Latest news with #PropTrack
ABC News
21 hours ago
- Business
- ABC News
House prices in regional SA nearly double in five years according to PropTrack data
Regional house prices in South Australia recorded the highest 12-month growth of all states and territories in June, according to real estate research group PropTrack. The increase of 14.9 per cent meant the median price of a home outside Adelaide nearly doubled in the past five years, growing 94.7 per cent. Despite that, the monthly Home Price Index, published on Tuesday, revealed regional SA remained the second-most affordable destination for homebuyers with an average dwelling priced at $461,000. The median home price across the nation is sitting at $821,000, and in regional areas more broadly $646,000. PropTrack senior economist and report author, Eleanor Creagh, said homebuyers considering options outside of capital cities were driving the growth. "More affordable regions in lower and mid-tier markets are really continuing to outperform, and that relative affordability is likely one of the drivers behind why we're seeing such strong price growth in regional South Australia," she said. "Of course, lifestyle appeal is likely one of the factors, alongside population growth, but I'd say that relative affordability is probably the driving force." Ray White Yorke Peninsula sales representative Scott Bockmann said the majority of homes he sold in the past five years had been snatched up within two or three weeks of going on the market. "If you go back to 2019 and the seven or eight years leading up to that, it wasn't uncommon for properties to be on the market for 12 months plus," Mr Bockmann said. "So you really need to act sooner rather than later, have your ducks in a row in terms of finance, pre-approvals, otherwise there's a lot of instances of you snooze, you lose." Mr Bockmann said many homes going to market were existing dwellings rather than new builds. "I've heard a few horror stories of people building new homes and by the time they sign the contract, up it goes by $30k because of the time and delay in getting it built," he said. "It's certainly established homes, which is definitely driving up the prices of those properties." As part of the state government's Housing Roadmap policy, most of the new land openings and dwellings built in SA over the past few years have been concentrated in priority areas north and south of Adelaide, where utilities infrastructure is more accessible. The roadmap blames "demand outstripping the ability of a housing supply system to respond", in turn caused by economic growth, a migration rebound after the COVID pandemic and a rise in single-person living. Policy changes and re-zoning have opened the potential of 61,000 new homes, according to a government update in May, while estimating the state will need 315,000 new homes by mid-century.
Herald Sun
21 hours 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
News.com.au
21 hours ago
- Business
- News.com.au
New FOMO pressure facing Geelong buyers
FOMO is being replaced with fear of missing out on bottom of the market prices as improving buyer urgency is helping Geelong's housing sector regain lost ground over the past year, new data shows. PropTrack's monthly Home Price Index revealed a .29 per cent lift in dwelling values in June, largely on the back of a more than $4000 rise in the median value of a house in the region. The data shows the .57 per cent rise in the median house value to $761,000 came as the median price for a unit slipped 1.53 per cent to $555,000. Solving a homeowner's worst nightmare Sneaky bank move costing you thousands The report showed prices in combined regional areas climbed .3 per cent in June, with annual growth of 6 per cent outpacing the combined capitals. While growth in the regions has been slower than the rebound seen across the capital cities in 2025, regional markets remain resilient, supported by affordability and lifestyle appeal, PropTrack senior economist Eleanor Creagh said. 'As interest rates have fallen, price momentum has strengthened and extended across the country, with all markets recording gains in June,' Ms Creagh said. 'Market momentum is building amid renewed buyer confidence and improved sentiment, buoyed by falling interest rates and expectations of another rate cut in July. 'However, the upturn remains measured as affordability constraints keep the pace of growth in check.' Improving market sentiment is being seen on the street, with more active buyers at inspections and making offers, Maxwell Collins Geelong agent Laura Vander Noord said. 'I've seen a lot of investors come back,' she said after securing recent transactions in Belmont and Breakwater with Melbourne investors. 'We've seen a lot more confidence and perhaps a little bit more urgency in buyers over the past month, which has been really reassuring to the vendors.' She said potential buyers were reacting to impact falling interest rates has had on other people in the market. 'You can feel the wind change and it happens very quickly and I can honestly say it';s happened,' Ms Vander Noord said. 'I've certainly done a lot more private inspections over the last six weeks than I've done in a long time. 'There's more a sense of urgency, because they know other people are and it's just social proof. 'A couple of buyers mentioned they're trying to get in quick before it goes up again.' Ms Creagh said further interest rate cuts expected later this year would ease borrowing costs, adding to the momentum in housing demand and reinforcing recent price growth. 'In addition, population growth and limited new supply are also placing upward pressure on prices, especially at the more affordable end of the market,' she said. 'With interest rates moving lower, these factors are likely to sustain price growth over the second half of 2025.'
