July report.
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July report.
From our corporate director. Dean O’Brien
"Records" As we do at the start of each month, we report on the data Corelogic just released for the last month. Nationally the market has recorded its strongest annual growth in 17 years. Two capital cities in Hobart and Darwin lead the country with growth at 21.9 and 23.4% respectively.
Vic Metro Median House Price growth slowed marginally over July, but still added 1.7% growth to prices which brings the median price for houses to $945,769, units increased modestly by 0.4% to a median of $612,711. Vic Regional Median House Price growth was similar, accelerating by 1.5% in July bringing the median price for houses to $527,098 with unit prices increasing fractionally under that with 1.4% growth resulting in a median of $358,860. Looking at the next graph on rental yields you’ll see that
annual changes in rents for houses have continued its strong momentum since the moratorium ended late March, with rent growth for houses now at 2.8% over the last 12 months increasing from 2.3% from last month. Rent in units also increased over the month, bringing the annual change in rents to now being a negative 4.9% in rental price growth.
The Australian Bureau of Statistics reported the biggest lift in Home Lending Credit in 11 years for June although credit card growth with the major banks has fallen 7.1% for the year. Price growth pressure across the country can be felt through most businesses and consumers, many exporters are experiencing great conditions, characterised by high demand, the weaker Aussie dollar and strong price growth, but construction companies, some primary producers and manufacturers are being hit by higher raw material costs.
We sell more. A snapshot of last months sales.
Average sale price.
$765,711 Address
Sale price. High.
Low.
$1.650M
$130K
Suburb
Number of suburbs sold in.
31
Sale Price
1/639 Mountain Highway
Bayswater
3
2
2
$800,000
4 Katandra Court
Bayswater
3
2
2
$905,000
2 Bemersyde Drive
Berwick
3
1
4
$725,000
2/15 Evan Street
Berwick
2
2
1
$525,000
8 Lysanne Crescent
Berwick
4
2
2
$1,045,000
44 Allardice Parade
Berwick
4
2
2
$900,000
6 Astrid Court
Berwick
5
3
2
$1,350,000
70 Warneet Road
Blind Bight
3
1
0
$560,000
1 Denby Court
Boronia
3
2
1
$889,000
13 Lachlan Road
Boronia
3
1
1
$857,000
29 Limeburner Grove
Botanic Ridge
4
2
2
$1,040,000
16 Bottletree Road
Botanic Ridge
3
2
2
$630,000
70 Royal St Georges Chase
Botanic Ridge
4
3
2
$1,100,000
32/5 Archibald Street,
Box Hill
1
1
0
$130,000
54 Cannons Creek Road
Cannons Creek
4
2
2
$725,000
90 Craigs Lane
Cannons Creek
4
2
2
$1,650,000
112 Beechers Road
Clyde
4
2
1
$1,370,000
4 Crop Court
Clyde
3
2
1
$562,000
We sell more. Address
Sale Price
Suburb
32 Freiberger Grove
Clyde North
4
2
2
$620,000
18 Violet Way
Cranbourne
3
2
2
$555,000
2/137 Narre Warren Road
Cranbourne
3
1
1
$407,500
21 Pipetrack Circuit
Cranbourne East
4
2
1
$547,000
33 McAllister Drive
Cranbourne East
4
2
2
$669,500
9 Duce Street
Cranbourne East
4
2
3
$980,000
7 Honeysuckle Court
Cranbourne North
4
1
2
$650,000
14 Rebecca Court
Cranbourne North
3
2
2
$640,000
3 Ogle Way
Cranbourne North
4
2
2
$720,000
19 Dellinea Street
Cranbourne North
3
2
1
$550,000
24 Maltravers Crescent
Cranbourne North
4
2
0
$641,000
4 Scarlet Ash Drive
Cranbourne West
5
3
3
$975,000
17/6 Huckson Street
Dandenong
2
1
2
$420,000
2/56-58 Jesson Crescent
Dandenong
2
1
1
$475,000
26 Grace Avenue
Dandenong
3
1
2
$840,000
2 Ascot Court
Dandenong North
4
2
2
$890,000
2/15 Beswick Street
Garfield
4
3
2
$740,000
1/8 Hayes Road
Hampton Park
2
1
1
$430,000
8/282 Riversdale Road
Hawthorn East
1
1
1
$480,000
We sell more. Address
Suburb
3 Heather Court
Koo Wee Rup
4
2
2
$655,000
42 Aylmer Road
Lynbrook
4
2
2
$815,000
73 Brookwater Parade
Lyndhurst
4
2
2
$750,000
11 Alton Court
Narre Warren
3
2
2
$710,000
42 Tarcoola Drive
Narre Warren
3
2
4
$707,500
5 Jolimont Place
Narre Warren
4
2
4
$810,000
5 Merriwee Grove
Narre Warren South
4
2
2
$945,000
7 Longfield Way
Narre Warren South
5
2
2
$740,000
39 Avondale Street
Officer
74 Peterson Road
Officer
4
3
6
$1,280,000
36 Petaluma Crescent
Officer
4
2
2
$850,000
30 Flinders Park Drive
Officer
3
2
2
$650,000
3 Laurina Link
Pakenham
4
2
2
$655,000
2 Apple Street
Pearcedale
3
1
2
$675,000
27/7 Turnbull Court
Ringwood
2
1
2
$645,000
17/2 Coventry Drive
Sandhurst
3
2
2
$640,000
16 Bakewell Street
Tooradin
3
1
1
$570,000
16A Bakewell Street
Tooradin
3
2
2
$695,000
1 Gatwick Close
Wantirna
4
2
2
$1,480,000
22 Arthur Street
Wantirna South
3
2
2
$930,000
Sale Price
Land
$450,000
We lease more. A snapshot of last months leases.
