PropertyBuzz, your daily dose of property news.
Australia’s housing market reaches a full recovery, Brisbane renters enter the property market, and why the ACT government is revitalising shopping centres.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Thursday, 25 January, and Domain has stated that Australia’s housing market has fully recovered from its downturn in 2022.
-Domain has reported that most capital cities saw recovery in the December quarter, with Adelaide leading median house price growth with an increase of 12.7%.
-Sydney had the highest median price by the end of 2023 at almost $1.6 million, with Brisbane, Adelaide, and Perth also seeing record highs.
-The only market yet to recover from the 2022 downturn is Melbourne, but Domain predicts that prices in Melbourne will be fully restored in 2024.
Over in Brisbane, first-home buyers are fast-tracking their plans to enter the property market due to unprecedented rent rises in 2023.
-As of January 2024, the median house rent in Brisbane is sitting at over $700 a week, while the median rent for units is $560 a week.
– The rise in rental prices has been attributed to an influx of new residents and a critically low vacancy rate of 0.9%.
– The rapid rent hikes are leading many Brisbane residents to consider buying properties sooner than planned. New loans to first home buyers in Queensland increased in November by over 10%.
And down in Canberra, the ACT government plans to improve liveability by revitalising retail centres.
– With housing advocates increasingly calling for “well-located” homes, the ACT planning minister has revealed plans to create more homes around sleepy shopping centres, to improve quality of life for residents while also revitalising these tired commercial centres.
– The move has garnered the support of the Property Council of Australia, who suggested that the government extend this strategy to other forms of community infrastructure.
That’s it for today.
See you again on Saturday, 27 January, for your daily dose of Property Buzz.