Housing Sales

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New home sales hit a two-year low in October 2016, but have since staged something of a recovery. While new detached house sales dipped by 2.3 percent in the fourth quarter, sales of new multi-unit dwellings ticked back up by 3.2 percent.
<a href="https://www.propertyobserver.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%209.16.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%209.16.02%20AM.png" alt=""> 
In fact the result for multi-units in December was the highest seen for a year-and-a-half, at least in seasonally adjusted terms. 
Detached house sales were strongest in the two most populous states, according to the Housing Industry Association (HIA). 
 
<a href="https://www.propertyobserver.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%209.16.08%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%209.16.08%20AM.png" alt="">
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">blogger</a>. 
 
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New home sales staging a recovery: Pete Wargent

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Noarlunga Downs, a metropolitan suburb of Adelaide, has experienced the biggest stock increase in South Australia over the last 12 months, according to Investar.
Investar says its sales stock has grown by 81%, from 21 houses this time a year ago to its current 38 offerings.
The suburb's median house price sits on<a href="https://www.urban.com.au/news/7260-noarlunga-downs-sa" target="_blank"> $320,000</a>, according to CoreLogic.
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/6/SA%20BIGGEST%20STOCK%20INCREASE%20.jpg" target="_blank">to enlarge.</a>
<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/2018/4/6/SA%20BIGGEST%20STOCK%20INCREASE%20.jpg" alt="">
A Noarlunga Downs offering currently on the market is a three bedroom house priced at $319,000 to $339,000 (pictured above).
Located at <a href="https://www.realestate.com.au/property-house-sa-noarlunga+downs-125498554" target="_blank">20 Peppermint Grove</a> (pictured above), the South Australian home comes with three bedrooms, spacious formal living room, modern kitchen and private courtyard.
Other features include covered entertaining area,  split system heating and cooling, and single garage.
It is situated close to the Noarlunga transport hub, Colonnades Shopping Centre and only a short walk to Cardijn College.
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Noarlunga Downs sees SA's biggest stock increase

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The Sacred Heart Mission has sold its St Kilda hostel for about $6 million.
The Robe Street premises has housed hundreds in its 25 year history.
The 1154 square metre site at <a href="https://www.realcommercial.com.au/property-land+development-vic-st+kilda-502444206" target="_blank">41-43 Robe Street</a> includes a historic property, Avonsleigh Terrace.
The community group will spend the sale proceeds on a $27.3 million redevelopment of another St Kilda site it owns nearby.
Residents who have occupied the 29-bedroom Robe Street property will move to the new facility, which will accommodate 97.
Chisholm &amp; Gamon selling agent Torsten Kasper represented Sacred Heart Mission who bought the property for $1.15 million in 1992.
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St Kilda's Avonsleigh Terrace sold by the Sacred Heart Mission

