Recent survey data from realestate.com.au sheds light on who is most interested in buying into new housing developments. When asked the question ‘Would you live in a housing development?’ over 60% of respondents said yes. Two main types of buyer When we dig deeper into the data, we can begin to carve out a typical housing development buyer persona, mainly based on people’s life stages. Although more than half of all respondents stated they would consider buying into a housing development, there were clearly two demographic groups evident: 1. Younger aspirational buyers Those most likely to buy in to a residential development are typically younger – under 35 years old – and are interested in investment properties. This aspirational group favour housing developments over established stock, and here are some reasons why this might be so: Established stock in premium areas tend to have a higher initial buy-in cost, compared […]
Newly released figures* show property values on the march over October, fueled by Australia’s three largest cities; Sydney, Melbourne and Brisbane. RP Data has revealed an increase in Australia’s capital city dwelling values of 1.3% in October, with the Sydney housing market the largest driver (a 5.5% increase in property values). The weakest performing city was Hobart, which showed a 0.6% decrease in value. Highest rental yields were seen in Darwin with a gross rental yield of 6.2% for houses and 6.3% for units. Lowest rental yields were seen in Melbourne with a gross rental yield of 3.4% for houses and 4.3% for units.
whopping 797 auction sales. According to the Real Estate Institute of Victoria nearly one billion dollars worth of property changed hands over the weekend of the 26-27 October – a record setting figure of $914 million worth of property sold by auction. 1460 properties were sold over the bumper weekend. 1064 went under the hammer, with a clearance rate of 73%. “Auction clearance rates have been above 70% for the past three months, and in such conditions the market should run strong until mid-December, with prices expected to rise”, said Enzo Raimondo, Chief Executive Officer, REIV “Currently the Melbourne median house price is $595,500, an increase of nearly 9%. If the market strength continues, this could well tip over $600,000 in the next quarter.”
The rate that stops the nation? Not this time, with the Reserve Bank of Australia’s announcement that the cash rate would stay put at 2.50% p.a. The move, or lack of one, was in line with economist predictions, and market conditions that have been turning a corner in recent months. Values are climbing, clearance rates are up with consumer confidence, and construction numbers are improving. But there’s enough uncertainty for the Board to hold fast rather than risking further change. Here’s some of what RBA Governor Glenn Stevens had to say: Volatility in financial markets has abated recently. Long-term interest rates remain very low and there is ample funding available for creditworthy borrowers. In Australia, the economy has been growing a bit below trend over the past year and the unemployment rate has edged higher. This is likely to persist in the near term, as the economy adjusts to lower […]
The Melbourne-Sydney rivalry dates back for centuries and has been linked to when the two states were fighting over the location of the new Federation’s parliament and even further back to the 1800s when the gold rush in Victoria fuelled population expansion. Whatever sparked this competitive spirit, it’s certainly a topic that hasn’t waned in modern times. Whether it’s “the coffee is better in Melbourne” or “the weather is better in Sydney” the tale of two cities continues to fire up passionate debate across culture, sports, politics and even the property market. When it comes to researching where to live, both cities have their pros and cons. Think cost of living, public transport, health system, community engagement and even the weather. However we wanted to dig a little deeper and find out what really matters to buyers in Melbourne and Sydney when they’re searching for their dream home, and the […]