Average weekly rent.
$424
Average monthly rent.
$1,841
Address
Rental price p/w. High.
Low.
Number of suburbs leased in.
$997 $198 Leased price p/w
Suburb
29
Leased price p/m
105 Manestar Rd
Beaconsfield Upper
3
2
4
$997
$4,333
1 Carluke Cl
Berwick
3
2
2
$400
$1,738
10/36 Peel St
Berwick
3
2
2
$700
$3,042
26 Masquerade Road
Berwick
3
2
2
$450
$1,955
16 Hillsborough Crescent
Berwick
3
2
2
$420
$1,825
59 Earlsfield Drive
Berwick
3
2
2
$480
$2,086
5/24 Stonehaven Avenue
Boronia
3
2
2
$410
$1,782
61 Kingswood Drive
Chirnside Park
3
2
2
$510
$2,216
2/39 Rayhur Street
Clayton South
2
1
1
$350
$1,521
16 (lot 868) Switch Street
Clyde
0
0
0
$420
$1,825
2 Hopkins St
Clyde
3
2
2
$370
$1,608
47 Creekside St
Clyde
3
2
2
$430
$1,869
14 Burnett Way
Clyde North
4
2
2
$400
$1,738
22 Blacksmith Way
Clyde North
4
2
2
$425
$1,847
33 Amesbury Way
Clyde North
4
2
2
$430
$1,868
27 Fenway Bvd
Clyde North
4
2
2
$450
$1,955
31 (Lot 1015) Keskadale Way
Clyde North
4
2
2
$425
$1,847
25 Cortajalla Avenue
Clyde North
4
2
1
$350
$1,521
30 Jackwood Drive
Clyde North
3
2
2
$420
$1,825
We lease more. Address
Leased price Leased price p/w p/m
Suburb
25 Mossman Dr
Cranbourne
3
2
1
$370
$1,608
11 Delmont Court
Cranbourne
3
1
2
$340
$1,477
16 Nest Circuit
Cranbourne
4
2
2
$450
$1,955
2 Duff St, Cranbourne
Cranbourne
2
1
1
$380
$1,651
25 Chomley St
Cranbourne
3
1
2
$380
$1,651
25 Clairmont Ave
Cranbourne
3
1
2
$420
$1,825
34 Cranbourne Drive
Cranbourne
3
1
1
$385
$1,673
24 Fernisky Drive
Cranbourne East
3
2
2
$350
$1,521
13 Blue Bush Way
Cranbourne East
3
2
2
$420
$1,825
17 Artfield
Cranbourne East
0
0
0
$460
$1,999
6 Gabriella Ct
Cranbourne North
3
2
2
$430
$1,869
1/14 Cook Court
Cranbourne North
0
0
0
$400
$1,738
11/4 Blueberry Cl
Cranbourne North
2
1
1
$305
$1,325
17 Scott Rd,
Cranbourne South
3
1
4
$650
$2,824
15 Queensberry St.
Cranbourne West
3
2
1
$430
$1,868
16/220-222 Monahans Road Cranbourne West
3
2
2
$380
$1,651
5/27 New Street
Dandenong
2
1
1
$365
$1,586
101/80 Cheltenham Road
Dandenong
1
1
1
$310
$1,347
12/80 Cheltenham Road
Dandenong
1
1
0
$275
$1,195
2/3a Baileyana Drive
Endeavour Hills
2
2
1
$375
$1,629
107 Cambden Park Parade
Ferntree Gully
3
1
2
$410
$1,782
We lease more. Address 7 Gardenia Drive
Suburb Gardenia
Leased price Leased price p/w p/m 4
2
1
$400
$1,738
41 Karoonda Way
Hampton Park
4
2
2
$400
$1,738
29 Houlder Ave
Junction Village
3
1
3
$400
$1,738
2/28 Coromandel Crescent
Knoxfield
4
2
2
$550
$2,390
3/28 Coromandel Crescent
Knoxfield
4
2
2
$575
$2,499
40 Demmie Mews
Lyndhusrst
2
1
1
$340
$1,477
1/9 Azalea Court
Narre Warren
2
1
0
$330
$1,434
317 Ormond Rd
Narre Warren South
3
2
2
$430
$1,868
7/13 Joy Parade
Noble Park
2
1
1
$290
$1,260
50 Golf Road
Oakleigh South
3
1
2
$449
$1,950
11/18-20 Rogers Street
Pakenham
3
1
1
$320
$1,390
124 Blue Horizons Way
Pakenham
4
2
2
$400
$1,738
49 Villella Drive
Pakenham
4
2
2
$390
$1,695
7 The Ridgeway
Pakenham
5
2
2
$480
$2,086
11 Ivory Crescent
Springvale South
3
2
1
$198
$860
13 Eton Square
Wantirna
3
2
2
$510
$2,216
1/3 Tilba Place
Wantirna South
2
1
1
$400
$1,738
14 Botanic Place
Wantirna South
3
2
1
$470
$2,042
34 Darnley Grove
Wheelers Hill
4
2
2
$540
$2,346
