Home Sales

Queensland has recorded its highest quarterly property sales settlement number since 2007.

Some 51,771 Queensland property sales were settled during the first quarter of 2021, according to the latest analysis by PEXA, Australia&rsquo;s leading digital settlement platform.

Queensland&rsquo;s 40% jump year-on-year illustrates the current confidence in the north-eastern Australian property market.

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Western Australia saw 57% growth year-on-year in recording its highest property sales settlement number since at least 2015.

Throughout January and February, WA has seen more than 15,000 property sale settlements, which was 5,000 more than the corresponding period in 2020, prior to the impact of COVID-19.

Mike Gill, the senior research Manager, PEXA, said the Australian property market continues to perform strongly.

And he sees no strong reason for this trend to change in the immediate future.&nbsp;

&ldquo;We have seen a really strong start to the year Australia wide, with the nation recording 30% year-on-year growth in property sales settlements when compared to the beginning of 2020.

&quot;We have also witnessed considerable momentum build in Victoria, with the state living up to its property powerhouse reputation recording the most sales settlements (more than 55,000) of any state during this period.&quot;

New South Wales posted 26% growth year-on-year, and South Australia experiencing a jump of 28% year-on-year for the quarter, said Gill.

Australia&rsquo;s property sector witnessed almost 200,000 properties settled during the first quarter of 2021, PEXA calculated.

PEXA, Australia’s leading digital property settlement platform, calculated in the past quarter Queensland recorded 51,771, its highest sales number since 2007.



jchancellor

Queensland's first quarter residential sales jump 40% year on year: PEXA

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GUEST OBSERVER
The cost of housing continued to rise across most parts of the country over the past 12 months.
Bracket creep should come as no surprise in markets like Sydney and Melbourne where dwelling values have increased by 77% and 61% respectively over the past five years.
While Sydney and Melbourne dominated as the two capitals with the highest proportion of sales at at least $1 million, most other capital cities and regional areas also enjoyed a proportional lift in home sales over the million dollar mark.
The CoreLogic analysis confirmed that over the 12 months to June 2017, 15.4% of all house sales and 8.8% of all unit sales nationally were at a price of at least $1 million. By comparison, 12 months earlier 14.4% of all house sales and 7.5% of all unit sales were at least $1 million in value.
The latest data shows that instances of dwellings selling for at least $1 million is much more prevalent across the combined capital cities. Over the 12 months to June 2017, 23.2% of all houses and 10.8% of all units sold in capital cities were sold for at least $1 million. The proportion of sales of at least $1 million has increased over the year from 21.5% of houses and 9.1% of units.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.38.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.38.10%20AM.png" alt="">
While regional housing markets generally have lower housing costs than capital cities, the proportion of sales occurring for at least $1 million is also increasing in these areas. Across the combined regional areas the proportion of houses selling for at least $1 million has increased from 3.5% in June 2016 to 4.1% in June 2017. Meanwhile, the proportion of units selling for at least $1 million has increased to 3.5% of all sales in June 2017, up from 3.2% a year earlier.
Delving into the individual capital cities, and not surprising, Sydney and Melbourne have had substantially more properties sell for at least $1 million over the past year than any other capital cities.
Over the past year, 47.8% of all houses and 21.3% of all units sold in Sydney transacted for at least $1 million. By comparison, 10 years earlier just 13.8% of houses and 4.7% of units transacted from at least $1 million over the year.
In Melbourne, more than a quarter (25.9%) of house sales and 7.4% of unit sales were at least $1 million in value. By comparison, ten years earlier 5.8% of house sales and 2.7% of unit sales over the year were at least $1 million.
<a href="https://www.propertyobserver.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.39.09%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/10/Screen%20Shot%202017-08-10%20at%2011.39.09%20AM.png" alt="">
In all of the other capital cities the proportion of houses selling for at least $1 million is higher than it was a decade ago. More than 10% of house sales over the past year in Perth and Canberra were at least $1 million in value. Perth is also the only city to have recorded a lower proportion of unit sales of at least $1 million over the 12 months to June 2017 compared to a decade earlier.
With dwelling values continuing to climb, we anticipate that in another 12 months we’ll see an even higher proportion of sales sitting at or above $1 million.
The flip-side to this is that the ongoing increase in the proportion of residential properties selling in excess of $1 million highlights the ongoing deterioration in the availability of housing affordability.
Although the Federal Government attempted to address housing affordability in the Budget this year, it is clear that in order to improve housing affordability there is much more work to be done on both supply and demand drivers of the market.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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ckusher-ujnxiKuFQs

