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SYDN e Y H ome vALU e S SLIP IN o CTober AS
C o NTINU e S
BY CORELOGIC
CoreLogic’s national Home Value Index (HVI) recorded a 0.3% rise in October, the 21st month of growth since the cycle commenced in February last year.
The subtle positive movement was supported by the mid-sized capitals, led by Perth with a 1.4% rise over the month, offsetting declines in Darwin (-1.0%), Canberra (-0.3%), Melbourne (-0.2%) and Sydney (-0.1%), as well as regional Victoria (-0.2%).
As the market cools, annual growth in national home values has continued to ease, reducing to 6.0% over the 12 months ending October, down from a recent peak annual growth rate of 9.7% in February.
The -0.1% fall in Sydney home values was the first monthly decline since January 2023, following a short but sharp -12.4% drop in values between February 2022 and January 2023. Weaker conditions have been led by the most expensive areas of the market, with a -0.6% fall in upper quartile house values over the month and a -1.1% drop over the past three months. In comparison, Sydney’s lower quartile house and unit values both recorded a half a percent rise in values in October.
CoreLogic’s research director Tim Lawless notes that the stronger performance across the more
affordable end of the market is a consistent theme across the capital cities.
“A combination of less borrowing capacity and broader affordability challenges, as well as a higherthan-average share of investors and first home buyers in the market is the most likely explanation for stronger conditions across the lower value cohorts of the market.
“THE PAST THREE MONTHS HAS SEEN THE LOWEST QUARTILE EITHER RECORD A HIGHER GROWTH RATE OR SMALLER DECLINE RELATIVE TO THE UPPER QUARTILE OR BROAD MIDDLE OF THE MARKET ACROSS EVERY CAPITAL CITY EXCEPT CANBERRA.”
While the mid-sized capitals are still leading the pace of value growth, these markets are also losing momentum. Perth continues to lead the nation with a 1.4% rise in values over the month, but this is well down from the growth seen over February to June period earlier
in the year when monthly gains were averaging more than 2%.
Adelaide values have risen by more than 1% each month since March, but conditions look to be slowing here as well with October’s 1.1% gain marking the lowest monthly rise since June. Brisbane’s monthly gain of 0.7% was the lowest since July. Slower growth in home values has been accompanied by a rise in advertised stock levels. Based on a rolling four week count of listings to October 27th, advertised inventory has increased 12.7% since the end of winter across the combined capitals, with the largest increase occurring in Perth where listings are 20.6% higher, albeit from an exceptionally low base.
“Total listings are now 13.2% above the previous five-year average in Sydney and 13.0% higher in Melbourne,” Mr. Lawless said, helping to explain the weaker conditions in these markets as buyers benefit from more choice and less urgency in their decision making.
“Despite the rise in listings across the mid-sized capitals, Perth,
Adelaide, and Brisbane are still seeing advertised stock levels more than -20% below the five-year average for this time of the year. These markets remain well and truly in favour of sellers, although the balance is starting to gradually improve.”
Alongside the rise in advertised supply, the number of home sales
looks to be fading. Estimates for capital city sales activity over the three months ending October were down -7.5% from three months earlier and -1.6% lower than at the same time last year.
With higher levels of advertised supply and less purchasing activity, selling conditions have loosened.
Capital city auction clearance rates held below the 60% mark through most of October, while private treaty metrics are showing a subtle rise in median days on market, especially in cities where advertised stock levels are above average.
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TIME TO MOVE HOME?
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W HY D e C ember
C o ULD be P r I me TI me
F or P ro P er
PU r CHAS e S
TY
BY CHRIS GRAY, CEO, YOUR EMPIRE
With Christmas just around the corner, the Australian property market is gearing up for its final sprint of the year. Buyers and sellers alike are operating on a tight timeline as auction campaigns wrap up towards the end of November or early December. For those in the market to buy, the message is clear: now is the time to act, or you may face a delay in securing your next property until well into the new year.
Whilst December can be seen as seemingly quiet, it can actually be one of the best times of year to make a successful purchase.
THE PRE-HOLIDAY RUSH: AUCTIONS AND FINAL SALES
By now, most properties that will be sold in 2024 are either already listed or are about to hit the market. Given the typical four-week duration for an advertising campaign, auctions will likely wrap up by late November or early December, leaving agents with a few weeks to negotiate post-auction sales before their holiday break. For buyers, this means there's a short but critical window of opportunity to secure a property before the industry pauses for the Christmas-New Year period.
If you’re a buyer waiting for fresh listings to appear in January, it’s worth noting that the market may only start gaining momentum again
after Australia Day. If properties aren’t listed until the start of February, the auctions would be at start of February and then given a 6 -week settlement, you wouldn’t actually acquire it until mid April. In short, if you're serious about purchasing a property before next April, you’ll need to be ready to act in the coming weeks.
THE HIDDEN OPPORTUNITIES OF THE CHRISTMAS PERIOD
While Decemb er may seem like an inconvenient time to make a major purchase, it can actually be a strategic advantage. Properties that don’t sell at auction in November or December may still be available as private sales before Christmas. In some cases, vendors who are eager to sell but facing a slow market may be more flexible on price, creating potential deals for buyers with their finances in order.
