Daily Buzz: Tuesday, 6 August
By
PropertyBuzz, your daily dose of property news.
Perth house prices could hit $740,000 by 2025, low supply has created a ‘perfect storm’ in NSW, and auction clearance rates plummet.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Tuesday, the 6th of August, and Perth’s median house sale price is projected to grow by over 20 per cent by 2024, potentially hitting $740,000.
– Strong demand and fast selling times are also putting the accelerator on Perth unit prices, with the median unit expected to soon sell for $450,000.
– The Perth market’s momentum is fuelled by strong population growth and building supply constraints, causing an imbalance between housing supply and demand, while overpriced offers from East Coast investors have also been criticised as artificially inflating Perth housing costs.
Over in New South Wales, dwellings approvals dropped by over 18 per cent in June, the sharpest drop among all states and territories, and the lowest figure NSW has seen in 11 years.
– The Real Estate Institute of New South Wales urged the state government to revise its housing policies, arguing that current tax settings are anti-landlord.
– In contrast to New South Wales, other states and territories fared well for housing approvals, with notable upticks seen in Queensland and Tasmania.
And across the nation, last week’s auction volumes and preliminary clearance rate both fell, with just over 1700 properties auctioned off last week.
– Melbourne saw a slight increase in the clearance rate to over 70 per cent, while Sydney’s clearance rate dropped to just over 69 per cent.
– Results varied across Australia’s smaller capital cities, with a particularly low clearance rate of just 46 per cent seen in Canberra.
– Going forward, Corelogic predicts a rebound in the auction market with around 1800 homes scheduled to go under the hammer this week.
That’s all for today.
See you again tomorrow, the 7th of August, for your daily dose of Property Buzz.
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