Million dollar sales reach record levels: Cameron Kusher

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We’re now seeing home sales trend below $400,000 which is making it much harder for price-sensitive buyers to purchase into capital city markets.
37.4% of all home sales nationally were at less than $400,000 compared to 52.0% between $400,000 and $1 million and 10.6% over $1 million over the 12 months to June 2015. 
Sales below $400,000 were at a record low over the past year and sales above $1 million were at a record high.
<a href="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.35.28%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.35.28%20AM.png" alt="">
 
Across capital cities, 25.1% of home sales were under $400,000, 60.1% were between $400,000 and $1 million and 14.8% were in excess of $1 million. 
Twenty years ago 95.2% of all capital city houses and 96.7% of units sold for less than $400,000. Meanwhile, only 0.4% of all houses and 0.3% of all units sold transacted for more than $1 million.
<a href="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.37.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.37.04%20AM.png" alt="">
 
 
Ten years ago, the proportion of sales under $400,000 had fallen sharply relative to 10 years earlier. At this time, 66.2% of houses and 73.8% of units had sold over the year for less than $400,000. In comparison, 4.0% of houses and 2.3% of units across the capital cities sold for more than $1 million. 
Five years ago, around one third of all capital city house sales (34.1%) and 46.4% of units sold for less than $400,000. At the same time, 10.1% of capital city houses and 3.8% of units sold for more than $1 million.
<a href="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.38.05%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/27/Screen%20Shot%202015-08-27%20at%2011.38.05%20AM.png" alt="">
 
Looking at the activity over the past year: 
Canberra (7.4%) and Sydney (7.8%) recorded the lowest proportion of house sales under $400,000. 
Hobart (61.2%) was the only city to have more than half of all house sales below $400,000. 
Currently, the unit market offers more opportunity to purchase below $400,000 however, each of Sydney (16.3%), Melbourne (35.9%), Perth (38.5%), Darwin (29.7%) and Canberra (43.3%) recorded a majority of unit sales above this price point. 
CoreLogic RP Data reported a record high proportion of houses and units sold for more than $1 million over the past 12 months. In Sydney, more than a third of all houses (36.8%) sold for more than $1 million. Melbourne had the second highest proportion of sales over $1 million (17.7%). 
Although Melbourne had a record high proportion of houses sold over $1 million it was less than half the proportion of sales in excess of $1 million recorded in Sydney. 
For units, Sydney had the highest proportion of sales over $1 million (11.6%) and was the only capital city in which more than 10% of unit sales were in excess of $1 million. In fact, Sydney had a higher proportion of unit sales over $1 million than each of Brisbane, Adelaide, Hobart, Darwin and Canberra had for houses. 
Although we anticipate that the rate of capital growth will slow over the coming year we still expect values to generally rise. As a result we would expect a further decline in the proportion of homes selling below $400,000. 
 
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Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.
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Home sales trend below $400,000: Cameron Kusher

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New home sales increased by a further 15.2 per in November to reach a decade high.

The HIA’s economist, Angela Lillicrap noted the HIA New Home Sales report – a monthly survey of the largest volume home builders in the five largest states, saw sales nationally increase in November across the five states surveyed.

There was a notable increase in the two largest states.

Sales in Victoria rose 20.6 per cent as they emerged from stage four restrictions.

A 15.9 per cent increase was recorded in New South Wales which had been lagging other jurisdictions.

“This data precedes the extension of HomeBuilder which was announced on 29 November 2020," Lillicrap noted.

“The extension of HomeBuilder should see strong sales of new homes reach into 2021.

