Latest news with #Creagh
Herald Sun
2 days ago
- Business
- Herald Sun
Melbourne property prices rise again amid renewed demand
Melbourne is gaining momentum for home price growth in June, with new PropTrack data confirming the city's long-awaited property market recovery is finally taking hold. Photo: iStock Melbourne's housing market is gaining momentum, with new figures showing prices have risen for a second consecutive month and annual growth turned positive for the first time in more than two years. PropTrack's latest Home Price Index reveals home values climbed 0.3 per cent in June, taking Melbourne's annual growth to 1 per cent. The median home value now sits at $818,000, up $10,600 over the past year, despite remaining 1.1 per cent below the March 2022 peak. RELATED: Hamptons-style Melb home set to turn heads Auction twist as newcomers seize Greenvale keys Melb's ultimate $10m+ property checklist PropTrack senior economist Eleanor Creagh said it was a clear sign the city had turned the corner. 'Melbourne has been one of the weakest-performing capital city markets over the past five years, but we are now seeing momentum return,' Ms Creagh said. 'That's largely due to improved buyer confidence off the back of expected rate cuts and Melbourne's relative affordability, especially when compared to cities like Sydney and Brisbane.' PropTrack senior economist Eleanor Creagh says momentum is building in Melbourne's market, with confidence returning and values rising for a fourth straight month. New data reveals how Melbourne's property market is bouncing back, with values rising and buyer demand heating up across the city. Melbourne's $3000 month on month keeps the city's median dwelling price – combining houses and units – below Adelaide, Brisbane, Perth and Sydney in June. Ms Creagh said unit values, now just 3.6 per cent shy of their previous peak, are benefiting as buyers 'move down the value chain', she added. O'Brien Frankston director Mark Burke said outer-metro property markets were heating up, driven by increased activity from first-home buyers and interstate investors. 'There's definitely momentum building across the city,' Mr Burke said. Buyers are back in force at Melbourne auctions, with intense competition and rising confidence driving up home values across the city. 'Interest rates are expected to drop further, and we all know what happens then, prices go up. 'Buyer's agents are often bidding on behalf of Sydney clients now, at one auction we had 12 registered bidders, but a few big knockout bids quickly wiped out the competition.' While regional Victoria posted a slower 0.1 per cent rise in June, Ms Creagh said standout markets were Bendigo, Ballarat and northwest Victoria where annual growth was up to 4.25 per cent. This renovated Frankston North home sold for $852,000, showing Melbourne's gaining momentum. Geelong, the state's largest regional city, saw unit prices rise 1.1 per cent over the past quarter to a median of $555,000 and house prices rise 0.71 per cent in to $761,000. 'It's a value-driven shift that's reshaping growth across the state,' Ms Creagh said. Melbourne Property Advocates director Simon Murphy says buyers priced out of the city are turning to regional hubs like Bendigo for better value and growth potential. Melbourne Property Advocates director Simon Murphy said affordability was also drawing interest to regional areas. 'Buyers who once looked in suburbs like Sunshine are now turning to Bendigo, where $650,000 can buy a home, allow for renovations, and deliver $200,000 in equity gains before you even move in,' Mr Murphy said. Jellis Craig Bendigo director Matt Leonard said the regional city remained a hot spot, even with higher taxes in Victoria. 'We're now dealing with buyers' advocates from WA, QLD, SA and NSW, all chasing investment properties here,' Mr Leonard said. PROPTRACK HOME PRICE INDEX JUNE 2025 Region Monthly Growth % Annual Growth % Annual Growth $ Sydney 0.5% 3.3% $47,500 Melbourne 0.3% 1.0% $10,600 Brisbane 0.3% 8.3% $74,800 Adelaide 0.6% 9.8% $71,500 Perth 0.3% 7.8% $64,700 Hobart 0.5% 2.3% $14,300 Darwin 0.2% 5.8% $31,900 Canberra 0.3% 0.5% $15,200 Capital cities 0.4% 4.1% $43,900 Regional NSW 0.3% 4.3% $33,100 Regional Vic 0.1% 1.2% $13,200 Regional Qld 0.5% 9.2% $70,700 Regional SA 0.4% 12.9% $56,400 Regional WA 0.4% 10.9% $51,400 Regional Tas 0.1% 3.3% $19,700 Regional NT 0.1% 1.5% $1,700 Regional areas 0.3% 6.0% $40,900 Nationally 0.4% 4.6% $40,900 Source: PropTrack Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: James Packer's new deal at Melbourne supermarket site Inside 'Hospitality Yoda's luxe Melb home Tragic side of Aus housing crisis exposed
