Latest Australian Property Market News
In these unprecedented times, it’s always a good idea to keep an eye on the latest Australian property market news. Whether you’re a homeowner, own a few properties, or are wanting to look into purchasing your first home, being informed about the state of the property market can go a long way in helping you plan for your investments both for now and in the future. In general, house prices fell all over Australia in September, but have since risen in most states except for two: Victoria and New South Wales.
Because Australia is such a vast place, it’s no wonder that every state’s property market differs, so if you’re curious about your own state’s current market, or wanting to know how other states compare, we’ve listed down the latest updates for October below for you.
New South Wales
As the pandemic induced downturn commenced, experts have seen a rate of decline across Sydney’s market since March. It’s important to note, however, that this rate of decline has been consistently easing since July, and September showed the smallest drop in values thus far of 0.3%.
Experts have predicted that the Sydney housing market might soon stabilise as the months progress, and there may even be a possibility of positive growth in the market. It’s important to note that while the market has seen a decline this year, Sydney home values are still 7.7% higher than they were a year ago.
Recently there has been renewed interest in the Sydney property market for buyers and sellers, showing improving consumer sentiment as buyers are finding a better match for pricing expectations.
Your home or investment property may hold good value for the next few months, but this depends on the grade of the dwelling. A grade homes are predicted to retain their value, B grade homes may still decrease in value, and C grade homes may be difficult to sell in this market. All in all, it may actually be a great time for investors and homebuyers looking to upgrade or invest in a property now as prices are predicted to go up in the next few months.
As a result of effective pandemic response, restrictions in Melbourne have slowly eased. This bodes well for Melbourne housing values, as private home inspections and other property management activities are now being permitted. This pent-up demand will soon show strong activity between buyers and sellers. Experts predict that prospective vendors are preparing to maximise the late spring selling season with a rise in pre-listings activity.
Although Melbourne housing values have weakened as a result of current events, it’s important to note that values are still 3.1% higher than last year.
It’s very likely that Melbourne property market values will increase in the next few months, with A grade homes and investments selling at full asking price. B grade homes may decrease slightly in value, however, and C grade homes may be difficult to sell.
As one of the most liveable cities in the world, Melbourne has been predicted to have positive growth in the property market for the rest of the year.
The Brisbane property market has been reasonably steady in the past few months, recording only a slight decline due to the pandemic. While values are still almost 12% lower than 2010, Brisbane’s home values have eased into a positive growth in September of up to 0.5%. Experts have seen steady interest from homebuyers and investors, both from within the state and interstate, which bodes well for the market.
If you’re looking to buy or upgrade in Brisbane, it pays to look into the area that you are wanting to buy in. Some locations in Brisbane show strong growth potential, and can possibly be a good long term investment. Keep an eye on major projects that will help boost Brisbane’s local economy, as this can boost property prices in the future.
The Hobart housing markets have shown a record high for dwelling values, with home values rising over the past few months. Dwelling values have gone up 6.4%, and experts are predicting this to increase slowly towards the end of the year. With relatively stable home values, rental rates have gone down since March.
Experts saw property market values decrease in May and July in Perth, however the market stabilised in August and rose 0.2% in September, showing a move into recovery that’s good news for buyers and sellers.
With estimates showing that Perth sales activity rose 11% higher than last year, home and dwelling values in Perth remain the lowest of all Australian states. Experts predict that the affordable home values in Perth, as well as the addition of federal and state government stimulus and low interest rates will encourage buyers towards buying and investing in the market.
Through March to September, Adelaide’s home values have gone up by 1.6%. The property market has shown good resilience even through the pandemic, which may be due to the relatively low number of cases in the state, affordable housing prices, as well as decreased housing demand from overseas migration.
Experts predict that Adelaide’s property market values will slowly increase as the year draws to a close.
Depending on the state you live in and your personal circumstances, it may be in your best interest to begin the process of purchasing your first home, or investing in another property. But if you’re needing that extra bit of cash to round out your home deposit, it might be a great idea to consider applying for easy online loans. Consider your options, as easy online loans can actually help you when you’re looking to apply for KeyStart loans, which can require a deposit as low as 2%, too. In Australia, easy online loans can give you the extra boost you need to stop renting, and own your dream home. Apply now and get an instant online decision, so you can start the path to your own home!