PropertyBuzz, your daily dose of property news.
What month is the best time to sell?; Victoria stakes its claim as Australia’s build-to-rent capital; and why Campbelltown of all places has become a haven for first-home buyers.
Welcome to Property Buzz. My name is Kyle Robbins, back again as your host. Today is Friday the 20th of October.
Our top headline reveals that November is the month that rewards buyers with the highest returns. Not long to go. This particular month of the year has been identified by PropTrack as the best month for property sellers hunting higher sales prices. Peak of spring. Who’d have thought? According to the firm, prices for property sold in November were 0.8% higher than the average. This was taking into account sales between 2013 and 2022. However, that’s not to say this trend is true across all Australian capital cities, with results varying. Perth and the ACT saw the highest prices in November, but Melbourne and Brisbane experienced maximum gains earlier in the spring, with October reigning supreme in Victoria and Queensland. That’s right now. However, despite local variations, all cities generally performed well in November, making it the best time to sell a home, coinciding with the peak of spring selling season. Good news for everyone looking to get on the market in the next month or so.
In other news, a new 500-unit project will add to Melbourne’s growing build-to-rent pipeline. The $333.5 million project from Mervac boasts 490 build-to-rent apartments and 49 affordable housing dwellings, and marks another milestone in Victoria’s claim as Australia’s build-to-rent home. An analysis from Knight Frank found 45% of the nation’s build-to-rent stock lies within metropolitan Melbourne, with 12,000 apartments either under construction or with planning for approval. All of this indicates the state’s build-to-rent boom is far from slowing down. The state’s newly appointed Premier Jacinta Allen said its position as the nation’s build-to-rent leader will only be advanced as its recent housing statement comes into action, with the plan meant to turbocharge affordable options.
And finally, Campbelltown, out near where I live, ranks as NSW’s most popular suburb for first-home buyers. The southwest Sydney region is the most popular for those just climbing onto the property ladder, owing largely to its affordability relative to the rest of the city. According to the data, 37% of homes purchased in the region across the third quarter of the year were bought by buyers aged 30-39, with 28% of properties sold between $700,000 and $800,000. Up north, rural location Graysmere was Queensland’s most popular purchase since suburbian Q3 2021, marking its second consecutive quarter in the state’s top 10 locations. Despite a trend towards unit and strata property investing in Perth, houses remain the most popular dwelling type in NSW and Queensland, although strata-owned occupied properties were popular among first-home buyers in NSW.
Well, that’s Property Buzz for today. Join us tomorrow the 21st of October for your daily dose of Property Buzz.