Courier-Mail
2 days ago
- Business
- Courier-Mail
$74,800 rise: Brisbane hits $1m as Qld set to boom
Brisbane has officially joined the ranks of the world's million-dollar house markets, with home prices soaring by the largest dollar increase among all Australian capital cities. The latest PropTrack Home Price Index, released Tuesday, has locked in the Queensland capital's median house price at $1.015m, as it flagged a fresh boom in prices out of regional Queensland. MORE: Mapped: Owners of Aus' trashed islands named Australia's 'most attractive' handout revealed MORE: All the tax write offs Aussies can claim ATO's dragnet: Millions of side hustles face shock tax bill Brisbane homes (houses and units) spiked by the equivalent of an average salary, rising $74,800 in the past 12 months without owners lifting a finger – with the biggest driver coming out of units which jumped a massive 12.9 per cent, up $82,300 in just one year to $708,000, while houses rose by $68,300 (6.93pc) to notch its $1.015m level. Brisbane's median price for all dwellings now sits at $908,000, marking an 8.26pc increase for the year to June, but experts are predicting the next big surge will come from regional Queensland, which is already outpacing Brisbane, seeing its home price rise 9.2pc in 12 months to $719,000 — a jump of $70,700 in one year. Townsville leads the charge as not just the strongest Queensland SA4 region but the top performer in Australia, with an 18.7pc rise in its median home price to $546,000 over the past year. MORE: Foreign investor's abandoned island for sale Cash-strap student turns $40k to 38 homes Mackay-Isaac-Whitsunday recorded a 14.98pc surge, bringing its median to $550,000, closely followed by Central Queensland's 14.72pc rise to $531,000. Areas west of Brisbane city also showed strong results: Toowoomba rose 13.01pc to $674,000, Ipswich increased 11.36pc to $754,000, and Darling Downs-Maranoa jumped 9.98pc to $457,000. Across regional Queensland, Wide Bay notched a 9.69pc rise to $596,000, Cairns climbed 8.62pc to $571,000, Gold Coast rose 8.02pc to $1.066m, Queensland-Outback increased 6.74pc to $267,000, and Sunshine Coast was up 5.23pc to $1.076m. REA Group senior economist Eleanor Creagh said Brisbane continued to see strong performance despite affordability constraints slowing the pace of growth. 'Prices are continuing to lift, and we're expecting that they will continue to do so,' she said. 'Affordability is a significant challenge even with interest rates falling.' Ms Creagh said many existing homeowners were now using accumulated equity to upgrade or purchase investment properties, often less expensive options on Brisbane's outskirts or in regional Queensland. MORE: Govt pays $3.3m for unliveable derelict house Shock as city's distressed home listings surge 36pc in one month Real Estate Institute of Queensland head Antonia Mercorella said there was extraordinary strength in Queensland's property market. 'Brisbane is playing catch up,' she said. 'Quite frankly, we have often been overlooked, Sydney and Melbourne have been the cities to watch.' Ms Mercorella expected to see a flight of investment capital to more affordable areas, especially across Queensland's regions. 'Regional Queensland, even though we have seen strong price growth as a general rule, is a more affordable option compared to the southeast corner in many cases.' MORE: Rate cut windfall: Aus big bank's shock new forecast But she warned new housing supply would ultimately determine how prices shape up. 'When we're talking about affordability and accessibility, all roads lead back to supply.' 'Anyone who's trying to get their foot on the ladder is all too familiar with this price growth,' she said. 'It's timely that the government's shared equity scheme beginning this month has a threshold of $1m reflecting market reality.' Across the greater Brisbane region's SA4s, Brisbane-North was up 9.78pc to $1.019m, Moreton Bay-North rose 9.37pc to $825,000, Logan-Beaudesert increased 8.4pc to $784,000, Brisbane-East climbed 8.22pc to $1.027m, Moreton Bay-South jumped 7.7pc to $902,000, Brisbane Inner City rose 7.21pc to $940,000, Brisbane-South increased 6.42pc to $1.159m, and Brisbane-West climbed 6.02pc to $1.191m. MORE REAL ESTATE NEWS
West Australian
06-06-2025
- Business
- West Australian
Ora Banda 35% lift leaves output just shy of 2025 WA gold target
