Daily Buzz: Wednesday, 17 July

PropertyBuzz, your daily dose of property news.

Australian property prices are set to climb in 2025, seven Sydney suburbs announce mass rezoning plans, and which Victorian cities are on the up?

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Wednesday, the 17th of July, and KPMG has forecast growth for Australian properties over 2025.
– House prices are predicted to rise by 5.3% over the next six months and 5.6% over 2025, with apartment prices expected to increase similarly.
– Despite high interest rates and inflation, strong price growth continues due to demand outstripping supply and a robust labour market.
– While prices are expected to increase, the rate of growth is expected to slow over the next 18 months as interest rates stabilise.

Over in Sydney, seven suburbs have released draft rezoning plans for high-density residential development.
– These plans are the latest move in the New South Wales government’s Transit Oriented Development Program, which was announced in December last year.
– The seven suburbs are: Kellyville, Bella Vista, Hornsby, Macquarie Park, Crows Nest, Bankstown and Homebush.
– A total of 60,000 new dwellings will be built across the seven sites, with the aim of providing more housing for commuters and essential workers.

And down in Victoria, Geelong and Bendigo have led the state in quarterly price gains.  
– Despite metropolitan house prices decreasing over the quarter on the state level, Geelong and Bendigo both saw double-digit growth rates, while West Melbourne also saw strong growth.
– The Real Estate Institute of Victoria has described the state’s property market as “balanced”, with opportunities out there for both buyers and sellers.

That’s it for today.

See you again tomorrow, the 18th of July, for your daily dose of Property Buzz.

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