Latest news with #propertyvalues
Zawya
23-07-2025
- Business
- Zawya
Dubai sees 14% jump in Q2 2025 residential values
The cost of buying real estate in Dubai has significantly gone up on the back of strong investor interest and high influx of millionaires. Residential property values in the emirate went up by 14% during the second quarter of the year, as the economy continued to pick up, state reforms boost home ownership trends and high-net-worth individual (HNWI) population expanded, according to CBRE Middle East. Leading the growth in values are properties in premium neighbourhoods which continue to record significant increases. The first six months of the year demonstrated high buying activity within the residential real estate market, particularly in the off-plan segment, with overall transactions rising by 23% year-on-year. Sales during the period totalled AED 270 billion. The commercial real estate services and investment firm said that initiatives like Dubai's 'First-Time Home Buyer Program' have stimulated property demand and encouraged home ownership. 'The UAE is poised to attract a record number of millionaire migrants in 2025, fuelling demand, particularly in the luxury and off-plan sectors,' CBRE noted. The UAE's millionaire population has expanded in the last few years, as many HNWIs left wealth hotspots overseas. This year, more than 9,800 millionaires are expected to relocate to the UAE, according to Henley & Partners. (Writing by Cleofe Maceda; editing by Seban Scaria)
ABC News
23-07-2025
- Politics
- ABC News
South Perth council votes to remove trees on public land after complaints about obstructed views
The City of South Perth will rip up six small trees planted last year on the Swan River foreshore parkland, after complaints they would eventually block residents' "million-dollar views" of the city skyline. The council planted the saplings in Sir James Mitchell Park last winter, but on Tuesday night voted in favour of removing the trees on behalf of residents whose homes face the park and the city skyline beyond. Speaking at the meeting, Cr Nic Coveney said residents on Jubilee Street were simply seeking to protect the value of their homes. "What these residents are asking for is consistency to maintain a similar vista as to when they purchased their property," Mr Coveney said. "They are not seeking to remove mature trees. They are seeking to move juvenile trees before they become mature and which they say were planted without any consultation. "Whilst some may disagree, I don't think it's unreasonable to buy a house or an apartment on the foreshore with a significant view and have an expectation of maintaining that view. "To do otherwise would deny the very real and direct effect of views on property values and amenities." In the council agenda documents, the council staff said views were taken into consideration when the trees were planted and were positioned in alignment with the dividing property boundaries, not directly in front of properties. It also said the species chosen would also help mitigate waterlogging, a problem that appears in the park for extended periods during winter. Most of the young trees were expected to grow to heights of four to 10 metres, and one of the trees, a corymbia calophylla, could eventually grow to 15 — 30 metres tall. Mayor Greg Milner was one of three council members to vote against the motion, telling the meeting many residents had voiced support for keeping the trees. "Cr Coveney tells us that he's been contacted by over a dozen residents on Jubilee Street who are concerned about losing their million-dollar views of the Perth CBD skyline," Mr Milner said. "But I do note that we've all received correspondence from many, many, many other residents. Bronwyn David, co-convenor of the South Perth Tree Canopy Advocates group, slammed the council's decision. "People might think, well, it's just six trees. What does six trees matter?" Ms David said. "But it's the precedent. We are preferencing the views of a very small number of people over the whole of our community, which frankly needs more tree cover to survive. Ms David was also critical of the waste of resources involved in the decision. "It may be that we have just thrown away a lot of money in the City of South Perth, both in putting these trees in the ground to begin with, and then the labour and effort to remove them, find somewhere else and put them in the ground a second time, only to have them die." The City of South Perth declined a request for comment.
