PropertyBuzz, your daily dose of property news.
Home prices head skyward, first home buyers refine their search criteria, and auction activity rises.
Welcome to Property Buzz! Today is Saturday, 01 June.
– Home prices reached a new peak in May, with PropTrack reporting a 0.3 per cent increase nationally, which is 6.6 per cent higher than in May 2023, and 9.5 per cent higher than the recent low in December 2022.
– Capital city prices drove this trend, rising 0.4 per cent in May, which is 7.2 per cent higher than the previous year, with Hobart and Canberra the only to experience price drops.
– Perth, Brisbane, and Adelaide saw the strongest price growth, with annual increases of 20 per cent for the West Australian capital, and roughly 14 per cent for Brisbane and Adelaide.
– PropTrack attributes this 17th consecutive month of price growth to severe supply shortages despite the high interest rate environment.
– New research from Bankwest shows young homebuyers are proving more willing to compromise on property features, size, and home safety in order to get a foot on the property ladder, according to the bank’s Home Truths survey.
– The report showed that 78 per cent of young buyers were ready to cut back on property features they had prioritised, with Gen Z buyers most willing to compromise on size.
– Millennials, meanwhile, were most willing to compromise on location, with 39 per cent prepared to buy in a cheaper suburb. Additionally, 68 per cent of Gen Z and 50 per cent of Millennials were willing to compromise on safety.
– Looking at auction volumes this week, and the number of properties going to live sale is expected to rise by the close of the weekend.Â
– There are 2,395 capital city homes scheduled for auction over the week ending 2 June, an increase from the 2,264 homes that went to auction the week before.
– Alongside experiencing its fifth week with more than 1,000 auctions held, Melbourne is set to be the busiest auction market this week with 1,094 homes set to go under the hammer, which is ten more than last week
– Sydney’s auction volume has risen considerably with 934 homes scheduled for auction, an increase on last week’s 767 auctions. Notably, this result also registers as the city’s busiest auction week since the week prior to Easter.
– Across the smaller capital cities, the three largest auction markets of Adelaide, Brisbane and Canberra have seen their auction volumes decrease week-on-week.
That’s Property Buzz for today, I hope you have a great weekend and we’ll see you again on Monday 3 June, for your daily dose of Property Buzz.
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