Melbourne’s median house price jumps 16.2 per cent in a year to record $1,022,927: Domain House Price Report ELI ZABETH REDMAN SENIO R NEWS PRO DUCER JUL 29 , 2021 Melbourne’s median house price has soared past $1 million, defying the pandemic to set a record and raise fresh fears over housing affordability. Ultra-low interest rates have prompted a rush of home buyers, sending house prices up 16.2 per cent to a median of $1,022,927 over the past year, the latest Domain House Price Report for the June quarter, released on Thursday, shows. Prices rose by about $445 per day in the three months to June, or 4.1 per cent, despite a snap lockdown in the quarter. Even units are at a record high median price of $572,793, which is 5.2 per cent higher than a year ago, although the apartment market is patchy with weakness in the CBD. Months of lockdown have revealed the flaws in existing living arrangements, with a wave of Melburnians keen to upsize into more spacious abodes with a home office. Armed with cheap mortgage rates, savings from cancelled international travel or entertainment, government stimulus, and parental gifts, buyers are competing hard for the few homes for sale. The result is the strongest annual price rise in 11 years, Domain chief of research and economics Nicola Powell said. “We’ve placed a greater emphasis on our homes because we’re spending more time in them,” Dr Powell said. “It’s spurred on purchases, or it’s brought forward decisions.” Prices were set to keep rising, although not at the same “frantic” pace as affordability bites and more supply came onto the market when sellers were enticed by record prices, she said. “The seven-figure median is really such a psychological hurdle [for buyers] … It really is disheartening for first-home buyers when you’re staring down the barrel of a million-dollar median,” she said. Buyer’s agent Cate Bakos has seen a fear of missing out among auction bidders, especially upgraders or expectant parents, sometimes with help in hand from the Bank of Mum and Dad. “[I’m] seeing prices that are eclipsing where I would have thought was not possible,” the Real Estate Buyer’s Agents Association president said. “I’ve seen parental support even with upgraders … parents are gifting them $50,000 or $100,000, and that’s on top of their budget.” The price rises are broad-based across the city, with several individual regions posting double-digit gains. Sea-changers sent Mornington Peninsula house prices up 21.8 per cent in a year to a median of $895,000, while other big movers were the outer eastern suburbs (up 17.2 per cent to $860,000) and the inner south (up 16.5 per cent to $1.49 million). The inner suburbs and north-east each rose by at least 10 per cent. Anna and Baden Holmes have spent a couple of years looking to buy in Beaumaris, hoping to purchase first and sell their Cheltenham home later. With few houses for sale in the area, auctions
have been quite competitive, and the family narrowly missed out on winning a few. Since prices have soared, they have changed tack to opt for the certainty of selling before they buy and will shortly list their home for sale. “The house market around here has exploded, and houses are going for much more than we even thought they would, so we’re not sure on how much more we’re going to have to spend,” she said. “We might get more for our home now, but also, we’re going to have to pay more to go to the next suburb, so that’s a little bit scary for us.” Their agent, Ray White Cheltenham’s Kevin Chokshi, said many family homes in his area were selling for more than $1.5 million, while $1 million properties tend to be land value only. “We haven’t sold a single-family home on a parcel of land under $1 million in months now,” he said.
