According to The Australian Financial Review, cash buyers piled into Melbourne’s CBD during the June quarter, snapping up 601 apartments, the largest volume of mortgage-free residential property transactions of any suburb in the country, amid signs downsizer activity is ramping up, data from online conveyancing firm PEXA shows.
This comes as the number of homes sold without a mortgage jumped sharply across the biggest states during the same period, with Victoria posting a 24.3 per cent rise, NSW notching a 31 per cent increase and Queensland lifting 14.4 per cent. https://www.afr.com/property/residential/cash-buyers-flock-to-melbourne-cbd-gold-coast-apartments-20230719-p5dpf5
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According to The Australian Financial Review, Lendlease and Daiwa House will develop a 45-level build-to-rent tower, the final piece of the Australian company’s Melbourne Quarter project and its second BTR project at home.
The deal to develop the $650 million building, like Lendlease’s first 443-unit BTR project in its 5.5-hectare mixed-use precinct at Brisbane Showgrounds, is a standalone investment and separate from efforts the ASX-listed company is making to establish a broader BTR partnership that will include multiple assets. https://www.afr.com/property/commercial/lendlease-partners-with-japan-s-daiwa-house-on-btr-20230717-p5dot5
According to The Australian Financial Review, new apartment construction leapt in the March quarter, with economists calling it a good start that had to increase further to offset the slowdown in house-building and boost Australia’s overall supply of new homes.
A 56 per cent jump in starts of units, townhouses and semi-detached homes lifted the quarterly total from a seasonally adjusted 12,782 in the December quarter to 19,981 – the highest quarterly total since September 2021, official figures on Wednesday showed. There was an element of catch-up in the numbers, which have declined in each of the previous six quarters since Q3 2021, but the turnaround contrasted with commencements of new detached houses, which fell for a seventh straight quarter, down 5.5 per cent to 26,265. https://www.afr.com/property/residential/apartment-surge-a-good-start-to-offset-housing-slowdown-20230712-p5dnqy
According to The Australian Financial Review, home lending and building approval figures jumped in May, posting gains of 4.8 per cent and 20.6 per cent respectively and matching the impetus displayed in recent house price growth.
Sydney house prices have now rebounded by 6.7 per cent since they bottomed out in January, although the rate of growth has eased slightly, with prices up by 1.7 per cent in June, compared to 1.8 per cent recorded in May. https://www.afr.com/property/residential/home-lending-building-approvals-bounce-in-may-20230703-p5dlbz
According to The Australian Financial Review, houses in Sydney’s affluent suburbs delivered the biggest windfall for sellers during the March quarter as scarce supply and strong demand handed them more than $1 million in gross profits on average, CoreLogic’s Pain and Gain report shows.
Every house sold in Randwick, Ku-ring-gai and Canada Bay was profitable, rewarding vendors gains exceeding $1.1 million on average, while all inner west house sales made an average $850,000 profit. https://www.afr.com/property/residential/sydney-house-sellers-pocket-more-than-1-million-average-profit-20230628-p5dk0z
According to The Australian Financial Review, Sydney house prices are predicted to increase as much as 9 per cent by June next year, powered by strong demand from surging population growth and scarce listings, despite further interest rate rises expected this year, Domain says.
By the end of financial 2024, Sydney median house prices are expected to hit $1.66 million, which would eclipse the $1.59 million peak set in March 2022. Australia’s housing market is also forecast to have moved towards a well-established, steady recovery over the financial year 2024 as interest rates stabilise or begin to decrease. Population pressures combined with chronic undersupply would fuel price increases, even as interest rates were still expected to rise this year, said Nicola Powell, Domain’s chief of research and economics. https://www.afr.com/property/residential/sydney-house-prices-to-rise-9pc-to-a-record-high-20230621-p5di9q
According to The Australian Financial Review, growth in unit values jumped higher than that of houses across 39 per cent of all suburbs nationwide over the past three months as demand shifted towards the affordable segment of the market in response to increases in interest rates and the cost of living, data from CoreLogic shows.
Unit price growth trumped that achieved by houses in nearly a quarter of all Sydney suburbs analysed, and outperformed house price growth in more than a third of all Melbourne suburbs. https://www.afr.com/property/residential/apartment-values-grow-faster-than-houses-as-rate-rises-shift-demand-20230606-p5debk
According to The Australian Financial Review, a lack of certainty about planning outcomes is halting the acquisition and development of sites for new housing, a survey by real estate investment house Wingate has found.
Of the circa 145 developers, private lenders and high net worth investors surveyed by the Melbourne-based firm, almost a third said securing planning approvals was a key development impediment, while over a third said the availability and cost of labour and trades was still a major issue. https://www.afr.com/property/residential/developers-say-lack-of-planning-certainty-holding-back-housing-supply-20230608-p5dezy
According to The Australian Financial Review, inside the 1600 square metre modular home factory in Smithfield, in Sydney’s west, the construction of 18 bespoke homes all at once more resembles car manufacturing than a building site, in what Tahi Merrilees, co-founder of Wild Modular which owns the factory, describes as an “organised chaos”.
Merrilees believes factory-built housing will play a part in solving the country’s worsening housing crisis. “A prefab modular home can be built in just 10 days, so we can get supply out more than twice as fast as the traditional build. We can also build multiple houses at the same time, so we can mass produce housing,” he says. https://www.afr.com/property/residential/the-fast-build-homes-that-could-solve-the-housing-crisis-20230518-p5d9el
According to The Australian Financial Review, Lendlease has sold over 50 per cent of its luxury residential tower One Circular Quay in Sydney’s CBD, resulting in over $1 billion in sales to date, in what is set to become Australia’s most expensive residential tower.
The early sales are being driven by a mix of local and overseas buyers jostling for a rarely offered luxury foothold in Sydney’s center stage: Circular Quay. Located at the former Gold Fields House site in Circular Quay, the development is part owned by Lendlease alongside Mitsubishi Estate Asia, which took a two-thirds stake in the $3 billion project in July last year. https://www.afr.com/property/residential/one-circular-quay-clocks-up-1bn-in-luxury-apartment-sales-20230523-p5daob |
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