Across the country, new home sales in the three months to November 2020 were higher in all regions when compared with the same period in 2019: Western Australia (108.8 per cent), South Australia (57.6 per cent), Queensland (34.0 per cent), Victoria (22.2 per cent) and New South Wales (20.7 per cent).
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New home sales increased by a further 15.2 per in November to reach a decade high

New home sales reached decade high in November

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EXPERT OBSERVER
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According to the Housing Industry Association, private house sales rose 3.6 per cent in August. Sales for the three months to August were up 36.5 per cent on a year ago.
In the first 16 days of September, home prices in the five mainland capital cities were down 0.2 per cent compared with the end of August. Prices were mixed across the cities: Sydney (-0.3 per cent); Melbourne (-0.5 per cent); Brisbane and Adelaide (both up 0.3 per cent); Perth (up 0.1 per cent).
Data on home prices influences spending and wealth. Used vehicle prices affect consumer wealth and affect vehicle affordability. New home sales are a guide into conditions in home building construction.
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<h1>What does it all mean?</h1>
- New home sales have soared over the past three months under the influence of the HomeBuilder Scheme. Used vehicle prices have soared in response to higher demand and lower stock levels. And home prices continue to hold up, supported by bank lending and low interest rates.
Up to May, Sydney and Melbourne home prices led the way higher alongside Hobart. Now Sydney and Melbourne prices are correcting and it’s the turn of Brisbane and Adelaide to drive national home prices higher. While the jobless rate has risen, interest rates are at generational lows and banks continue to lend,
<h1>What do the reports and figures show?</h1>
New Home Sales
According to the Housing Industry Association private house sales rose 3.6 per cent in August. Sales for the three months to August were up 36.5 per cent on a year ago.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/16/Prince%20Index.jpg" alt="">
The HIA report:
·        “New home sales for the six months to August 2020 were 8.7 per cent higher than in the same period the year before.
·        New Home Sales in Western Australia were 91.1 per cent higher in the past six months than in the same period last year and 4.2 per cent higher in Queensland for the same period of time.
·        New Home sales were static or lower for the past six months in Victoria, New South Sales, and South Australia as the pickup in sales due to HomeBuilder have not offset the losses due to the COVID recession.
·        Sales in WA at this time in 2019 were at record low levels following the bottom of the mining investment cycle, a situation that was exacerbated by the credit squeeze in 2018.
·        The combined impact of HomeBuilder, the WA State Government’s Building Bonus and pent-up demand for housing will see home building pull the WA economy forward. The surge in home building work from as early as the December quarter will see more skilled workers return to WA pursuing employment opportunities which will also underpin demand for this new housing stock.”
CoreLogic Daily home value index
In the first 16 days of September, home prices in the five mainland states were down 0.2 per cent compared with the end of August.
Prices were mixed across the cities: Sydney (-0.3 per cent); Melbourne (-0.5 per cent); Brisbane and Adelaide (both up 0.3 per cent); Perth (up 0.1 per cent).
What is the importance of the economic data?
The Housing Industry Association compiles a New Home Sales report each month. The data provides insights into the home construction sector.
CoreLogic maintains a daily index of home values that provides insights into consumer spending and the state of the established housing market.
<h1>What are the implications for investors?</h1>
Investors have a raft of relatively new indicators to watch to get a sense of how individual sectors and companies are faring, as well as the broader economy.
The Reserve Bank, governments and both regional and major banks are playing key roles in supporting economic recovery. However, there is still some way to go.
CRAIG JAMES is the Chief Economist at CommSec
 
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House sales up 3.6 per cent in August: CommSec

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The latest quarterly auction results released by CoreLogic come as no surprise, with the nation facing some of its greatest disruptions to business during this period.
These restrictions resulted in the banning of on-site auctions and inspections, forcing real estate agents to pivot to online solutions or convert to private treaty methods of sale in a bid to maintain business as usual.
However, online solutions weren't enough to maintain the usual levels of activity seen, and large proportions of homes that were scheduled for auction prior to the bans started being withdrawn from the market.
Equally, the number of homes scheduled for auction each week remained at lower than usual levels throughout May.
The June 2020 quarter saw 13,783 auctions held, down 27 per cent when compared to the March quarter (18,902), and 24 per cent lower than the June quarter last year (18,104).
Of the 11,956 auction results collected over the latest quarter, 31 per cent reported a withdrawn result, which was significantly higher than the 6.1 per cent withdrawn over the March quarter.
The first six weeks of the quarter saw withdrawal rates as high as 56 per cent as vendors looked to alternative methods of sale or chose to postpone until conditions improved.
By mid-May withdrawal rates started to normalise as the flow of pre-scheduled auctions eased.
The month of May saw weekly auction numbers remain below 1,000 across the combined capital cities, reaching as low as 417 over the week ending 17th May.
CoreLogic's Head of research, Eliza Owen, noted the decline in auction volumes could be attributed to market conditions, as well as physical bans on onsite auctions.
"The initial market response to COVID-19 was a severe drop in sales and listings across both auction and private treaty sales methods. Many vendors who did not have to sell were initially unwilling to take their property to market in a time of high uncertainty," she said.
"This contributed to a fall in sales volumes of -32.4% over April. However, following this initial shock, transaction activity has steadily recovered as social distancing measures eased, and consumer confidence levels experienced a strong recovery in May and June."
June saw auction volumes increase as restrictions were eased, with 1,485 auctions held across the combined capitals over the week ending 28th June.
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j.ballantyne1990-6AQqhLzZaK