Surprisingly, some of the best deals happen just before Christmas. It’s not uncommon to see successful negotiations take place on Christmas Eve, just before solicitors shut down for their holiday break. While the legal and real estate sectors largely take time off during this period, motivated vendors may be willing to finalise deals quickly. Those who have everything prepared-finance pre-approval, a reliable legal team, and an open line to their agents-can move fast on these last-minute opportunities.
EARLY JANUARY: A QUIET bUT GOLDEN WINDOW FOR bUYERS
Another often-overlooked opportunity arises in early January. As many Australians head overseas on summer holidays, the market enters a lull. Real estate agents, solicitors, and even most buyers are
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still in holiday mode, making this a prime time for astute buyers to snap up properties with minimal competition.
Some homeowners, after discussing their finances or future plans with their partners over the holiday season, make the decision to sell and are ready to list by early January. This often results in the first few weeks of January featuring high-quality listings from motivated sellers, many of whom may not expect immediate interest from buyers. This gives buyers who remain active over the holidays a unique advantage: they can make offers without the pressure of competing bids, often leading to better negotiating power and potential savings.
PLANNING AHEAD: THE IMPORTANCE OF PRE-APPROvAL AND A STRONG TEAM
To make the most of these opportunities, it’s essential to have your finances pre-approved well before banks start winding down operations for the year. With bank
processing times slowing during December and early January, buyers without pre-approval may struggle to secure funds quickly enough to capitalise on last-minute deals.
Beyond financing, it’s also critical to have a reliable, responsive legal team. Some solicitors, like ours, are available to act on deals even late at night or during weekends, giving clients an edge over other buyers whose legal teams may only operate during standard business hours.
This type of flexibility can make the difference between sealing a great deal or missing out a ltogether.
MAXIMISE YOUR bUYING POTENTIAL THIS HOLIDAY SEASON
In summary, while the Australian property market may appear to slow down during the holiday season, savvy buyers can still find significant opportunities. Whether you're targeting unsold auction properties, keeping an eye on listings in early January, or simply aiming to get a jump on the market before competition resumes, the next few weeks offer a unique window for buyers who are ready to act.
The key takeaway is to be prepared. Secure your financing, assemble a responsive team, and stay proactive throughout the holiday period. By doing so, you can potentially secure your ideal property in a competitive market – and perhaps even enjoy the peace of mind of having your next home or investment ready for you in the new year.
A b OUT THE CONTRI b UTOR
Chris Gray is CEO of Your Empire, a buyers’ agency that buys homes and investments 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 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
6 e ASY WA r D robe HACKS To m AXI m IS e SPAC e
Is your wardrobe a complete shambles? Never fear: Here’s how to make the most of your wardrobe space with six inexpensive, easy wardrobe hacks.
1. STORE OUT OF SEASON CLOTHING
To maximise the space in your wardrobe remove out-of-season clothing and shoes to free up a ton of space. Store this clothing on upper shelves, under a bed or in another location until the time comes to trade your summer clothes for your winter clothes (and vice versa).
2. STORE PURSES AND CLUTCH bAGS vERTICALLY USING A FILE HOLDER
You will be able to see what you own at a glance, ensuing you’re using the items you have, while protecting each bag and purse at the same time.
Store purses and bags vertically and you’ll see what you own at a glance. Picture: Caroline McCredie
3. STORE ACCESSORIES IN A STACKAbLE TACKLE bOX
A clever and inexpensive way to store like items is to use a fish tackle box; it makes the best use of space and keeps all small pieces together in their sets.
A tackle box is a clever way to store your accessories for space saving and easy access. Picture: Caroline
4. STORE ITEMS ON THE bACK OF DOORS
Back of doors are often forgotten about, though it’s a great way to get daily items up off of the floor or dresser.
Make use of the back of doors to store items you use regularly. Picture: Caroline McCredie
5. USE bASKETS ON OPEN SHELvES
This is a simple, yet effective way to store like items together – and it look super cute, too.
Use baskets on open shelves to group like items together. Picture:
6. USE SHOE DRAWERS OR RISERS
Shoe drawers and risers allow you to make the best use of the space you have dedicated to your shoes. These clever storage solutions will not only protect your shoes, but will keep them neat and tidy, too.
Originally published on realestate. com.au. Written by Chelsea Smith, founder of The Organising Platform
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McCredie
Caroline McCredie
C H oo SING KITCH e N CA b IN e TS
Choosing your kitchen cabinets is a key decision when designing or renovating your kitchen. Cabinets set the tone for the space, both functionally and aesthetically. Here’s a step-by-step guide to help you choose the right kitchen cabinets:
1. SET YOUR bUDGET
Kitchen cabinets can vary widely in price, depending on the material, style, brand and customisation. Setting a budget early will help narrow down your choices and guide you in making practical decisions. Consider the following:
Pre-made cabinets (standard sizes) are generally the most affordable.