ASX-listed gold producer Ora Banda Mining has flagged a hefty 35 per cent lift in its annual gold output to 95,000 ounces at its Davyhurst project in Western Australia's renowned Goldfields region. However, the company will land just shy of its 2025 production and cost guidance after encountering delays in a key mill upgrade. Ora Banda says gold production for April and May clocked in at 12,100 ounces and the June quarter is expected to deliver about 24,500 ounces. If June hits its forecast of up to 12,500 ounces, Ora Banda will end the financial year 5 per cent short of its lower end guidance of 100,000 ounces. All-in sustaining costs are tipped to come in at about $2600 per gold ounce, or 4 per cent above the company's previously guided high-end estimate of $2500 per ounce. Keen to emphasise the upside, management points out that the expected 2025 total represents a significant lift over last year's 70,000-ounce result and that recent processing bottlenecks are now behind them. A planned upgrade to install new lifters and liners to the mine's primary mill presented a key challenge in the past few months and the commissioning process dragged on longer than anticipated, disrupting output for April and May. With the works now completed, the plant is now nailing throughput rates of up to 4,000 tonnes per day. Meanwhile, the company is hitting its stride on the mining front. Production from Ora Banda's Riverina and Sand King pits is forecast to contribute a combined 14,500 ounces in June alone. Riverina is in steady-state production, while Sand King is ramping up following a restart. Ora Banda is also sitting on a healthy ore stockpile, built up during the processing plant's downtime. At the end of May, the company had 83,000 tonnes of medium-grade ore at 2.8 grams per tonne (g/t) for 7,500 ounces and 114,000t of low-grade material grading 1.2g/t for an additional 4,400 ounces. Three years ago, Davyhurst was treading water, churning out just 12,000 ounces of gold per quarter with grades barely hitting 1.5g/t. That changed when seasoned mining hand Luke Creagh took Ora Banda's reins as managing director. In a stunning turnaround, Creagh breathed new life into the ageing project, doubling production and proving the doubters wrong on an asset many had already written off as yesterday's story. Davyhurst now has two operating underground mines, with the Riverina deposit initially pulling much of the weight and half filling the 1.3 million-tonne processing plant. During the past six months, management's priority has moved to getting the company's newer Sand King deposit up to speed to fill the mill full of high-grade feed. The move will provide Ora Banda with another significant inflection point for increased production and cash flow. The company has also recently knocked it out of the park with some sizzling, high-grade intercepts at its new Little Gem discovery, south of its Riverina gold camp. Best hits at Little Gem included a whopping 22.7 metres grading 5g/t gold from 481m, including a red-hot 6.2m section running at 10.8g/t. The same hole kept giving, with a further 10.9m slice of 6.4g/t gold just 40m further down. Notably, the find appears to link up a chain of prospects from British Lion, through Little Gem and down to the 32,000-ounce Sunraysia deposit. The company beat a quick march back to site, with the drill rigs now smashing out a 16-hole follow-up blitz to see what other treasures may be lurking beneath. At the end of March, Ora Banda sat on an eye-watering cash pile of $80.7 million, giving it plenty of firepower to chase discoveries and fast-track extension drilling at Riverina and Sand King. The company is aiming to grow the project's 1.95-million-ounce global resource grading 2.6g/t gold. With the upgraded plant now hitting full stride and mining firing on all cylinders, Ora Banda looks primed for a big year ahead, backed by solid stockpiles and a clear runway to hit its 150,000-ounce annual gold target. Despite falling slightly short of guidance this year, Ora Banda's production trajectory remains firmly upward. With its key infrastructure hurdles now resolved, Ora Banda's push to become a mid-tier Aussie gold producer appears on track to continue. Is your ASX-listed company doing something interesting? Contact:
Herald Sun
01-06-2025
- Business
- Herald Sun
Interest rate cut has immediate impact on Geelong home prices
