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P U L S E
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PUBLISHER Century 21 Australia Pty Ltd
CONTRIBUTORS CoreLogic Chris Gray YourPorter REI Super
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WELCOME TO THE
February 2024 ISSUE OF
C21 MARKET PULSE
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Cover image: Vitaliy Zamedyanskiy on Unsplash
C O N T E N T S F e b ruary
PROPERTY MARKET UPDATE
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HEALTH AND WELLBEING
Housing upswing carries into 2024 with national
Keeping New Year’s resolutions
dwelling values rising 0.4%
REI Super
CoreLogic
PURCHASING PROPERTY
SELLING PROPERTY 04
Does styling your home when selling make a difference?
What’s your excuse going to be this year? Your Empire CEO, Chris Gray
ENERGY EFFICIENCY
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The cost of staying cool in summer YourPorter
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FIND OUT YOUR PROPERTY’S WORTH IN AN INSTANT Get your FREE instant property report. Click this page to start.
C21.com.au/property-report/
P R O P E R T Y M A R K E T U P DAT E
HOUSING UPSWING CARRIES INTO 2024 WITH NATIONAL DWELLING VALUES RISING 0.4%
BY CORELOGIC
Australia’s housing upswing continued through the first month of 2024 with CoreLogic’s national Home Value Index (HVI) rising 0.4% in January. Up from the 0.3% increases seen in November and December, this marks the 12th straight month of value rises. Beneath the headline result, housing
in January, with the gap between
mostly due to the flattening of
market performance remains diverse
the median capital city house and
growth conditions in Melbourne and
around the country. Three capitals
unit values rising to a record high
Sydney,” Mr Lawless said. “Across
recorded a subtle decline over the
of 45.2% in January. Across the
the other states, regional WA, SA
month (Melbourne -0.1%, Hobart
combined capitals, detached housing
and Queensland continue to record a
-0.7% and Canberra -0.2%), while,
values rose by half a percent over
slower pace of growth relative to their
Perth, Adelaide and Brisbane values
the month, adding the equivalent of
capital city counterparts; these are
continued to rise at the monthly rate
around $4,800 to the median house
also the three regional markets where
of 1% or more.
value while units increased a smaller
dwelling values are at record highs.”
CoreLogic’s research director, Tim
0.1%, equivalent to a $900 lift.
Despite worsening housing
Lawless, identified Perth as a stand
“Since the commencement of the
affordability, the volume of home
out among the capital cities for a
upswing, capital city house values
sales has held slightly above
persistently rapid rate of capital
have surged 11.0% higher while unit
average over the past three months.
gains. “Perth home values rose a
values are up 6.9%. It seems that
CoreLogic estimates there were
further 1.6% in January, on par with
most Australians are willing to pay
115,241 dwellings sold over the three
the city’s growth trend in November
a higher premium than ever for a
months ending January; 11.9% higher
and December and only slightly
detached home,” Mr Lawless said.
than the same period last year and
lower than the recent high of 1.8% recorded in October. The western capital continues to see housing demand outweigh supply, helping to push values 16.7% higher over the past 12 months. Despite that, housing prices remain relatively affordable compared with most capital cities, with the median dwelling value sitting just under $677,000.” House values have continued rising at a faster rate relative to unit values
Regional markets are now showing a stronger trend in value growth
0.5% above the previous five-year average for this time of the year.
relative to the capital cities. The
“Despite ongoing cost of living
combined regional index rose 1.2%
pressures, high interest rates, low
over the rolling quarter compared
consumer sentiment and affordability
with a 1.0% rise across the
constraints, homes are still selling.
combined capitals index.
Housing demand has been buoyed
“While both the combined capitals and combined regional markets are losing momentum in the pace of value growth, the capital city trend has slowed more sharply, C21 MARKET PULSE
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by high migration, but also tight rental markets that have probably incentivised renters to transition towards home ownership if they can afford to do so,” Mr Lawless said.
PURCHASING PROPERTY
WHAT’S YOUR EXCUSE GOING TO BE THIS YEAR? B Y C H R I S G R A Y, C E O, YO U R E M P I R E
The biggest regret in hindsight for most home buyers and property investors is that:
and the world is coming to an
grandfather the tax change
end.
and so if I buy before it won’t
2. The market is booming – property prices can’t continue to
property.
3. The market is falling – why buy today when it’s going to be
However, at the time they could have
4. There’s a Royal Banking
made a decision to purchase, they
Commission – better to sit on
had a ‘valid’ reason (also known as an
the fence.
The top ten list of excuses in the last decade or so has been: 1. It’s a Global Financial Crisis – we’ve never had one before
to an end. 8. My serviceability has gone done so I had better wait.