Yahoo
16-07-2025
- Business
- Yahoo
Home equity data and statistics: Why they matter to homeowners
Key takeaways Anyone who owns a home has equity in it — it's the portion of the property that you own outright, as opposed to being financed or encumbered with debt in some way. Your home equity percentage increases as you pay down your mortgage. It can also rise if the home's worth increases, due to improvements you make or a general uptick in local property values. Negative equity means you owe more on your home than it's worth, which is problematic if you want to sell, refinance or borrow against your ownership stake. Shop Top Mortgage Rates Your Path to Homeownership A quicker path to financial freedom Personalized rates in minutes You've been hearing a lot about home equity lately for one big reason: There's a lot more of it. As home prices boomed throughout the pandemic, many homeowners enjoyed some massive appreciation in the size and worth of their ownership stake in their properties. As a result, the collective value of U.S. households' equity is $34.5 trillion — close to a record sum. The average mortgage-holding homeowner has approximately $302,000 in equity, according to property data analyst Cotality. Let's delve more deeply into home equity statistics — and why they're significant to anyone who owns a home. Home equity key termsThe difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $500,000, and you still owe $100,000, you have $400,000 of equity.A fixed-rate, lump-sum loan using your home as collateral, also known as a second mortgage. Requirements vary among lenders, but they typically only allow you to borrow up to a maximum of 85 percent of the home's value (including the amount owed on your first mortgage).Another way of borrowing against your home equity that uses your home as collateral. Rather than a lump sum of money, it offers a revolving credit line (like on a credit card) that you can draw funds from as you need them, at a variable rate. As the Federal Reserve adjusts its benchmark rate, HELOC rates move up and down, status of a homeowner whose outstanding mortgage debt is larger than the property's current worth. For example, if your house's fair market value is $300,000, but you owe your lender $310,000, you have negative equity. Current homeowner equity data and statistics Note: Unless otherwise indicated, figures are as of Q1 2025. Nearly half (46.2%) of mortgaged residences are 'equity rich,' meaning their outstanding loan balance is less than half the home's value. Of the average $302,000 in equity held by mortgage-holding homeowners, $195,000 is tappable (that is, can be withdrawn while still maintaining a 20% stake in the home). A softening in home-price appreciation over the last year has led to a slight drop in equity stakes, with mortgage-holding homeowners losing an average of $4,200 in equity between Q1 2024 and Q1 2025. Homeowners in the Northeastern states enjoyed the largest year-over-year home equity gains: Rhode Island ($37K), New Jersey ($36K), and Maine ($20K). Homeowners in the West tended to fare less well. The three states posting the biggest annual equity losses: Hawaii (-$66K), Washington (-$12K), and Arizona (-$14K). The national aggregate value of negative equity is $350 billion — up by approximately $26.6 billion year-over-year. Underwater properties represent 2.1% of all mortgaged residences. Home equity lending has increased to its highest level since early 2008: As of Q4 2024, home equity loan originations had jumped 13% year-over-year. HELOC originations rose 8%. HELOC debt rose in 2024 by 7.2%. Why is home equity important? Home equity refers to the portion of your property that you own outright, free and clear of any debt ('equity' being financial lingo for 'ownership'). Anyone who owns a home — whether purchased with cash or financed with a mortgage — has some level of equity in it. If you paid for your place all in cash or have paid off your mortgage entirely, you have 100 percent equity. Conversely, if you made a 20 percent down payment and borrowed all the rest for the purchase, you have only 20 percent equity at the start. If your mortgage is still outstanding, your home equity is the difference between how much your house is worth and how much you have left to pay on your mortgage. If you still owed your mortgage lender $50,000, say, and your home's value is $300,000, you'd have $250,000 in equity, approximately. There are tools, like Bankrate's Home Equity Calculator, that can give you a more precise idea of your current equity level and its dollar value. You might want to use them in conjunction with a professional's home appraisal. Understanding how much home equity you have can give you a rough idea of how much of the sales proceeds you'll receive if you sell the property (after you pay off your mortgage and transaction costs, of course). You can also borrow against your equity stake with a home equity loan or a line of credit (HELOC). These products can help you pay for large expenses — they're particularly popular to pay for home repairs and renovations — at a relatively lower interest rate compared to other forms of financing. Home equity over the past 5 years In the first quarter of 2025, the national median home price was $351,000. That compares to $280,000 back in Q1 2020. Home prices have more than doubled since 2011. Higher home prices equal higher home values, which means bigger (and more valuable) home equity stakes. In certain states, homeowners have seen especially large gains in their equity levels. Here are where the biggest equity increases occurred as of Q1 2025, based on Cotality's research: Rhode Island – $37,000 New Jersey – $36,000 Massachusetts – $23,000 Maine – $20,000 Connecticut – $35,000 District of Columbia – $30,000 With home equity steadily rising over the past five years across 90 percent of major metro areas, American homeowners have gained significant wealth, averaging nearly $150,000, according to the National Association of Realtors (NAR). While home price growth has begun to slow recently, equity continues to be an extremely valuable commodity for homeowners. What increases home equity? There are three basic ways to boost your home's equity. 1. Keep paying down that mortgage Every time you make a mortgage payment, you are chipping away at the loan's balance (the part of the home your lender owns) and augmenting your equity (the part you own). At the start of your mortgage term, a greater percentage of your payments goes towards interest at first, but shifts more towards principal as the years go on. And the amount that goes toward principal translates to an increase in your equity stake. If you can make biweekly mortgage payments or an extra payment each year, you'll accelerate your equity-building efforts. 