Geelong's property market is just a chip-shot away from making up the ground lost in home prices over the past 12 months, new data shows. The latest PropTrack Home Price Index results reveals the median home price in Geelong ended May just .67 per cent shy of the value recorded at the same time last year. It marks a quick turnaround as the Reserve Bank locked in the second interest-rate cut in 2025 a fortnight after the government banked a stunning federal election win. RELATED: 'Biggest challenge' facing Geelong's population success Geelong tops Australia's regional migration rankings East Geelong character home sells $120k above reserve Geelong's median house price reached $893,000 in May, according to the PropTrack figures, just shy of the figure recorded in 2024. The value of a typical unit is up on all measures, reaching $612,000 by the end of May. PropTrack senior economist Eleanor Creagh said Geelong was not far off returning to positive territory on annual terms. 'It's a bit of a chip shot, and it's likely that prices are going to continue lifting throughout the remainder of 2025,' Ms Creagh said. 'We're seeing that price momentum has increased and broadened with interest rates falling. 'And we know that lower interest rates have lifted borrowing capacities and boosted buyer demand, and of course, with further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions. 'And as a result, we're seeing that growth momentum has increased, underpinned by improving buyer sentiment and confidence.' Ms Creagh said it appears that interest rates moving lower has buoyed buyer confidence. 'I think people are anticipating that interest rates are going to continue to move lower already and that prices are going to continue to rise.' The fast turnaround comes regional prices outpaced the combined capitals. Regional home prices are now 65 per cent higher than their levels five years ago. The turnaround in buyer sentiment after an interest-rate cut comes amid continued strong population growth on the back of nation-leading internal migration figures. More than 10 per cent of people moving to regional Australia have settled in Geelong, the Regional Australia Institute data from the Regional Movers Index revealed. McGrath, Geelong agent David Cortous said the changing sentiment was already visible on the streets, with more people attending inspections, watching auctions and in some cases competing for properties. 'The Geelong market has been flat on price to two years now,' Mr Cortous said. 'We're starting to see that multiple buyers are back on properties now and we're selling through stock that's been sitting there. That's an indicator that the needle is moving.'
Sky News AU
30-05-2025
- Business
- Sky News AU
Labor needs to 'step up the pace' after housing approvals slump, REA Group senior economist Eleanor Creagh declares
Labor needs to 'step up the pace' to fulfil its ambitious housing target, an economist has warned as the rate of building approvals in Australia recently slumped. Dwelling approvals fell 5.7 per cent in April, according to the Australian Bureau of Statistics, coming in well below market expectations and causing concern as the nation continues to grapple with a housing shortage. While the approval trend has been positive over the past year and a half, the recent downturn is a thorn in the side of Labor's plan to deliver 1.2 million new homes by mid-2029. REA Group senior economist Eleanor Creagh urged for greater action to fulfill the major looming target. 'We're really not approving and then building enough new homes to meet pace with where demand currently is and also to meet the federal government target of a million new homes by 2029,' Ms Creagh said on Sky News' Business Now. 'So, we really need to step up the pace of: one, approvals—which is really the best-case scenario for what gets off the ground; two, building activity—which is hard, given continued labour shortages and higher prices, cost materials, etc.; and then, three, completions.' The overall decline in April was driven by lower apartment approvals, according to the ABS' head of construction statistics Daniel Rossi. 'A drop in apartment approvals drove a 19 per cent fall in private dwellings excluding houses,' Mr Rossi said. 'Meanwhile, private sector house approvals were up 3.1 per cent.' This followed a 14.4 per cent drop in March as apartment approval rates have sank compared to the start of the year. 'In original terms, 5,612 apartments were approved across March and April, compared with 8,625 approved across January and February,' the ABS said. Alongside its pledge to build 1.2 million homes, Labor has also committed $10 billion to build 100,000 homes over eight years for first time buyers. The Albanese government has also established the First Home Buyers Guarantee to allow first-time buyers to purchase a home with a five per cent deposit and without paying Lenders Mortgage Insurance. It follows the Reserve Bank of Australia delivering its second cash rate cut of 2025 last week, which is expected to further the turnaround in house price growth after slowing in 2024. Originally published as Labor needs to 'step up the pace' after housing approvals slump, REA Group senior economist Eleanor Creagh declares
