Weekly Property News 28th Edition 2021
“Strongest growth nationally in 17 years”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 28th edition of the Property News for 2021 where real estate information is on the house.
As we do at the start of each month, we report on the data Corelogic just released for the last month. Nationally the market has recorded its strongest annual growth in 17 years. Two capital cities in Hobart and Darwin lead the country with growth at 21.9 and 23.4% respectively.
Vic Metro Median House Price growth slowed marginally over July, but still added 1.7% growth to prices which brings the median price for houses to $945,769, units increased modestly by 0.4% to a median of $612,711. Vic Regional Median House Price growth was similar, accelerating by 1.5% in July bringing the median price for houses to $527,098 with unit prices increasing fractionally under that with 1.4% growth resulting in a median of $358,860.
Looking at the next graph on rental yields you’ll see that annual changes in rents for houses have continued its strong momentum since the moratorium ended late March, with rent growth for houses now at 2.8% over the last 12 months increasing from 2.3% from last month. Rent in units also increased over the month, bringing the annual change in rents to now being a negative 4.9% in rental price growth.
Auctions in Melbourne over the weekend were off the screens and back on the grass but because lockdown only finished midday on Tuesday it means the auction numbers were still on the quiet side but we did see clearance rates as reported by domain improve to 77% from the 430 auction results captured. From a private sale perspective, we saw 1291 sales occur across the state.
Here are the major edits for this week.
– The Australian Bureau of Statistics reported the biggest lift in Home Lending Credit in 11 years for June although credit card growth with the major banks has fallen 7.1% for the year.
– Price growth pressure across the country can be felt through most businesses and consumers, many exporters are experiencing great conditions, characterised by high demand, the weaker Aussie dollar and strong price growth, but construction companies, some primary producers and manufacturers are being hit by higher raw material costs.
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.