KCR Property Solutions

Auction Slowdown Ahead Of Xmas
https://kcrpropertysolutions.com.au/auction-slowdown-ahead-of-xmas/

Are Builder Still Hard to Find?
https://kcrpropertysolutions.com.au/builders-hard-to-find/

Where Does Australia Rank On The World Stage?
https://kcrpropertysolutions.com.au/australias-rank-on-the-world-stage/

Where Buyers Spent The Most
https://kcrpropertysolutions.com.au/where-buyers-spent-the-most/

2023's Top Performing Suburbs below. .

https://kcrpropertysolutions.com.au/2023s-top-performers/

Building Approvals Still Low

https://bit.ly/3Toe3Sb

Where First Home Buyers Are Buying

https://bit.ly/41oFq0M

Should Rates Go Higher?🏘🏡🏠🤷

https://bit.ly/3GIQKLo

Will Property Prices Keep Rising? 🏠🏡🏘

https://bit.ly/47QnWN0

Property Prices Break Record.

https://bit.ly/3TnXdmL

Regions Still Kicking Along

https://kcrpropertysolutions.com.au/regions-still-kicking-along/

Affordability To Worsen

https://kcrpropertysolutions.com.au/affordability-to-worsen/

Buying Beats Renting in 1/3 Aus.

https://kcrpropertysolutions.com.au/buying-beats-renting-in-1-3-aus/

Our New Post- House Values Hit New Peak.

https://kcrpropertysolutions.com.au/house-values-hit-new-peak/

Our New Blog- Apartment Pipeline Slows.

https://kcrpropertysolutions.com.au/apartment-pipeline-slows/

Regional House Prices Still Rising

While the price growth in regional Australia’s property markets slowed earlier this year, new analysis shows it is starting to catch up again.

Prices across the combined capital cities increased by 5.95% since December 2022, while at the same time, the combined regional centres increased by 2.43%. Prop Track senior economist, Eleanor Creagh, says price growth had slowed in regional
areas because of an increase in listings. Stock on market increased and demand eased, which led to price growth slowing.

The number of properties listed for sale had normalised now in parts of regional NSW, Victoria, Tasmania and the Northern Territory, according to Creagh.

It remains tight in regional Queensland, South Australia and Western Australia.
Total listings in regional NSW increased by 4.4% in September to reach the highest level in three years, and listings in regional Victoria and Tasmania were 37.6% and 30.7% year-on-year respectively.

Despite this, the pace of price growth in regional markets increased in October by 0.32%.

Where Prices Could Boom in 2024

Houses prices could boom in some capital cities in 2024, if
population growth does not slow down, according to the 2024
SQM Research Boom and Bust report.

SQM managing director Louis Christopher’s “base case"
forecast is for average capital city prices to change between
-1% to +3% in 2024.

“The cities of Perth and Brisbane are the only cities expected
to record price rises with each respective market driven by a
tailwind of a recovering Chinese economy which is anticipated
to see strong demand for base commodities such as iron ore,”
Christopher says.

He predicts Brisbane house prices will rise by 4% to 8% in a
base case scenario, but if population growth does not slow and
inflation blows out again it could be between 7% and 11%.
Perth is tipped to rise between 5% and 9%, Adelaide and
Darwin will remain steady, Sydney will drop by up to 4%,
Melbourne to fall by up to 3% and Canberra will fall between
4% to 8%.

How Our Luxury Markets Compare

Australia’s luxury property market values are continuing to
rise according to the latest Knight Frank Prime Global Cities
Index.

The report tracks the movement of 46 luxury residential
markets worldwide and reveals that in Australia, Sydney’s
luxury property prices rose by 4.2% in the past 12 months,
while the Gold Coast rose by 3.9% and Perth by 3.8%.

Sydney was ranked eighth in the world for growth in the past
12 months, followed by the Gold Coast (11),Perth (12),
Brisbane (15) and Melbourne (26).

Manila had the highest growth in the world coming in at the
top spot with an increase of 21.2% in the past 12 months.

The report says that Australian markets all managed to
deliver positive annual growth which was buoyed by strong
demand and low supply, although drops in values in the top
end of the Perth and Melbourne markets in the past quarter
meant those markets had limited growth in the current cycle.

Where Buyer Demand Is The Highest

New data shows the suburbs where demand for property has increased the most in the past year.

Prop Track measured serious enquiries per online listings, such as emailing an enquiry, calling the agent or downloading documents, to determine the most in-demand locations. Sydney and Brisbane dominate the list.

Prop Track senior economist Paul Ryan says potential buyers are focusing on locations that offer space or affordability or both.

“Affordability has been very stretched by higher interest rates, so people are altering what they're looking for and searching for properties a little further out,” Ryan says. As such many of the high-demand suburbs are on the fringes of capital cities.

The suburb with the most demand is Holgate on the NSW Central Coast, followed by Chandler in Brisbane.

In the ACT the most in-demand suburb for houses was Holt, in the NT it was Larrakeyah, Mylor in South Australia, Acton Park in Tasmania, Pakenham Upper in Victoria and Mirrabooka in Western Australia.

Four In Five Suburbs Increase In Value

Property values increased in more than 80% of Australia’s house and unit suburbs in the past three months.

Analysis by CoreLogic shows 3714 house and unit suburbs have higher median values than three months ago with only 792 suburbs experiencing a drop.

House markets (83.1% had value increases) performed slightly better than unit markets(80.6%). Perth had only one house market where values dropped, followed by Adelaide(3), Brisbane (4), Darwin (9), Hobart (18), Canberra (24), Sydney (48) and Melbourne(72).

