Daily Buzz: Saturday, 13 July
By
PropertyBuzz, your daily dose of property news.
Push for more to consider a career in construction, Perth’s cheapest suburbs revealed, and an anticipated drop in auction activity.
Welcome back to Property Buzz! I’m Grace Ormsby. Today is Saturday, 13 July.
And there’s been a call from the Housing Industry Association for more young Australians to consider apprenticeships and construction work over university due to the current housing crisis.
– HIA managing director, Jocelyn Martin, states that Australia needs an additional 90,000 construction workers to build the 240,000 new homes required over the next five years.
– Martin is critical of school system for pushing university education and neglecting trades, suggesting that a trade can lead to a debt-free career with good earning potential – and the opportunity to purchase one’s own home sooner as some of the perks of the job.
– Perth, Australia, has seen significant capital growth with median house prices rising 17.9% in the year to June 2024, according to the Real Estate Institute of Western Australia.
– Despite the overall increase, certain suburbs still offer good value with median house prices below $500,000, providing affordable options for potential buyers and renters.
– The cheapest suburbs include the likes of Medina, Mandurah, Midland, Calista, and Coodanup with 12-month growth rates ranging from 12 per cent to almost 40 per cent.
This weekend, CoreLogic is reporting a decrease in auction volumes, with just over 1,500 capital city homes scheduled for auction.
Down from more than 1,700, the decrease is being blamed on winter school holidays. Melbourne remains the busiest auction market, despite a 7 per cent drop in volume while Sydney is expecting a 25 per cent drop in activity.
The trend should reverse in coming weeks, as CoreLogic volumes will once again reach 1,800 before the month is out. .
That’s Property Buzz for today.
See you again next week for your daily dose.
If you like this episode, show your support by rating us or leaving a review on Apple Podcasts and by following Property Buzz on social media: YouTube, Instagram and TikTok.
