Property Buzz

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Home price growth set to gradually slow in FY25; Warning sounds over gas appliances this winter; and a quirky marketing strategy pays off

Welcome to Property Buzz! I’m Sebastian Holloman. Today is Thursday, 20 June.

Despite price records expected to be broken in Australia’s capital cities next financial year, home price growth should moderate to single-digit increases.

Sydney and Brisbane are projected to see 6–8 per cent median house price growth, Adelaide is forecast to see growth of 7-9 per cent, and Perth is expected to see growth of 8-10 per cent.

The combined capitals are expected to hit a median house price of $1.16 million to $1.19 million.

Dr Nicola Powell, the chief of research and economics at Domain identified supply shortages, population growth, construction challenges and borrowing power as key drivers behind the price growth.

And with winter temperatures dropping, WA’s energy safety regulator has emphasised the importance of safe gas appliance usage to prevent fatal buildups of carbon monoxide buildup.

The regulator advised that gas appliances should be serviced by a licensed gas fitter every two years, or annually if over 10 years old, to ensure they are functioning properly.

Proper ventilation was also described as being crucial for safe gas appliance use. 

In the case of a gas smell or suspected leak, users should turn off gas appliances, avoid ignition sources, ventilate the area, and report the issue to their gas supplier or emergency services if necessary.

And over in Western Australia, a Perth property described as the “Kelmscott challenge,” has been successfully sold after using humour to attract the intended buyer pool of “DIY enthusiasts, brave souls, or those with a very creative imagination.”

Descriptions of the property included: a bedroom with a ceiling closer to the floor, a bathroom with a bong left behind, and a kitchen with mysterious appliances which add unpredictability to meals.

According to the listing agent, more than 20 offers were received during the campaign, with the light-hearted tone setting realistic expectations of the property.  

That’s Property Buzz for today. See you again tomorrow, 21 June, for your daily dose of Property Buzz.

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