ACCC interest in REA an ‘excellent opportunity' for Domain: CoStar
Andy Florance, the chief executive of $US84 billion ($55 billion) real estate giant CoStar, told investors during an earnings call that he expected the company to take ownership of property sales portal Domain before the end of September.
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News.com.au
2 days ago
- News.com.au
RBA fallout: shock twist as home prices surge to record high nationally
Australian property prices have climbed again to another record high over the past month as buyers capitalising on interest rate cuts slug it out over a dwindling pool of fresh real estate listings. PropTrack figures released today revealed national values rose 0.3 per cent over July and are now about 5 per cent higher than they were at this time last year. Adelaide recorded the strongest growth in the country. Perth, Brisbane and Hobart also recorded high growth, while rises in Sydney and Melbourne were more subdued. Nationally it was the sixth successive monthly rise in prices but the smallest gain since the RBA announced the first of two interest rate cuts in February. REA Group economist Anne Flaherty said the Reserve Bank decision to keep interest rates on hold at its last monetary meeting in early July may have moderated the pace of price growth in some markets. 'It may have encouraged more caution among some buyers,' she said. PropTrack noted that the slower, steadier growth over July was also the result of a brutal tug of war emerging across key markets. Low listing levels and falling interest rates heated competition for property on one hand, but this was moderated by crushing affordability constraints and economic uncertainty. The result has been a mixed market, exhibiting characteristics of boom conditions in some city suburbs but a slowdown in others. Agents revealed demand in the bigger capitals has also been more listing-specific than usual. Buyers normally gravitate more toward the best quality stock but this trend has been even more pronounced than usual. Part of the reason is that much of the activity pushing prices up appears to be coming from upsizers, who can often be more selective with their property choices. Investors and first-home buyers, who often snap up the more dated homes or those with some drawbacks like a location on a busier road, have been less active. The result is a situation where older housing or properties with major drawbacks are lingering on the market, while the top listings in 'blue chip' suburbs are attracting extreme levels of demand. Smaller capitals like Adelaide and Perth have even been an exception, attracting high levels of interstate investment activity largely because of the lower prices and prospect more capital growth. 'Adelaide growth has been more surprising because it has outperformed the rest of the country for so long,' Ms Flaherty said. 'Investors are having a huge effect there. That's part of what's driving up prices and putting Adelaide ahead of the rest of the country for home price rises.' PropTrack revealed that capital city growth exceeded rises in regional real estate markets over recent months. This was a trend that had been fairly entrenched since the prior interest rate hikes of 2022 of 2023, which had sent buyers searching for cheaper markets offering better value. Ms Flaherty said another reason cities like Adelaide and Brisbane were outperforming was because of the extreme price rises they had recorded over the last five years. She pointed out that Brisbane prices were an average of close to double what they were in 2020, with Adelaide seeing a similar but smaller rise. 'There are many homeowners who now have a lot of equity they can use to upgrade to their next house and all that extra spending pushes up prices even more.'
News.com.au
2 days ago
- News.com.au
Darwin home prices hit new high
Darwin home prices have risen to a new peak in July with fresh data revealing the unit market outperformed the house market year-on-year. The latest PropTrack Home Price Index revealed home prices in Darwin were up 0.07 per cent in July, pushing them up 6.6 per cent to a median of $531,000. The median house price was up 0.03 per cent month-on-month and 6.48 per cent year-on-year to $604,000. In the unit market, the median was $410,000, up 0.2 per cent in July and 7.44 per cent in the past 12 months. REA Group economist Anne Flaherty said while Darwin home prices increased 34.73 per cent in the past five year, the city remained the most affordable capital in the country. Sydney was in first place with a median home price of $1.19m, followed by Brisbane ($919,000), Perth ($847,000), Adelaide ($845,000), ACT ($835,000), Melbourne ($824,000) and Hobart ($665,000). The report found regional NT home prices lifted 0.06 per cent over the month to sit 2.72 per cent higher year-on-year in July, yet remained 2.3 per cent below their peak in June 2022. 'Over the last five years, regional NT home prices have grown 9.6 per cent – the smallest growth of all markets,' she said. The PropTrack report showed Australia's median home price hit a new record high in July, rising by 0.3 per cent across the month and 4.9 per cent across the year to $827,000. 'The median value of a house is now sitting at $915,000 nationally, with units at $678,000,' Ms Flaherty said. 'Despite the Reserve Bank's surprise decision to keep interest rates on hold in July, prices rose in all cities bar Canberra. 'Yet the pace of growth did slow down in July, resulting in the smallest monthly growth seen this year.' Ms Flaherty said regional areas outperformed capital cities counterparts in most markets, recording stronger growth over both the month and the year. 'South Australia remains the strongest market, with Adelaide and regional SA the two top performing regions in the country,' she said. 'While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years. 'Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.'
News.com.au
2 days ago
- News.com.au
Gold Coast home prices surge to new record high
The Gold Coast's sizzling housing market has defied gravity by smashing out a new home price record, despite affordability constraints slowing the pace of growth. The latest PropTrack Home Price Index, released Friday, reveals the median home price (houses and units) rose to $1.08m in July — up 2.4 per cent compared to three months ago. Over the past 12 months, the Gold Coast has recorded home price growth of nine per cent. Across regional Queensland, home prices were up 0.6 per cent over the month, hitting a new peak, and they have grown nearly 10 per cent in the past financial year. Townsville was the state's strongest performer over the past 12 months, with its median home price climbing 16.7 per cent to $551,000, followed by Mackay at $557,000 (up 14.5 per cent). Home prices in regional Queensland have almost doubled over the past five years, rising a whopping 90 per cent. MORE: Shock as lenders slash rates to lowest level in 2 years off cycle REA Group senior economist Anne Flaherty said home prices continued to rise across Queensland last month, despite the Reserve Bank's surprise decision to keep interest rates on hold in July. 'While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years,' Ms Flaherty said. 'Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.' The biggest recorded sale on the Gold Coast in July was that of a penthouse sold off-the-plan for a staggering $19.5 million. A Gold Coast businessman bought the full-floor apartment on Level 36 of the 38-level Royale Gold Coast building, still under construction. Developer David Devine said the latest penthouse sale, which follows a $19.1m sale in the same building in May, demonstrated strong demand for premium beachfront developments on the Gold Coast. 'The Royale site is one of the most valuable beachfront parcels in the country, and our vision from the beginning was to create something of six-star international standard,' Mr Devine said. Another big sale on the Gold Coast in July was that of a waterfront home at 315 Monaco St, Broadbeach Waters, which was marketed by Michael Kollosche of Kollosche and sold for $10.6m under the hammer. Other notable sales during the month were a five-bedroom home at 74 Admiralty Dr, Paradise Waters, which fetched $6.6m, and a six-bedroom home at 139 Allambi Ave, Broadbeach Waters, which changed hands for $6.75m. A report by InfoTrack found the highest number of unit sales in Queensland over the past quarter were in Surfers Paradise, followed by Southport and Hope Island, while the biggest share of house sales were in Ormeau and Pimpama. InfoTrack's head of property Australia, Lee Bailie, said the fringe Gold Coast suburbs of Ormeau and Pimpama continued to attract buyers. 'Situated in the northern Gold Coast region, Ormeau's strategic location between Brisbane and the Gold Coast makes it an attractive choice for families, professionals, and investors,' Mr Bailie said.
