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Australia’s median home value has increased by about $230,000 in past five years, data shows

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Original article by Cait Kelly
The Guardian Australia – Page: Online : 9-Apr-25

Data from CoreLogic has underlined Australia’s housing affordability crisis, with the median dwelling price rose by 39.1 per cent over the five years to March 2025. CoreLogic economist Kaytlin Ezzy says this equates to an increase of about $230,000 in the median price. The data also shows that the price of an average home reached a record high of 8.0 times the median income at the end of 2024; this compares with a housing values to incomes ratio of just 4.6 per cent in 2001 and 6.5 per cent in 2020.

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CORELOGIC AUSTRALIA PTY LTD

Australian house prices hit new peak for 2025 as rate cut drives buyer demand

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Original article by Cait Kelly
The Guardian Australia – Page: Online : 1-Apr-25

Data from CoreLogic Australia shows that house prices rose by 0.4 per cent nationwide in March; it was the second successive month of house price growth, and followed a decline of 0.5 per cent over the three months to December. Tim Lawless from CoreLogic – which is rebranding as Cotality – attributes the "pretty mild turnaround" to improved consumer sentiment in response to the Reserve Bank’s interest rate cut in February. Separate data from PropTrack shows that dwelling prices rose in every capital city in March.

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CORELOGIC AUSTRALIA PTY LTD, PROPTRACK PTY LTD, RESERVE BANK OF AUSTRALIA

Middle-income Australians experiencing rental stress with a third of pay spent on housing, report shows

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Original article by Cait Kelly
The Guardian Australia – Page: Online : 15-Jan-25

Data from Corelogic shows that housing rents increased by just 4.8 per cent nationally in calendar 2024, compared with 8.3 per cent in the previous 12 months. However, CoreLogic economist Kaytlin Ezzy says that households on the median income were still spending 33 per cent of their pre-tax income on rent charges in September 2024. CoreLogic’s figures also show that rents have increased by 36.1 per cent nationally since the start of the pandemic. Maiy Azize from the Everybody’s Home campaign has called for rent increases to be capped and more government investment in public housing.

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CORELOGIC AUSTRALIA PTY LTD, EVERYBODY’S HOME

Home values fall but rates could save the day

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Original article by Nila Sweeney
The Australian Financial Review – Page: 25 : 11-Dec-24

Data from CoreLogic shows that house prices in Sydney have fallen by 0.4 per cent in the last four weeks, while the Melbourne housing market is down 0.5 per cent. Tim Lawless from CoreLogic expects the residential market to be "subdued" until the Reserve Bank starts reducing the cash rate. ANZ Bank economist Madeline Dunk says the central bank is likely to announce the first rate cut in May, although she adds that February remains a possibility. AMP’s chief economist Shane Oliver in turn says a rate cut in February would put a floor under house prices.

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CORELOGIC AUSTRALIA PTY LTD, RESERVE BANK OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP

Glut forces home sellers to cut prices

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Original article by Nila Sweeney
The Australian Financial Review – Page: 29 : 4-Dec-24

Data from SQM Research shows that the average asking price for homes in Sydney has fallen by 0.9 per cent in the last month, while asking prices in Melbourne are down 0.7 per cent. SQM Research MD Louis Christopher says the downturn in asking prices began in October, in response to a sharp increase in the volume of properties that are listed for sale. The number of dwellings that have been on the market for more than six months has also risen sharply; BresicWhitney CEO Thomas McGlynn says many of these homes are likely to be withdrawn from sale in coming days and returned to the market in early 2025.

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SQM RESEARCH PTY LTD, BRESIC WHITNEY ESTATE AGENTS PTY LTD

Upgraders the dominant force in housing market as prices slow

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Original article by Nila Sweeney
The Australian Financial Review – Page: 33 : 27-Nov-24

Research by CBRE shows that 64 per cent of Australian home buyers in the September quarter were existing home owners who were upgrading to a larger or more expensive dwelling. This compares with 59 per cent in the March quarter. In contrast, the proportion of first-home buyers fell from 66 per cent in the March quarter to 62 per cent. Sameer Chopra from CBRE says upgraders are likely to be taking advantage of factors such as falling house prices in the major capital cities, slowing price growth in medium-sized cities and a strong jobs market. CBRE’s findings are based on a survey of residential property valuers.

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CBRE PTY LTD

Where cash buyers are splurging billions

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Original article by Nila Sweeney
The Australian Financial Review – Page: 27 & 28 : 19-Nov-24

Data from electronic conveyancing firm PEXA Group shows that more home buyers in Australia are opting to pay with cash rather than take out a mortgage. The firm’s analysis of settled residential property transactions during 2023-24 shows that $138bn worth of sales were made using cash across NSW, Victoria and Queenland; this represents a year-on-year increase of 14 per cent. Some 114,000 properties were settled with cash, an increase of 3.9 per cent. PEXA’s chief economist Julie Toth says cash buyers could help to sustain house prices, noting that interest rates have less impact on them.

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PEXA GROUP LIMITED – ASX PXA

‘It’s never going to happen’: three in five Australian renters expect to never own a home as steep rents hit

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Original article by Cait Kelly
The Guardian Australia – Page: Online : 12-Nov-24

A report from the Australian Housing & Urban Research Institute shows that 78 per cent of renters want to own a home. However, the AHURI has also found that three in five renters believe that they will never do so. The report, which is based on data from the 2021 census and other sources, forecasts that the proportion of Australians who own their home outright will fall from 67 per cent to 63 per cent over the next two decades. Separate research from Better Renting has found that 76 per cent of renters have had a rent increase in the last year, with one in six reporting that their rent was increased by more than 25 per cent.

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AUSTRALIAN HOUSING AND URBAN RESEARCH INSTITUTEBETTER RENTING

Rate call kills hopes for late spring bounce

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Original article by Michael Bleby
The Australian Financial Review – Page: 25 : 6-Nov-24

Kevin Brogan from national valuation firm Herron Todd White says the Reserve Bank’s decision to leave the cash rate unchanged on Tuesday will deter some buyers from entering the housing market. He adds that there is likely to be downward pressure on activity and prices in so-called mortgage-belt housing markets in particular. Property industry experts also suggest that the rates decision will hinder any upturn in the east coast market at the tail-end of the spring selling season.

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HERRON TODD WHITE AUSTRALIA PTY LTD, RESERVE BANK OF AUSTRALIA

Sydney home values heading for fall this year

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Original article by Nila Sweeney
The Australian Financial Review – Page: 24 : 1-Oct-24

Data from CoreLogic shows that home values in Sydney rose by just 0.5 per cent during the September quarter. This is the NSW capital’s lowest monthly increase in house prices since February 2023, and Tim Lawless of CoreLogic says prices could begin to fall in coming months. Meanwhile, house prices in Melbourne fell by 1.1 per cent in the September quarter; Perth recorded growth of 4.7 per cent, while house price growth in Brisbane slowed to 2.7 per cent. House prices rose by one per cent nationally during the period.

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CORELOGIC AUSTRALIA PTY LTD