. The most recent home lending data from the Australian Bureau of Statistics (ABS) found that in September 2020 there was $5.3 billion in new lending to investors. While t...

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House prices predicted to soar after RBA’s historic cut

House prices predicted to soar after RBA’s historic cut

The Reserve Bank's cash rate cut to 0.1 per cent will have ripple effects for Australia's property prices, as well as mortgages and personal savings, all which move according to the national interest rate. Historically, when interest rates have been slashed, house prices tend to push upwards. T...

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Even in the midst of a recession the Australian housing market continues along its merry way

Even in the midst of a recession the Australian housing market continues along its merry way

The main reason for this is the incredibly cheap mortgage rates currently available The Australian housing market is a peculiar beast. You would think that in the midst of a worldwide pandemic that has seen Australia’s economy crash by 7%, and around one in five Australians either unemploy...

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Melbourne house prices drop 3.5 per cent to median $881,000 in June quarter amid COVID-19 crisis, the sharpest fall in Australia

First-home hopeful Jyi McWilliams faces fierce competition for entry-level properties, even as Melbourne's median house price falls.  Melbourne house prices have fallen more than any other capital city during the COVID-19-related recession, new figures show, with experts warning there are...

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Growing concerns as markets set to surge in 2020

Home values in Australia's biggest cities are on course to record up to 14 per cent growth in 2020 as low mortgage rates and easier lending standards unleash buyer demand. But analysts warn worsening housing affordability and more homes on the market could cut the bull run...

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Rampant growth in Sydney, Melbourne runs out of steam

After staging stronger-than-expected price rises in the past three months, the rate of growth in Sydney and Melbourne markets eased as the year ended, with the amount of listings and the dint in affordability deterring price-sensitive buyers. In the lead up to CoreLogic's Home Value Index offici...

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Sydney and Melbourne house prices could return to peak levels sooner rather than later

Melbourne and Sydney house prices could return to peak levels over the next three years, economists are predicting. With a quicker-than-expected turnaround since the market slump between 2017 and 2019 in both capitals, pressure is now increasing on those looking to get into the market. &nbs...

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House values jump 1.9 per cent in a month in Sydney and Melbourne

House values in Sydney and Melbourne jumped by 1.9 per cent in September as other capital city property markets struggled to gain traction on the back of the Reserve Bank's cuts in official interest rates. House values in Sydney and Melbourne jumped by 1.9 per cent in September as other capita...

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Frasers Property Buys 43-Hectare Land Parcel in Melbourne

Frasers Property has purchased a 43-hectare land parcel from a private syndicate in Melbourne’s west for $27.5 million. Frasers Property has purchased a 43-hectare land parcel from a private syndicate in Melbourne’s west for $27.5 million. The land buy marks the second major Melbo...

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Residents Complain of ‘Cracking’ in Melbourne’s Tallest Tower

Residents of Melbourne's partially completed super-skyscraper Australia 108 have expressed concerns over the structural integrity of the building, claiming to have experienced loud cracking sounds among a number of other defects. Residents of Melbourne’s partially completed super-skyscra...

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Melbourne property downturn over: Median house prices rise for first time in 18 months

Melbourne’s biggest property downturn since the 1980s appears to be at an end, with the latest figures showing a rise in both house and unit prices for the first time in 18 months. Melbourne’s biggest property downturn since the 1980s appears to be at an end, with the latest figure...

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Modest recovery’ forecast for Melbourne market in 2020

There’s a light at the end of the tunnel in Melbourne’s property market, which has shown positive signs in recent weeks as it shivers through wintry conditions. the fog could soon be lifting from Melbourne’s property market. Picture: Nicole Garmston There’s a lig...

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Melbourne Lot Sales Slump, Prices ‘Overvalued’

Developer value-add incentives like rebates and low deposit terms have had little effect on Melbourne’s land market, with lot sales for the March quarter down 59.5 per cent from 2018. Developer value-add incentives like rebates and low deposit terms have had little effect on Melbourne&rs...