ANZ senior economist Felicity Emmett, who in March forecast a 16 per cent jump in Melbourne housing prices over 2021 that could lock out some aspiring first-home buyers, said property prices were surging, especially with investors coming back into the market. “We’ve been forecasting very strong increases in prices this year, but it still does actually surprise me given that there has been so much uncertainty about the outlook, and we did have a period there where unemployment was very high,” she said. “Clearly, the impact of these very low interest rates and the prospect of them staying low for some years is outweighing all the uncertainty.” She expects the strength to continue, albeit not at the same pace as fixed interest rates edge up, more home owners list their properties for sale, and the bank regulator looked likely to step in with limits on home borrowing.
Reserve Bank of Australia research in 2019 found a permanent one percentage point cut in the cash rate would result in 30 per cent house price growth after three years. That report’s author, now chief economist for the Centre for Independent Studies Peter Tulip, said with lower rates than ever, house prices would keep rising for a while, although it was harder to predict a few years from now. “There is going to be a lot of momentum in house prices,” he said. “The fact that house prices have risen strongly in the second quarter of 2021 means that they are very likely to grow very quickly in the rest of 2021.” Jellis Craig managing director Steven Abbott said April, May and June had been “very busy, almost hectic”, with high demand for family homes. Built-up demand from previous lockdowns and a fear of missing out meant the market was buoyant before the latest stay-at-home rules, he said. “Coming out of that, we can’t see any reason why that would change,” he said. “We think it’ll be a healthy, buoyant, equally dynamic AugustSeptember.” Article Source: www.domain.com.au
Local Grahram Jeffries says the regions population has changed, “from Holden Commodores to Land Rovers”. Photo: Belinda VanZanen
“It’s absolutely crazy”: Why this region is so hot right now LARISSA DUBECKIWRITER
Easter hasn’t been the same along the Surf Coast since COVID-19 came along. Normally, that holiday period sees Torquay and surrounding seaside towns pumping with people lured by the Rip Curl Pro, the internationally famous surfing competition held at Bells Beach every year since 1961. It’s said to bring $8 million into the area annually, along with 35,000 visitors, so it was no small beer when COVID-19 forced the competition to be cancelled in 2020 and moved to NSW this year.
Local agents have seen a surge in demand from all kinds of buyers. Photo: Belinda VanZanen
“I had an auction in Anglesea where there was a reserve of $1.8 million, and it went for $2.38 million. There were 12 bidders pushing it up.” The successful party purchased it for use as a holiday house, but in a new trend on the Surf Coast, which stretches from the outskirts of Geelong to just past Lorne, they were trading up from their existing Anglesea holiday home. “People are seeing the money they can get at the moment and just thinking, ‘Why not?’” Maher says. “Zoom justifies the trade-up, and they already have a commitment to the area.” Hugging the coastline is high on the agenda of many Victorians as people plan their holidays closer to home. It’s good news for the Surf Coast’s bull-market hospitality scene, with restaurants enjoying much higher patronage (albeit with density restrictions) than they do in less unusual winter seasons.
There are reports of summer-level business along the coast, even in the depths of winter. Photo: Rob Blackburn Bells Beach, mostly known for hosting the Rip Curl Pro. Photo: Mark Chew
But surf hounds and businesses can breathe a bit easier with the news of an agreement between the state government and surfing’s governing body to commit to staging the competition at Bells Beach from next year until at least 2024. The pandemic has led to the cancellation of other major events on the Surf Coast, including this year’s cycling international Cadel Evans Great Ocean Road Race and Race Torquay. But where organised sport has left off, the real estate market has picked up. “It’s absolutely crazy,” says longtime agent Marty Maher of Great Ocean Properties.
Chef Graham Jeffries, co-owner of the hatted restaurant Tulip in Geelong, chose Torquay to open his latest restaurant, Samesyn, at the end of 2019. “It’s busy down here right now,” he says. “There are a lot of people around, so it feels summery even though it’s the dead of winter.” A long-time Torquay resident, Jeffries has seen the town change “from Holden Commodores to Land Rovers”, although it’s not necessarily good for everyone. “One of the big problems for a hospitality business is there’s nowhere for staff to live down here. There are literally no rentals, and houses are being sold for millions to put on Airbnb. A lot of friends have moved to Winchelsea (in the Surf Coast hinterland) where they can find something affordable.” Article Source: www.domain.com.au
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