News.com.au
a day ago
- Business
- News.com.au
Melbourne property prices rise again amid renewed demand
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. 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.' 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. '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. 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 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
News.com.au
a day ago
- Business
- News.com.au
‘Hobart's underperforming': Why regional home values are on the rise in Tasmania
Property owners are sitting pretty around the state with new figures showing their homes have never been worth more. PropTrack's June Home Price Index shows a 0.55 per cent uptick in Hobart dwelling values last month, which was behind only Adelaide and about the same as Sydney. But that's not where the action was. Regional Tasmania recorded the smallest possible gain of 0.1 per cent in June, but that was enough to push the rest-of-state housing market to a new peak median dwelling price, houses and units combined. It now stands at $507,000. That is more expensive than regional NT and SA, and about $44,000 cheaper than regional Victoria. With 3.32 per cent annual growth, regional Tassie's median is now $19,700 higher than it was at this time last year. Compared to prices five years ago, regional Tasmania is up by 58 per cent. That's streets ahead of Hobart, which is 32 per cent higher than it was in 2020. At an Australian Bureau of Statistics SA4 level, the northern regions have outshone the rest of the state. PropTrack's research showed the median value of West and North West dwellings is up 4.96 per cent annually. Launceston and the North East climbed 3.37 per cent and Hobart by 2.34 per cent. The only downturn was in the South East, where prices fell by 1.05 per cent. REA Group senior economist Eleanor Creagh said while regional prices have risen over the past year, much of regional Tasmania's price growth was recorded during the pandemic period when it was outperforming. 'Hobart was too, at this time, but more recently the city has been underperforming,' she said. 'With the expectation of further interest rate cuts this year, we would expect to see prices in regional Tasmania lifting further.' Ms Creagh said these areas also have an affordability advantage. 'Affordability remains a constraint, and that is pushing demand down-market with lower tier segments of the market now outperforming.' Real Estate Institute of Tasmania president Russell Yaxley said the growth figures for the northern regions have been a trend for a number of years. He said these markets were leading the way for property value growth. However, they remain relatively affordable. 'Affordability has a significant impact on what people can aspire to purchase,' he said. 'For first-home buyers and investors, regional prices offer good opportunities. 'And lately, Hobart is also showing some signs of growth.' Real Estate Buyers Agents Association of Australia president Melinda Jennison said Tasmania's housing market is gaining 'serious traction' this year. Tasmania's property market is making a strong comeback, Ms Jennison said. 'Buyer demand and competition is pushing sales volumes and prices higher across much of the state,' she said. 'From surging interest in units to packed open homes and tightening supply, momentum is clearly building as we head into the second half of the year.' HOME PRICE INDEX JUNE City, Monthly growth, Annual growth, 5-year growth, Median value Sydney 0.5% 3.25% 41.82% $1.182m Melbourne 0.34% 0.99% 19.64% $818,000 Brisbane 0.31% 8.26% 88.48% $908,000 Adelaide 0.33% 7.8% 89.84% $836,000 Perth 0.63% 9.84% 88.21% $837,000 Hobart 0.55% 2.34% 32.87% $656,000 Darwin 0.22% 5.83% 34.89% $525,000 Canberra 0.29% 0.49% 34.89% $836,000
