Weekly Property News 24th Edition 2021

“Plans and preparations are united again”

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 24th edition of the Property News for 2021 where real estate information is on the house.
Officially, welcome to the new financial year, we wish you all great health, wealth and happiness into the future.

Over the past year’s returns Nationally the residential property price rose by 17.3 percent with returns on Aussie shares up by 30.2 percent. Returns on assets are rising at the fastest rate in 11 years.

As we do at the start of each month we report on the Corelogic data for the previous month, we just love tracking the numbers.

Vic Metro Median House Price growth slowed by 0.3% over June compared to May, but still adding 1.5% growth to prices which brings the median price for homes to $929,769 and $610,043 for units. Vic Regional Median Price growth did the opposite and accelerated by 0.3% in June over May prices adding 2.0% to prices bringing the median price for homes to $514,668 and $358,086.

Looking at the next graph on rental yields you’ll see that annual changes in rents for houses have started to gain strong momentum since the moratorium ended late March, with rent growth for houses now at 2.3% over the last 12 months increasing from 1.5% from last month. Rent in units also increased over the month, bringing the annual change in rents to now being a negative 6.4% in price growth.

And like with every new financial year there will be people scrambling to finalise their taxation paperwork for a visit to their tax accountants, but there is also lots of new planning and goal setting going on. This new financial year sees some major changes in stamp duty concessions for Victorians with the 25% discount now ending. However, there are many new incentives like the Family Home Guarantee in the market for those that need it the most. For a full list of what is in store for incentives and new taxes for the financial year specific to real estate, you can visit the news section of our website.

The Numbers – Let’s quickly look at the numbers for the week, although Victoria is experiencing a cold winter our auctions are certainly not cold at the moment. It was another strong performance for auctions with 742 auctions up from 371 auctions at the same time last year which is exactly a 100% increase in volumes. 80% of the auctions were cleared with a sold sticker, with almost 25% selling before auction which is up on normal benchmark numbers. And private sales across the state reached a very healthy 1652.

Here are the major edits for this week.
-Australia has a booming economy. Asset prices are soaring, as are exports and activity in key sectors like manufacturing is at or near record highs. The Reserve Bank hopes the lift in wealth boosts more spending, and in turn, business investment.
-Job vacancies rose by 23.4 percent over the three months to May to a record 362,500 available positions. Vacancies are up 184.1 percent on a year ago.
-Soaring home loans commitments for housing rose by 4.9 percent in May to a record high of $32.56 billion.
-New car sales have hit a 2 year high with 110,664 new cars being ordered for June.
-And lastly as widely expected the Reserve Bank held rates at 0.10% at its board meeting on Tuesday.

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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.