2. They should have done it sooner.
cheaper tomorrow?
excuse) of why they didn’t go ahead.
7. It’s Covid – we’ve never had one before and the world is coming
rise. 1. They should have bought more
change for me).
9. Interest rates are rising – a market crash is on the horizon. 10. There’s a mortgage cliff about to
5. There’s an election coming – better to sit on the fence.
happen with everyone coming off very low fixed rates. If you sat on the fence in 2023, it’s
6. Labour might remove negative gearing – I better
cost you about $100,000 for every
not buy (even though they will
$1M property you didn’t buy.
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So, what’s going to be your excuse
Inward migration to Australia is
in 2024?
positive – those new to Australia
Let’s talk about what positive
need somewhere to live.
reasons there are to back up your
Land is still very much in short
decision.
supply, especially around our main
Inflation is down and it looks as if interest rates will follow. I don’t know if that will happen in March, June, September or December, but does it really matter if we’ve
inner cities. If local constraints stop developers from building any higher and there’s no more land available, as long as there’s local demand, prices are likely to continue to rise.
probably passed the recent peak
In my 30+ years as a property
and the short to medium trend is
investor I’ve declared many times
downwards meaning it will cost you
that I never try and time the market
less to hold the property?
– I buy when:
Rents are still on an upward trend,
1. I’ve got the deposit
further reducing the amount it will cost you to hold that property. Serviceability is likely to rise as the banks lower their assessment rate which means you can probably afford a better property in a better location, which means the risk of it going bad will reduce.
ABOUT THE CONTRIBUTOR Chris Gray is CEO of Your Empire, a buyers’ agency that buys homes and investments
2. I can get a mortgage and 3. When I’ve got the cash buffer to take me through the next few years.
for time-poor professionals – searching, negotiating, renovating and managing property on their behalf. Chris has spent over 10 years as the host of ‘Your Property Empire’ on Sky News Business channel, where he’s interviewed various heads of property
So, if you’re not like me, and you still want to time the market, this could be the sign you’ve been waiting for.
research companies and major industry figures. Chris is a qualified accountant, buyers’ agent and mortgage broker. For more information, visit www.yourempire.com.au and follow Chris on Facebook: @ChrisGraySydney
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Freedom – stay in total control, making choices to suit your needs be it cost, product features or supplier preference
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STEP 3
STEP 2 Choose your providers via our website, or over the phone with the help of our team.
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Talk to your real estate office or contact us via 1300 400 600 | info@yourporter.com.au
ENERGY EFFICIENCY: A MESSAGE FROM OUR ALLIANCE PARTNER
THE COST OF STAYING COOL IN SUMMER
BY YO U R P O R T E R
Moving into a new place with a different cooling system than what you’ve had before? Or perhaps you’re considering changing the cooling installed at the property? As temperatures soar during the
$10. However, the exact expenses
scorching Australian summer there is
vary based on factors such as the
no doubt everyone looks for ways to
unit's efficiency, room size, and
stay cool. With a plethora of cooling
temperature settings.
options available, let’s explore the
4. EVAPORATIVE COOLERS
operating costs and efficiencies of Photo by nameofmin on Unsplash
various cooling systems. Exploring Cooling Options
1. PEDESTAL FANS Pedestal fans stand out for their affordability and versatility. These portable devices work by circulating air within a room, creating a refreshing breeze that helps combat the heat. Typically consuming between 40 to 75 watts per hour, operating a pedestal fan for 8 hours a day over summer could cost as little as $0.03 to $0.06 per day, based on an electricity rate of 25 cents per kWh.
cooled air more effectively, potentially reducing overall cooling expenses.
3. AIR CONDITIONERS conditioners are notorious for their systems remove heat from indoor
from 15 to 90 watts per hour, running a ceiling fan for 8 hours a day can cost between $0.03 and $0.18 per day. They can also complement air conditioning systems by spreading
through evaporation. Consuming approximately 400 to 700 watts per hour, operating an evaporative cooler for 8 hours a day may cost between $0.80 and $1.40 per day. While they consume more
air, expelling it outdoors to create a comfortable indoor environment. A typical split system air conditioner may consume between 2,000 to 5,000 watts per hour. Running such a unit for 8 hours a day at 25 cents per kWh could translate to daily costs ranging from $4 to C21 MARKET PULSE
coolers offer significantly higher energy efficiency compared to traditional air conditioning systems,
Regardless of what cooling system
While highly effective, air
Offering room-wide air circulation,
With power consumption ranging
pads to cool incoming air
particularly in suitable climates.
higher operating costs. These
efficient alternative to pedestal fans.
coolers utilise water-soaked
energy than fans, evaporative
2. CEILING FANS ceiling fans provide an energy-
Ideal for dry climates, evaporative
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you have, it’s worthwhile regularly looking for savings by comparing electricity rates on offer. YourPorter makes that easy with a simple method to review your bills, just grab your bill and head to
www.yourporter.com.au to use the Review Your Bills tool.