Quarterly auction listings down 24 percent on same time last year: CoreLogic

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Parramatta had the weekend’s cheapest auction sale when $420,000 was paid for a two-bedroom apartment in the 1974 complex, Wentworth Gardens.
There have been just 11 higher sales in the complex, including four fetching above $500,000.
<a href="https://www.realestate.com.au/sold/property-apartment-nsw-parramatta-131994482" target="_blank">The 12th floor Campbell Street</a> unit last sold in 2012 for $323,000.
The 59 square metre space was offered as a $450 a week rental in 2015.
Dee Why, another apartment construction hot spot, had Sydney’s second-cheapest result when a studio apartment in the newly completed Osprey Apartments fetched $480,000.
A Punchbowl unit failed to sell, when passed in on a $395,000 vendor bid.
There were three registered bidders, one an investor and the others first home buyers.
In Rossmore Avenue, the two-bedroom 62 square metre unit had a new kitchen and new bathroom.
Dating back to 1970, it last traded in 2003 for $206,000.
Listing agents Anthony Ghantous and Fadi Hajjar now have a $409,000 asking price.
This article first appeared in The Daily Telegraph.
 
 
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Parramatta sees cheapest weekend auction sale

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An overseas buyer has paid $9.2 million for a four bedroom house in Toorak, at 12 Kenley Court setting the per-square-metre price at a record high.
The Foreign Investment Review Board reportedly approved the purchase by a Chinese national.
It was at a rate of $12,169 a square metre, eclipsing the record of $11,600 set in March by a three-bedroom house at 66 Clendon Road.
The cul de sac holding is 756 square metres. 
It was listed by Abercromby's agent Ada Taylor and Hugh Hardy.
Last month there was a Toorak offering by the longtime Australian golf promoter Tony Roosenburg. 
The <a href="https://www.realestate.com.au/property-house-vic-toorak-128040366" target="_blank">knockdown 1970s Sargood Street home</a> on 430 sq m came with plans by architect Rob Mills (below).
But the 5 Sargood Street offering was passed in at $4,010,000, with just the one bidder.
Kay &amp; Burton agents Michael Gleeson and Nicole Gibson had a $4 million to $4.3 million price guidance.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/30/sargood2.jpg" alt="">
Keener bidding could have seen the recent $11,000 per sqm land value record neared or bettered. 
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Toorak's residential price per square metre hits new high

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New home sales rose 9.1 per cent in August, powered by strong results in Victoria and Western Australia, but over the year sales continue to slow, according to Housing Industry Association (HIA).
The HIA New Home Sales report is a monthly survey of the largest volume home builders in the five largest states and is an indicator of building approvals and activity in the building industry. 
“The jump in sales in July confirms our forecast of a slowdown in building activity through until 2018/19. The increase in sales in August offsets larger declines in sales in recent months, but it is not sufficient to reverse the decline in sales that is evident since early 2016,” said HIA’s principal economist, Tim Reardon.  
“Results in July and August have been affected by government interventions in NSW and Victoria which have seen first home-buyers returning to the new home market. 
For the three months to August compared with the same period last year, house sales in Victoria were up 15.7 per cent while in South Australia the figure rose 9.2 per cent. 
However, sales declined in Queensland (-7.3 per cent), WA (-15.4 per cent), NSW (-17.4 per cent) and Queensland (-37.9 per cent). 
“Victoria has seen record numbers of new building approvals and new home sales are continuing to drive even higher. Strong population growth and employment growth, fortified with enhanced first home buyer incentives, is prolonging the boom in building activity.” 
<a href="https://www.propertyobserver.com.au/images/2017/10/03/HIAchart.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/10/03/HIAchart.png" alt="">
“The trend in new home sales continues to provide a strong leading indicator of the trend in residential building approval figures from the ABS as can be seen in the chart,” said Reardon. 
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