The latest loan data is cause for optimism in the property investment market. According to the Real Estate Institute of Australia (REIA), the May 2019 Lending Households and Business figures released by the Australia Bureau of Statistics show this trend.Read more
The number of first homebuyers in the December quarter was at its lowest since the Australian Bureau of Statistics started to collect data, according to the Real Estate Institute of Australia (REIA).
President of the REIA, Peter Bushby, says the figures reveal that first time buyers believe property is too expensive.
“The latest Adelaide Bank/REIA Housing Affordability Report shows that first homebuyers made up only 12.5 per cent of the owner-occupier market compared to 13.6 per cent in the previous quarter,” he says.
Buyers are prepared to love thy neighbour and live closer to each other than ever before with approvals for medium density living now accounting for 43.4 per cent of new home approvals.
The latest Bankwest Housing Density Report found that approvals for medium density dwellings, that is units, townhouses and semi-detached houses, were up by 22.9 per cent on last year.
Approvals for stand-alone houses only improved by 6.5 per cent during the same period.
Bankwest executive general manager retail, Mark Reid, said their figures revealed it was a long-term trend, which he thought was driven in part by first home buyers.
“Data shows it is also a long-term trend, with approvals for medium density housing growing by a staggering 45.9 per cent over five years,’’ he said. Read more
Although it seems like a righteous position to hold, it cannot be denied that, in addition to offering a physical protection from the elements, residential property is, and always has been, an attractive investment option.
The old saying “property is the biggest investments one will ever make” has not been coined without reason. Besides, even when people say they are buying a “home and not an investment” they do not necessarily equate this statement with not making any money on their purchase in the future. Read more
The Australian Bureau of Statistics figures reveal across the combined eight capital cities property prices went up by 3.4 per cent for the December quarter.
The latest figures bring the increase for the year to 9.3 per cent.
House prices in Sydney increased by 4.9 per cent in the December quarter, the third quarter in a row that Sydney recorded the largest rise in house prices in Australia.
Perth was the next best performer with its values up 3.5 per cent, followed by Brisbane 3 per cent, Adelaide 2.8 per cent, Darwin 2.7 per cent and Hobart 2.3 per cent.
Canberra recorded the smallest increase of just 0.4 per cent.