PropertyBuzz, your daily dose of property news.
Australia’s top Suburbs for Price Growth in 2023, a Bushfire warning as Half a Million Buildings classed as “high risk” and a Blockbuster weekend for auctions looms.
Welcome back to Property Buzz! I’m Grace Ormsby.
Today is Saturday, the 9th of December and I hope your weekend is off to a great start.
If you are a home owner, I bear good news – Home prices in Australia have seen a strong rebound in 2023, with some suburbs experiencing double-digit growth despite interest rate rises.
– A report from PropTrack predicts national home prices will fully recover from the 2022 downturn by the end of this year, with some suburbs exceeding expectations with over 30 per cent price growth.
– Western Australian suburbs, driven by low supply, saw some of the highest average growth, with Armadale and Brookdale recording 34 per cent price growth apiece.
– Sydney dominates the list of Australia’s priciest suburbs, with Longueville, Dover Heights, and Clontarf recording median home values of over $5.5 million.
It’s not such good news for more than 560,000 buildings across Victoria, New South Wales, and Queensland, which are at high risk of bushfire damage due to the expected hot and dry summer.
– If bushfire fears are realised, states and individuals could be up for a whopping $500 billion bill according to PointData.
The areas with the highest number of buildings at risk include Walcha and Kyogle in New South Wales, and Murrindindi in Victoria.
– PointData’s CEO has stressed the importance of adequate planning and understanding of bushfire risk.
Turning our attention to this weekend, and we’re set to see Australia’s second busiest auction week of the year.
More than 3,100 homes are up for grabs, with both Sydney and Adelaide expected to break 2023 records for total auction numbers.
– Melbourne remains Australia’s busiest auction market for the week, with nearly 1,500 homes going under the hammer.
– Despite the higher activity, the clearance rate is on a downward trend, as noted by CoreLogic. Last week, less than 60 per cent of homes found buyers.
That’s Property Buzz for today.
See you again next week for your daily dose of Property Buzz.