HEALTH & WELLBEING: A MESSAGE FROM OUR ALLIANCE PARTNER
KEEPING NEW YEAR’S RESOLUTIONS
BY REI SUPER
Most of us make New Year’s resolutions, but how many of us actually keep them? Perhaps you have already broken yours? MetLife 360Health shares some tips to help you create meaningful resolutions that you’ll actually keep. Why not update your 2024 resolutions? 1. Choose something that is
3. Break down your resolutions
important to you, not what
into smaller, achievable goals.
inside the fridge. Consider
others want you to do.
For instance, instead of running
sharing your resolutions with
a marathon by the end of January,
others to find an accountability
try building up to running 5kms
partner – this way, you can
first. You can also speak to
tackle similar goals with a friend.
2. Be specific about what you want to achieve to increase your chances of success. For example, instead of “I’ll eat healthier,” try “I’ll cook an average of three healthy recipes a week between January and March.” As an REI Super member you have access to a
MetLife's team of Accredited Exercise Physiologists to help you develop a plan. Remember, being specific and breaking down your resolutions into smaller goals will increase your chances of success.
most often – mirrors, doors,
5. Don’t punish yourself for setbacks, if you’re unable to meet smaller, daily goals sometimes. If you oversleep one day and miss a workout, don’t be so hard on yourself and don’t
qualified dietitian to discuss
4. Stay the course. Find ways to
give up. Enjoy the extra rest –
your nutrition and wellbeing
remind yourself of your goals
then work extra hard the next
goals and build a personalised
any chance you get. Write your
morning to get your workout in.
plan through the MetLife
resolution on sticky notes and
And, if you succeed in sticking
360Health Nutrition Service.
hang them where you’ll see it
to your routine schedule for an entire week, reward yourself.
Click here to read the full article The information about MetLife products and services does not constitute financial, health or medical advice on the part of the REI Superannuation Fund Pty Ltd ABN 68 056 044 770, AFSL 240569, RSE L0000314 Trustee of REI Super (ABN 76 641 658 449), SPIN REI0001AU, RSE R1000412.
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REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 Superannuation Product Identification No. (SPIN) REI0001AU for the general information of members of REI Super. It does not take into account any member’s individual financial objectives, financial situation or needs. Members should obtain and read REI Super’s Product Disclosure Statement and Target Market Determination before making any decisions and consider talking to a financial adviser before making an investment decision. Past performance is no indication of future performance. April 2023. REIS 8458
WHAT WILL HAPPEN TO PROPERTY AFTER FREEDOM DAY?
SELLING PROPERTY
DOES STYLING YOUR HOME WHEN SELLING MAKE A DIFFERENCE? When putting your home on the market, it’s important to consider first impressions and audience appeal. This applies whether someone sees your listing in person, online or in print.
stand out in a crowded market and
period can be challenging.
identify the latest trends.
Sentimental attachments to
So, what are some key things to consider? The extent to which your home is styled before putting it up for sale can vary depending on the stylist you’re working with. Some opt for minimal interventions, adding select
As some real estate agents say, ‘you
pieces to complement existing
are only fresh once’. Therefore it’s
furniture. Others will advocate for
always a good idea to show your
a complete overhaul to give the
property in the best light possible.
property a fresh look. It’s best to
It’s been found that investment in styling for a property brings in a 10 to 15% return over initial spend. It
collaborate with both the stylist and
inherited furniture or knick-knacks may cloud your objectivity. A stylist's role is to declutter, remove items as needed, and ensure each room showcases its best features. Styling costs depend on the home's size, location and value. Real estate agents should have a list of stylists they’ve worked with previously but an online search can help you identify a reputable stylist in your local area.
your real estate agent to ensure the
Quality photographs are crucial,
best result is achieved.
especially for listings featuring
may also sell quicker. A professional
Emotionally detaching from a home
with experience in styling helps you
you've lived in for an extended
'fly‑through' or video tours. There are so many potential buyers researching properties in their chosen areas online so it's important to have everything in place to showcase the property to its maximum advantage. Empty spaces can sometimes look much smaller than those that have furniture in them, and rooms that are properly staged can look much bigger! The goal is to have an emotional pull on buyers who are coming to see your property. You want the buyer to feel good, just like when you walk into a beautiful hotel room or restaurant.
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