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Nine out of 10 people who re-sold a property during the March 2017 quarter earned themselves a profit, according the CoreLogic Pain &amp; Gain March 2017 quarter report.
The total gross losses realised over the quarter was recorded at $493.8 million with a median gross loss of $35,000 per re-sale.
The CoreLogic Pain &amp; Gain report reveals Mackay ranked among the worst.
Areas linked to mining and resources sector continue to be some of the weakest housing markets across the country, the report noted.
Although transaction volumes appear to have bottomed in many of these regions, values have generally continued to fall albeit at a slower pace. 
The reported noted although more than half of all resales in Mackay were at a loss over the quarter, it noted there are signs that in some of the weakest markets conditions are starting to improve.
The proportion of resales at a loss has fallen in Mackay from a peak of 61.8%.
"Although there has been a moderate improvement in a number of these regions it is anticipated that the instances of resales at a loss will remain elevated in these regions.
"Although transaction volumes are generally no longer falling demand remains low and there are still many that bought at or near the market peak looking to sell and likely to incur losses when they do eventually sell their property," it noted.
A two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-qld-mackay-124665666" target="_blank">4/361 Alfred Street</a>, Mackay (above) was recently sold for $149,000 after being sold in 2011 for $330,000.
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-124472702" target="_blank">11 Baxter Street</a>, Mackay (below) was recently sold for $160,000 after being sold in 2009 for $340,000 and in 2003 for $172,000.
<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/2017/06/26/11%20Baxter%20Street.jpg" alt="">
A three bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-qld-mackay-122595746" target="_blank">1/60 George Street</a>, Mackay (below) was recently sold for $230,000 after being sold in 2014 for $328,000 and in 2007 for $368,000.
<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/2017/06/26/1_60%20George%20Street.jpg" alt="">
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-123582650" target="_blank">1 Grant Street</a>, Mackay (below) was recently sold for $260,000 after being sold in 2010 for $340,000.
<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/2017/06/26/1%20Grant%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-124738302" target="_blank">3 Hamlet Street</a>, Mackay (below) was recently sold for $320,000 after being sold in 2014 for $248,000 and in 2011 $358,000.
<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/2017/06/26/3%20Hamlet%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-124561486" target="_blank">17 Hucker Street</a>, Mackay (below) was recently sold for $175,000 after being sold in 2008 for $280,000.
<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/2017/06/26/17%20Hucker%20Street.jpg" alt="">
Queensland municipalities, Lockyer Valley, Somerset and Ipswich proved tough markets too.
Across the capital cities, vendors reselling earnings were varied: Sydney resales earned 97.8%, Melbourne 95.3%, Adelaide 92.5% and Hobart 95.4% while vendors in Darwin 63.0%, Perth 76.8%, Canberra 90.4% and Brisbane 90.8% profit earnings were significantly less. 
In the regional areas of the country the top resale earners were in the Southern Highlands and Shoalhaven at 98.8%, Illawarra at 98.6%, Newcastle and Lake Macquarie at 98.2%, Sydney at 97.8% and Geelong at 97.3%. The biggest regional losses came from regional areas closely linked to the mining and resources sector. The Pain &amp; Gain regional results found that 11.1% of houses resold for less than their previous purchase price over the first quarter of 2017. By proportion, regional house sales losses were marginally higher than the 11.0% over the December 2016 quarter and slightly higher than the 10.9% in March 2016. 
<a href="https://www.propertyobserver.com.au/images/2017/06/26/Screen%20Shot%202017-06-26%20at%2012.07.45%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/06/26/Screen%20Shot%202017-06-26%20at%2012.07.45%20pm.jpg" alt="">
CoreLogic report author Cameron Kusher said there is still a relatively high proportion of units in regional Australia reselling at a loss (17.2%) however, the proportion of loss making unit sales has shifted substantially lower as lifestyle markets see buyer demand rebounding and mining regions approach the bottom of their cycle.
At the end of 2016, 17.9% of regional units had resold at a loss and in March 2016 quarter the proportion was recorded at 19.7% of all properties. The 17.2% of regional units resold at a loss is the lowest proportion since the December 2010 quarter. 
“While the proportion of loss making sales has started to reduce in some of these regions, there remains a high willingness from home owners to sell up coupled with little demand to purchase. As a result we are seeing a high proportion of vendors materializing their losses,” Mr Kusher said.
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Mackay is the most painful location for property vendors across Australia: CoreLogic

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A derelict Darlinghurst terrace has sold for $1.75 million.
The two-bedroom home at <a href="https://www.realestate.com.au/sold/property-house-nsw-darlinghurst-123217894" target="_blank">12 Hargrave Street</a> was placed on the market with a price guidance of $1.3 million.
It was marketed as a renovator's delight, with "solid bones throughout and plenty of obvious angles for adding value".
One of the bathrooms was in complete disrepair, with exposed plumbing.
It was listed with BresicWhitney’s Nick Gill and Eliza McGrath.
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Derelict Darlingurst terrace sells at $1.75 million

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<div>NSW's Wagga Wagga has been a rising market in both April and May, according to valuation firm Herron Todd White's property clock -- a simple broad brush means to suggest where property markets are and what direction prices are moving in. </div>
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<div>Like all towns and cities the edge is where expansion occurs. In Wagga Wagga, this includes areas to the north at Estella, Boorooma and Gobbagombalin, to the east at Forest Hill, to the south at Bourkelands and Lloyd and the south west at Uranquinty. All these areas have seen 10% to 20% growth in vacant land values over the past two years.</div>
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<div>It’s not necessarily affordability that people are looking for, it’s a new dwelling. It must be remembered that nothing is more than 10 minutes away in Wagga Wagga which compares a lot more favourably than the bigger cities where a trip to the local shop can take 10 minutes. Dependent on the size as well as other variables, new houses sell in the outer areas for between $350,000 and $550,000. This is comparable to the cost of housing in the central suburbs of Wagga Wagga, Turvey Park and Kooringal. It appears some people do not want the hassle of maintenance an older dwelling requires.</div>
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<div>Infrastructure does not seem to be a factor either. For example Estella, Boorooma and Gobbagombalin do not have a public school, local shop or licensed premises. It will be interesting to see how all these areas fair over the next five to 10 years. There is a chance that in the short term, because of the number of new dwellings having been constructed and currently being constructed so close together both by locals and out of town investors, that values will drop.</div>
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<div>Other factors too will have an impact including higher education funding and housing requirement, defence housing requirements and probably more importantly the weather. This is one factor that politicians can’t simply add money too. Wagga Wagga’s economy relies heavily on the rural sector and should it be negatively impacted the flow on affect will be felt around the town. 
Property Observer looked up some recently sold properties in the fringe areas of Wagga Wagga in the $350,000 to $550,000 range and found these on www.realestate.com.au:
<img src="/images/2016/05/12/main-2.jpg" alt="">
A four-bedroom house with a garden at <a href="https://www.realestate.com.au/property-house-nsw-wagga+wagga-118681587" target="_blank">3 Tubbo Place, Bourkelands Wagga Wagga</a> (above) fetched $390,000.
 