2. Upgrade your home Renovations to your home, such as modernizing the bathrooms or adding an in-law suite, often enhance the property's worth and marketability. Since the size of your mortgage doesn't change — your lender doesn't get to share in the home's appreciation — this increase in value directly accrues to your side of the ownership stake. 3. Stay attuned to local market trends Your home's equity can also increase without your intervention. As certain neighborhoods, cities and regions become more attractive, residents benefit, as the surge in interest and purchases elevates asking prices and property values in general. What is negative equity? Homeowners have negative equity — also known as being underwater or upside down — when they owe more on their mortgage than their home is worth. For example, if you had an outstanding loan balance of $250,000 and your home appraised for $235,000, you'd be in a state of negative equity. It's not a great state to be in. If you decided to sell the property, you wouldn't make enough from the deal to pay off your mortgage. In fact, it would actually cost you money: Since your debt is bigger than the home's value, you would have to make up the difference and pay your lender back at the closing. Refinancing with negative equity is also a problem, because lenders usually won't let you take out a new loan without any equity in your home. And forget about home equity loans or HELOCs: You can't borrow against a non-existent stake. Instead, you may need to wait until your home value increases or until you've re-paid enough of your mortgage to reach positive equity again. Though it still represents a fraction of residences (just over 2 percent), the negative equity rate has been rising steadily since 2024. 1.2 million The number of underwater U.S. homes as of Q1 2025. That's up 17% from a year ago (Q1 2024). Source: Cotality Homeowner Equity Report Final word on home equity facts and stats Understanding how home equity works, and how to leverage it, is important for any homeowner. The potential to build equity is one of the primary reasons homeownership is so attractive to so many, and remains a steadfast part of the American Dream. Handing over rent money to a landlord every month does nothing to build your long-term wealth, but making monthly mortgage payments to a lender allows you to acquire an asset — an asset that you can eventually tap into or pass down to descendants. Additional reporting by Maya Dollarhide Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
08-07-2025
- Business
- RNZ News
National average home value falls slightly
Photo: RNZ / REECE BAKER Property values ticked lower in the June quarter amid high stock levels and cautious buyer sentiment, although more affordable areas are showing price gains. The latest house price index from Quotable Value (QV) showed the national average home value fell 0.3 percent in the three months ended June to $910,479. However, values remained 0.6 percent lower than a year ago, and around 14.5 percent below the peak in late 2021. The biggest rises were in Queenstown-Lakes, up 1.9 percent to $1.85 million, while Invercargill rose 1.6 percent to $506,567. Wellington recorded the biggest fall, down 2 percent to $822,636, followed by Dunedin which fell 1.5 percent to $635,155. Auckland values eased 1 percent to $1.23m, Hamilton rose 0.5 percent to $791,707, and Christchurch rose 0.1 percent to $775,352. QV spokesperson Andrea Rush said buyers appeared to be taking advantage of more choice and falling interest rates, with first-home buyers and owner-occupiers the busiest in cheaper areas where prices were seen as more affordable. Rush said price moves were stronger in the regions. "Regional divergence is becoming more evident, with more affordable markets recording notable quarterly gains such as the Far North (5.8 percent), Wairoa (12.6 percent), Waitomo (5.2 percent), Buller (6.2 percent) and Gore (8.8 percent), while others continue to track lower due to economic uncertainty and a cautious buyer pool," she said. "Some buyers may be anticipating lower rates, with bank activity back to mid-2022 levels after the market peak," Rush said. "However, it's unclear how much of this reflects new purchases versus refinancing." Rush said global conflict, economic uncertainty, and rising living costs were likely to limit price rises in the near term.
RNZ News
07-07-2025
- Business
- RNZ News
National average home value falls slighty
Photo: RNZ / REECE BAKER Property values ticked lower in the June quarter amid high stock levels and cautious buyer sentiment, although more affordable areas are showing price gains. The latest house price index from Quotable Value (QV) showed the national average home value fell 0.3 percent in the three months ended June to $910,479. However, values remained 0.6 percent lower than a year ago, and around 14.5 percent below the peak in late 2021. The biggest rises were in Queenstown-Lakes, up 1.9 percent to $1.85 million, while Invercargill rose 1.6 percent to $506,567. Wellington recorded the biggest fall, down 2 percent to $822,636, followed by Dunedin which fell 1.5 percent to $635,155. Auckland values eased 1 percent to $1.23m, Hamilton rose 0.5 percent to $791,707, and Christchurch rose 0.1 percent to $775,352. QV spokesperson Andrea Rush said buyers appeared to be taking advantage of more choice and falling interest rates, with first-home buyers and owner-occupiers the busiest in cheaper areas where prices were seen as more affordable. Rush said price moves were stronger in the regions. "Regional divergence is becoming more evident, with more affordable markets recording notable quarterly gains such as the Far North (5.8 percent), Wairoa (12.6 percent), Waitomo (5.2 percent), Buller (6.2 percent) and Gore (8.8 percent), while others continue to track lower due to economic uncertainty and a cautious buyer pool," she said. "Some buyers may be anticipating lower rates, with bank activity back to mid-2022 levels after the market peak," Rush said. "However, it's unclear how much of this reflects new purchases versus refinancing." Rush said global conflict, economic uncertainty, and rising living costs were likely to limit price rises in the near term.