In regional Australia, Queensland performed the best with values dropping in only 13% of house markets, followed by Western Australia (23%), New South Wales (25%), South Australia (37%), Victoria (59%), Tasmania (60%) and Northern Territory (83%).CoreLogic Head of Research Eliza Owen says that data broadly reflects continued growth in the Australian housing market, despite high interest rates and weakening economic conditions.

“It’s often noted that Australia is not ‘one housing market’ and we’re currently seeing increased diversity in capital city market performance," she says.

Share Houses On The Rise

The number of Australians living in share houses is on the rise.

Analysis from Flatmates.com.au shows demand for shared accommodation is starting to pick up pace with hundreds of people in some locations looking for a spare room.
Flatmates.com.au has recorded an 11.2% increase in members joining the platform in the past month.

It has also noticed an increase in property owners, who are facing higher mortgage costs through interest rate rises, offering to rent out spare rooms.

New property listings on the site have gone up by 9.7% in the past month and 38% in the past 12 months.

Flatmates.com.au, Community Manager, Claudia Conley, says half of their listings are from homeowners and the majority of them will be “live-in landlords”.

“Despite this growing trend, more property listings are still needed across the country to keep up with the growing demand for share accommodation,” she says.

Research released by Finder shows 42% of tenants struggled to pay their rent in October.

Vacancy Rates Tumble Again

The national vacancy rate continues to tumble, hitting a record low for the second consecutive month.

It fell to 0.8% in October according to Domain’s latest Vacancy Rate report. The report says between 40,000 to 70,000 rentals are needed to achieve a balanced vacancy rate of between 2% and 3%.

Domain chief of research and economics, Dr Nicola Powell, says dwindling rental stock has visibly suffered because of a lack of investor activity, ongoing development undersupply and higher construction costs.

Powell says vacancy rates were low in capital cities and regional centres. Adelaide and Pert have the lowest vacancy rate of just 0.3%, while Canberra’s is the highest at just 1.6%.

“(In Perth and Adelaide) Rental supply is at an all-time low, emphasising the need for a significant boost in supply to see a change in these tight conditions.” Powell says.
She says investors need to be encouraged into the market to ease the shortage of rental properties.

Clearance Rates Drop

The national auction clearance rate dropped last week, hitting its second-lowest level since Easter.

CoreLogic figures show only 63.8% of homes sold under the hammer.
For much of the year, the clearance rate has sat above 70%.

Some of the drop can be explained by a reduction in properties being offered for auction in Melbourne, which is Australia’s biggest auction market, as a result of the Melbourne Cup festivities and public holiday.

There were 2,023 homes taken to auction across the combined capital cities last week, down from 3,381 the previous week which was the busiest auction week in more than 18 months.

CoreLogic predicts the number of properties being offered for auction this week will increase by almost 40% with about 2690 homes set to go under the hammer, making it the second busiest auction week of the year.

There are 1,218 homes scheduled for auction in Melbourne, up 160.3% on last week’s very low 468 properties.

Australian Property Values Hit $10.2 Trillion

Australian residential property values continue to climb with the value of Australia’s real estate market now $10.2 trillion, up from $10.1 trillion in September.

The increase comes after home values continued to increase throughout Australia, with dwelling values up by 2.3% in the three months to October.

While the pace of growth has slowed a little, it was up by 3.1% in the June quarter, values are still rising.

About 41,000 properties changed hands in October, a bit below the five-year average of 44,800 for the month of October.

And the amount of time it takes to sell property increased slightly in the October quarter with median days on market now 30 days.

In good news for sellers, they are not having to reduce their original asking price by as much to get a deal over the line.

The median vendor discount nationally was 3.6% in the three months to October,
compared with 4.3% at the end of last year.

Rate Rise Won’t Dent Prices

The November interest rate rise increase is unlikely to dampen the pace of property price growth, according to industry analysts.

PEXA chief economist Julie Toth says prices may drop temporarily but they will also
rebound just as quickly.

“We may see a welcome pause in price increases, but I doubt we’ll see another fall. On the flip side, we’ll probably see a burst of activity in refinancing,” Toth says.

CoreLogic research director, Tim Lawless, thinks price drops are unlikely, although he
says confidence may take a slight hit.

“While the decision could prompt an increase in listings of owners forced to sell and
weaker demand from would-be buyers now able to borrow less than they could before, the rise was not enough to trigger price falls,” he says.

“The still-burgeoning undersupply should keep a floor under housing to some extent. At least for the medium term this probably means more that price growth will continue to slow but remain positive rather than move into negative territory.”

All Residential Agents.

We have a Buyers brief below. If you have stock that will suit the below requirements please send this through via the details below.

📞 0407570879
📨 [email protected]

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Looking to purchase property in the Moreton Bay Region, but feeling overwhelmed by the process? Let me help! As a professional buyers agent, I'm here to guide you through every step of the way and ensure that you find the perfect property for your needs and budget.

With my extensive knowledge of the local real estate market and years of experience helping clients just like you, I have the expertise and resources to help you find your dream home in the Moreton Bay Region. Whether you're looking for a spacious family home, a cosy apartment, or an investment property, I'll work closely with you to understand your unique needs and preferences and find properties that meet your criteria.

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We have Definiatelty been Busy over here!

If you are looking for a trusted buyers agent that always has your back!

Feel free to get in touch.

We have what it takes to get the deals done!

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