Weekly Property News 19th Edition 2021
“Financial year to end strongly”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 19th edition of the Property News for 2021 where real estate information is on the house.
Welcome to winter and with that, we have the May numbers from Corelogic now in so we can dissect the growth the market has seen over the last 31 days. Price growth in metropolitan Melbourne for May exceeded that of regional Victoria for the first time in over 12 months with metro posting a combined dwelling increase of 1.8% whereas regional posted 1.7%.
You’ll see in these slides the detail across the month.
Price growth for metro Melbourne over the last 12 months has now just hit 5% which is still half of most other capital cities. Sydney is sitting at 11.2%, Brisbane at 10.6%, Adelaide at 11.8%, Hobart at 16.5% and Darwin at an amazing 20.3% for the last 12 months.
Regionally the annual price growth is at 13.1% with the median house price now tipping over $503,000 for the first time ever. Metro median house prices now sit over $908,000. On the other side of the coin rental price growth isn’t tracking as good and particularly for units, in Metro Melbourne we have seen prices growth worsen over the month with annual prices now down 7.7% on 12 months ago, houses on the other hand are tracking slightly ahead of inflation at 1.5% annually. Across the OBrien network we had another very busy month, we sold 364, leased 202 and auctioned 115 properties for the month.
Here are the main talking points and news edits for the week.
- House approvals have scaled new heights with total council approvals to build new houses rising by 3.4 per cent to record highs this will see demand for building materials continue to soar.
- We saw the biggest lift in home building in 6 years. Construction rose by 2.4 per cent in the March quarter – the most in 3½ years. Home building rose by 5.1 per cent in the quarter with renovations up by 10.8 per cent to record highs.
- We have also seen the biggest lift in business investment in 9 years. Spending on buildings and equipment rose by 6.3 per cent in the March quarter – the biggest lift in spending in almost nine years.
- And lastly as widely expected the Reserve Bank held rates at 0.10% at its board meeting yesterday. All eyes will now be on the minutes of the meeting to see if there has been any softening on the RBA’s stance that rates would not increase until 2024.
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That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.
