Daily Buzz: Tuesday, 4 June
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PropertyBuzz, your daily dose of property news.
Brisbane takes over as Australia’s second-most expensive city, Millennials are relocating to the regions, and auction clearance rates are still going steady.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Tuesday the 4th of June, and Brisbane has surpassed Canberra and Melbourne to hold the second-highest median dwelling value, a position last held in 1997.
– The median house price in Brisbane is now $937,479, $190 above Melbourne’s median house price, with Brisbane’s dwelling values increasing almost 60% since the start of the pandemic.
– Low supply is the main reason for Brisbane’s extraordinary rise, with the number of properties available for sale in Brisbane 34% below the five-year average.
– Despite a small increase in supply compared to last year, dwelling approvals across Australia are 23% below the decade average, with Sydney remaining the most expensive capital city.
Turning to the regions, internal migration in Australia has significantly increased in the first quarter of 2024, with more people moving from cities to regional areas.
– The trend is driven by millennials seeking more affordable lifestyles and employment opportunities in larger regional centres, amid rising housing prices and cost-of-living pressures in major cities.
– The Regional Australia Institute is urging policymakers to support the regions with necessary services, skills, and infrastructure to accommodate the growing populations.
And auction volumes increased last week, with over 2,300 properties gone to auction, the highest since the week before Easter.
– The preliminary clearance rate slightly declined from the previous week’s 71.5% to 71.4%.
– Melbourne saw a decrease in clearance rate from 71.2% to 69.4%, while Sydney’s clearance rate also decreased to 71.4%, the lowest this year.
– This week, auction volumes are expected to drop due to the King’s Birthday long weekend, but are predicted to bounce back the following week.
That’s it for today.
See you again tomorrow, the 5th of June, for your daily dose of Property Buzz.
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