Semi-custom cabinets allow for more flexibility in terms of size and style.
Custom cabinets are tailored to your space and style preferences but come with the highest price tag.
2. DETERMINE YOUR KITCHEN’S LAYOUT
Think about the functionality of your kitchen and what type of storage you need. Do you need more drawer space? Do you want upper cabinets or open shelving? Do you own a lot of heavy pots and pans or have beautiful glassware that you want to put on display?
Some standard layout styles include:
Galley: Two parallel walls, often best with simple, straight cabinetry.
L-Shaped: Cabinets on two adjacent walls, with corner storage solutions.
U-Shaped: Cabinets wrap around three walls for maximum storage.
Island Layout: Adds central cabinet storage for food prep or extra seating.
3.
CHOOSE THE CAbINET MATERIAL
The material of the cabinet will influence both its durability and appearance.
Solid Wood (e.g., oak, maple, cherry): Offers high quality and is highly customisable, but it can be expensive .
Plywoo d: M ore durable than particleboard, but still more affordable than solid wood.
MDF (Medium-Density Fiberboard): Smooth surface ideal for painted finishes, but less durable than wood.
Particleboard: Often used in budget-friendly, mass-produced cabinets, but less durable.
Laminate: Affordable, easy to clean and available in many colours and patterns, but not as durable as wood.
4. CHOOSE THE CAbINET
STYLE
Cabinet style contributes to the overall aesthetic of your kitchen. Common cabinet styles include:
Shaker : A simple, clean, and classic style with a recessed panel.
Traditional: Features more intricate details, like raised panels and ornate moulding.
Modern/Contemporary: Sleek, with flat panels and minimal detailing.
Transitional: A blend of traditional and modern elements.
Rustic/Farmhouse: Features natural wood finishes and distressed detailin g.
Image: R Architecture on Unsplash
5. DECIDE ON CAbINET FINISH
The finish you choose will impact the kitchen's look and how easy the cabinets are to maintain.
Painted Finish: Provides a smooth, uniform colour and modern look.
Stained Finish: Shows off the wood grain and provides a more classic, natural look.
Glazed Finish: Adds depth and character with a hint of colour applied over the base coat.
Matte, Satin or Glossy: Consider your preference for sheen and how it will affect cleaning and durability.
6.
CONSIDER STORAGE FEATURES
Think about how you want your kitchen to function. Incorporating smart storage solutions can maximise your space:
Pull-out shelves: Makes items in deep cabinets easier to access.
Lazy Susans: Ideal for corner cabinets to make use of hard-to-reach spaces.
Soft-close doors/drawers: Reduce wear and tear and provide a quieter, more refined opening/ closing experience.
Pull-out and recycling bins: Keeps waste neatly tucked away.
Spice racks, tray dividers and built-in organisers: These add convenience and keep everything in its place.
7. CHOOSE CAbINET
HARDWARE
Hardware can make a big difference in the overall look of your cabinets. Some options include:
Handles: Long, sleek handles are popular in modern kitchens, while ornate handles fit more traditional designs.
Knobs: Smaller and simple, they work well with many cabinet styles.
Finish: Choose finishes that complement your cabinet colour and overall kitchen aesthetic – brushed nickel, matte black, brass and chrome are popular choices.
Handless: Handle less kitchen cabinets are a common trend in modern kitchen design and create a sleek aesthetic with practical functionality. These are generally more expensive.
8.
CONSIDER CAbINET COLOUR
The colour of your cabinets will set the tone for your kitchen. Here are a few ideas:
White: Classic, clean and brightens up smaller s paces.
Grey: Modern and neutral, pairs well with almost any accent colour.
Blue: Adds a bit of bold colour without being too overwhelming.
Wood Tones: Rich, natural wood can add warmth, and works well in traditional or rustic kitchens.
Black : Sophisticated and dramatic, works well in modern or contempora ry designs.
9. THINK AbOUT LIGHTING
Consider how your cabinets will look under different lighting conditions. If you have under-cabinet lighting, it will illuminate the lower part of your cabinets, so choose materials that reflect light or allow it to shine through. Light-coloured cabinets work well in this scenario, but some darker finishes (like matte black or navy) can look stunning with the right lighting.
10. GET EXPERT HELP
If you're unsure about what will work best for your kitchen, consult with a kitchen designer or a contractor. They can help you make informed decisions based on your space, needs and budget.
11. ORDER SAMPLES OR vISIT SHOWROOMS
It's always a good idea to get a sample or visit a showroom to see the materials, finishes, and hardware in person. This allows you to better visualise how the cabinets will look in your space.
By considering these factors, you can choose kitchen cabinets that will both elevate the style of your kitchen and provide the functionality you need for cooking and storage. And lastly, don’t forget to enjoy the process!
YourPorter specialises in connecting household utilities ensuring your moving experience is made easy. Freedom – stay in total control, making choices to suit your needs be it cost, product features or supplier preference Our service comes at no cost and no obligation to you Simple – use our easy, online signup process or speak to one of our friendly consultants on the phone.