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Rental Conditions Favour Tenants in These Capitals..

It's now more expensive to rent a house in Hobart than Melbourne, with rents rising in the Tasmanian capital 7.1 per cent over the quarter. It’s now more expensive to rent a house in Hobart than Melbourne, with rents rising in the Tasmanian capital 7.1 per cent over the quarter. W...

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Melbourne Suburban Rail Loop Moves Ahead

Initial site investigations for Melbourne's $50 billion Suburban Rail Loop will start in the second half of 2019 with specific station locations for the underground network yet to be finalised. Initial site investigations for Melbourne’s $50 billion Suburban Rail Loop will start in the s...

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Regional Australia is big winner in the Federal Budget

There was very little directly related to housing in this year’s Federal Budget, however regional Australia is the clear winner. There was very little directly related to housing in this year’s Federal Budget, however regional Australia is the clear winner.   More sp...

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Australia’s Population Becoming More Diverse

Migration data which was recently released by the ABS showed that as of June 2018, an estimated 17,650,130 residents of Australia were born in Australia. Migration data which was recently released by the ABS showed that as of June 2018, an estimated 17,650,130 residents of Australia were bor...

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Geelong Has Once Again Achieved Australia’s Highest Regional Results

Dwelling sales were down in four of the five Queensland regions over the year to November 2018 with the Wide Bay region the only location to see an increase in home sales (2 per cent). Queensland’s rental market saw advertised rental rates rise over the year to December 2018 with the e...

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Rents Across Australia Rise Over The First Quarter Of 2019

The first CoreLogic Quarterly Rental Review for 2019, which tracks median rents and rental yields across Australia, shows that national weekly rents have risen by 1 per cent during the first three months of the year. “This seasonally strong first quarter has delivered the highest incre...

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Dahua strikes $140m deal to buy Point Cook site from land bankers

Dahua has bought one of the last large parcels of land in Point Cook.   Related Posts NorthConnex Tunnel proceeding as planned November 1, 2017 The various hidden costs of buying an old house August 4, 2017

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Sydney house prices to fall 5.1 pc, but surge on Central Coast: Moody's

Sydney house prices will fall 5.1 per cent this year, and then tread water in 2019 with only a 0.6 per cent gain, according to forecasts by Moody’s Analytics and Corelogic. However, the correction in NSW won’t be uniform with more affordable areas like the Central Coast &nd...

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$50b underground train network for Melbourne’s suburbs announced by Premier

MASSIVE $50bn pledge to connect all of Melbourne’s rail lines with an underground loop hasn’t been inspected by Victoria’s independent infrastructure body. The unfunded plan would take decades to build. A PROPOSED underground train network for Melbourne would carry passenge...

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Victorian Government Pledges $5 Billion for Airport Rail Link

Construction of the long-awaited Melbourne airport rail link could start within four years after the Victorian Labor government promised to match a $5 billion funding pledge commitment from the federal government. Victorian Premier Daniel Andrews promised his government would invest if Labo...

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Developer Backs Innovative Build-to-Rent-to-Buy Model

Impeded by an uninviting property tax landscape, the build-to-rent sector has been stagnant in Australia despite the increasing viability of the model as home ownership rates continue to plunge. More than 40 per cent of Australians now rent by choice and the proportion of households in the renta...

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Melbourne Airport Inks Deal for $100m Medical Marijuana Facility

Melbourne airport will soon be home to Australia’s largest state-of-the-art medical marijuana facility after signing a deal with ASX-listed medicinal cannabis grower Cann Group. Cann signed a heads of agreement on Wednesday for the lease of a five-hectare site in the Melbourne Ai...

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Melbourne Apartment Market Looking Up

Melbourne’s apartment market has not been immune to commentary about oversupply, however a new report suggests that current supply is balancing out demand in the inner-city apartment market with median prices growing steadily in the past six months. The report from researchers Secret ...

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