Daily Buzz: Saturday, 23 March

PropertyBuzz, your daily dose of property news.

Median home prices climb, Land acquisition laws go up for review in NSW, and auctions hit high gear before an Easter lull

Welcome to Property Buzz! I’m Juliet Helmke. Today is Saturday, 23 March.

– The national median home price has increased by 8.9 per cent since last February, reaching a record high of $765,000, according to CoreLogic’s Home Value Index.

– 88.4 per cent of the more than 4,000 housing markets analysed experienced price rises between February 2023 and 2024, a significant increase from 39 per cent the previous year.

– Despite high interest rates and a cost of living crisis, strong net migration and a housing undersupply have kept dwelling values rising, particularly in Queensland, South Australia, and Western Australia, according to the data.

– Of the capitals, Hobart was the city that had the flattest figures, with 56 per cent of markets witnessing a yearly decrease. Sydney and Melbourne, meanwhile, saw price increases in 99 per cent and 90 per cent of suburbs respectively.

– And in NSW, the state government is reviewing its policies on the hot-button topic of compulsory land acquisition, with the Department of Planning, Housing and Infrastructure, considering improvements to acquisition processes and potential legislative changes.

– Public consultation is now open and stakeholders are being roundly encouraged to take part, with in-person and online methods of providing feedback available. 

– Key issues under review include the consistency of government processes, genuine negotiations and outcomes, clarification around compensation, and whether The Castle has swayed Australians’ views about compulsory land acquisition.

– Just kidding about that last one, but we do know that Aussies have some strong thoughts on the issue so get your opinions in, you can do so by May 3.

– And the nation’s capitals are in the midst of a robust auction market this week, with 3,470 homes hitting the block, marking the biggest week since Easter 2022 and a notable increase from the previous week’s 2,834 auctions. 

– Melbourne leads with 1,679 homes set to go under the hammer, a 13 per cent increase from the previous week and the busiest since October 2023. Sydney follows closely with 1,258 homes, showing a monumental 44 per cent rise. 

– Brisbane and Adelaide will also see increases, while Canberra, Perth, and Tasmania expect fewer auctions. 

– Looking ahead, the data firm anticipates a significant drop in auction volumes next week due to the Easter long weekend, with just 900 homes scheduled for auction, though slightly higher than Easter 2023’s 652 auctions.

That’s Property Buzz for today. 

See you again Monday, 25 March, for your daily dose of Property Buzz.”

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