<img src="/images/2016/05/12/main-3.jpg" alt="">
A four-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-forest+hill-121204414" target="_blank">2 Teak Close Forest Hill NSW 2651</a> (above) sold for $510,000, according to RP Data.
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NSW's Wagga Wagga's fringes offer promise for new home buyers: HTW

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Melbourne leads the country for the number of homes sold under private treaty at 3,432 houses with the median price hovering around $604,000, according to CoreLogic RP Data.
Sydney leads the country for units, with 1,675 being sold at a median of $670,000.
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Melbourne leads nation in private treaty home sales: CoreLogic RP Data

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A property in Sandy Bay Tasmania is the most distressed property of the week, according to SQM Research.
The home, <a href="https://www.realestate.com.au/property-house-tas-sandy+bay-119247155" target="_blank" style="line-height: 1.3em;">493 Churchill Avenue</a>, was placed on the market back in March with an asking price of $570,000. Since then the vendor has slashed the price to $540,000, a total reduction of $30,000.
SQM Research managing director Louis Christopher said the property consists of four bedrooms, two bathrooms and accommodation for up to two vehicles.
"The vendor says that the fourth bedroom and second bathroom are located downstairs with its very own entrance and abundance of space that could be potentially converted into self contained accommodation," he said. 
"The property features modern timber floorboards, fresh white walls and plenty of natural lighting. The brand new modern kitchen and verendah out the back give this property its additional knockout touch. 
"The property is located approximately 6 km away from Hobart CBD, and is within a short driving distance from local Sandy Bay shops, transport, cafes and schools."
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Sandy Bay Tasmania home SQM's most distressed 

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Chief executive officer of McGrath estate agents John McGrath has outlined his top five picks for the Sydney housing market.
In the McGrath Report 2015 he said properties in Sydney suburbs such as Kensington, Curl Curl, Parramatta, Engadine and The Rocks are looking safe.
The Rocks
"As a shift in the housing stock moves from Government owned to private dwelling there is bound to be a massive upgrade to these beautiful harbourside Georgian and Victorian homes. Plus a significant change in local amenity that usually follows such upgrades. With the recently opened Barangaroo Point park, a 5 minute walk to the CBD &amp; Barangaroo commercial precinct, this is fast becoming one of the most fashionable addresses in Sydney," he said.
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Kensington 
"With the recent surging interest from overseas buyers Kenso will become one of the main beneficiaries due to the University campus around which the suburb has evolved. And the upcoming light rail which will whisk residents in &amp; out of the City &amp; to the mighty sporting facilities of Moore park &amp; Royal Randwick, your investment is looking safe in this university suburb," he said.
Curl Curl 
"While the Sydney recovery is still more heavily focused on the Inner Ring suburbs, the gorgeous Northern Beaches lifestyle is attracting great attention from the water babies looking for better value than the East. We like Curl Curl with it’s intimate positioning by the sand and relatively easy access to the CBD compared to some of her further north sister suburbs. Not only will you live longer with a Curl Curl address but you’ll outperform the Sydney market by many percentage points in the next decade," he said.
Parramatta 
"There are two key reasons Parramatta is a must-have in this year’s report. First, the commercial and infrastructure activities in and around Parramatta are leaving much of Sydney in their wake with many smart companies choosing to re-locate closer to their employees in what is now the heart of Sydney. The second reason is the activation of the river which has for many years been a forgotten waterway. Opportunities are starting to emerge to build quality medium density riverside dwellings over the next few years which will establish new pricing benchmarks. So for investors and home owners alike, head west to get a piece of this golden lifestyle," he said.
Engadine 
"The Shire and great living have been closely aligned for many generations as the locals know only too well. But as the surf-side suburbs shoot north in price and young homeowners look to secure a piece of God’s country, areas like Engadine offer great land size at an affordable entry point. So if a 600 square metre block is still on your “must have” list and your budget is under $750,000 pop Engadine into your search engine and find sensible value you couldn’t spot elsewhere," he said.
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