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Average House Prices Edge Closer to $1m

House Prices

The average price of a residential property in Australia is nearing the $1-million mark for the first time on record, with house hunters spending about $350,000 more than they did a year ago on the typical home.

According to Domain, Australian house prices have experienced the fastest annual rate of growth on record at 21.9 per cent with house prices rising three times faster than units over the past year.

Domain chief of research Nicola Powell said despite the historic surges, prices—currently being underpinned by record low-interest rates and expected investment returns—were now preparing to cool as lockdowns end nationally.

Over the three months to September, all capital cities except for Perth and Darwin hit record highs for house prices with Canberra now the second most expensive capital city to purchase a house for the first time since 2005.

Sydney, the nation’s most expensive city, hit a new record of almost $1.5 million for houses after surging 30.4 per cent—rising by roughly $6700 a week over the past 12 months.

Unit prices hit a new record high of $802,475 after gaining $18,695 over the September quarter, surpassing the mid-2017 price peak for the first time.

NSW now accounts for $3.3 trillion, or 40 per cent, of the total Australian residential real estate market.

House price change by capital city

CityJun 21Sep 21QoQYoY
Sydney$1,432,901$1,499,1264.6%▲30.4%▲
Melbourne$1,021,790$1,037,9231.6%▲16.8%▲
Brisbane$673,176$702,4554.3%▲15.3%▲
Adelaide$632,337$667,8885.6%▲20.1%▲
Canberra$1,015,833$1,074,1875.7%▲32.4%▲
Perth$602,248$598,601-0.6%▼9.8%▲
Hobart$631,630$698,21210.5%▲31.9%▲
Darwin$608,760$640,0685.1%▲33.2%▲
Combined$961,182$994,5793.5%▲21.9%▲

^Source: Domain

Melbourne, despite being in lockdown for most of the quarter, hit a new record high of $1.038 million after increasing by 16.8 per cent in the past year—the city’s strongest annual gain in 11 years.

The number of homes selling in Brisbane continues to surpass previous records to now be at its highest point in six years with listed homes for sale 7 per cent higher over the first three weeks of October compared to the two-year average.

House prices have now reached a new record high, surpassing the $700,000 mark.

Meanwhile, Hobart house prices have almost doubled over the past five years, the steepest increase of the capital cities.

Powell said price relief was now nearing as the rate of house price growth across capital cities halved in the September quarter compared to the previous quarter, suggesting the peak pace of growth has passed.

“We’re seeing the property market begin to cool down with soaring house prices in the last year adding to ongoing affordability pressures affecting buyers participation in the market,” she said.

“As Covid-19 lockdowns and restrictions come to an end and the sustained high prices appeal to vendors, sellers are beginning to re-engage with the market, increasing supply which in turn offer greater choices for buyers.”

Unit price change by capital city

CityJun 21Sep 21QoQYoY
Sydney$783,781$802,4752.4%▲9.5%▲
Melbourne$575,133$576,8790.3%▲6.1%▲
Brisbane$398,538$396,609-0.5%▼-1.8%▼
Adelaide$340,586$357,6155.0%▲3.3%▲
Canberra$504,217$489,710-2.9%▼-2.6%▼
Perth$376,029$363,653-3.3%▼1.3%▲
Hobart$532,284$532,2840.0%▶23.8%▲
Darwin$364,187$359,903-1.2%▼22.1%▲
Combined$603,435$609,6421.0%▲6.8%▲

^Source: Domain

The Reserve Bank of Australia recently acknowledged the hot housing market in its monthly board meeting minutes, and said policymakers needed to keep a close eye on lending standards.

It noted there had been an increase in loans with high debt-to-income ratios, and sustained growth in housing credit added to the risks of high household debt.

Housing credit growth is forecast to top 10 per cent on a six-month annualised basis early next year.

At the same time, wages growth is running at just 1.7 per cent, according to the latest Bureau of Statistics data.

“There has been an increase in the average loan value over the last year indicating that customers are borrowing more to keep up with rising prices and further driving house price growth,” Powell said.

“This may start to slow down as new serviceability measures are implemented from November 1.

“However, the sheer affordability of keeping up with rapid house price gains is proving a barrier for many buyers, especially first home buyers facing spiralling deposit goals and poor interest accrued on savings.

“Upsizing is also becoming a financial leap despite the benefit of strong equity growth, and particularly challenging if sold prior to purchasing.”

 

Visit Matthew Groves if you’re looking for a reliable property manager, or in search of your dream home.

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Real Estate

Luxury Apartment in Mooloolaba Resort

Luxury Apartment in Mooloolaba Resort

Just a block away from the white sand shores of Mooloolaba Beach is a fourth floor unit in the Pandanus Luxury Resort. This complex is situated on a corner lot just behind the Esplanade known for lifesavers beach, entertainment, restaurants and retail shops. The newly renovated Wharf precinct is also just a block away, as well as the Mooloolaba Coles and post office.

Resort facilities include:

Secure building of 35 luxury apartments
Sparkling pool
Spa
Fitness centre/gym
Elevator access
Secure underground car space provided

This incredible apartment offers:

Foyer
New plank flooring in main living and master bedroom
Ducted air conditioning throughout
Spacious open plan living area connected to the oversized balcony
Large laundry room with benchtop and dryer provided
Separate toilet to main bathroom
2 Large balconies with bird views of Mooloolaba, hinterland and ocean
3 Generous bedrooms with ceiling fans and built in mirrored wardrobes
Ensuite with double sinks and stone benchtop
Master with large walk in robe
Modern kitchen with stone benchtop, stainless steel fridge provided, microwave and dishwasher
Large storage room behind kitchen

School Catchments:

Mooloolaba State School
Mountain Creek State High School

This property is available now on a 6-12 month lease, at $850 per week.

 

 

Article source: mysunshinecoast.com.au

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Real Estate

Café Vie It’s a Plant Kinda Thing!

Café Vie

Voted one of the Sunshine Coast’s top 3 Café’s and with just one visit to Café Vie you will know why!

Perched on top of Buderim in arguably the best position possible, Café Vie does justice to the perfect location, catering to the upmarket client base with amazing food and a feel-good environment, created over the past 4 years.

Generating a whopping $25 000 per week in revenue…despite short opening hours (7am-3.30pm), this highly profitable enterprise has dedicated key staff in place, with the owner’s role simply overseeing the business.

Widely regarded as one of the very best on the Coast, backed up by hundreds of amazing reviews (542 Google reviews = 4.8-star rating!), editorials, and accolades, it really is difficult to argue how strong this business is.

Offering a mouthwatering menu tailored predominantly to the vegan market, surprisingly, most of the loyal patrons are non-vegan and they keep coming back with their friends for the beautiful offerings, stunning location and the first-class service.

There is endless scope for new owners to further boost income by opening for evening meals, holding wedding receptions, evening functions and external catering events these are always requested!

With a secure lease in place offering options until 2038 and unusually low occupancy costs, this business represents incredible value priced at $399 000 plus stock.

 

Article source: mysunshinecoast.com.au

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Real Estate

Rare And Sought-after Opportunity Right In The Centre Of Town

Rare And Sought-after Opportunity Right In The Centre Of Town

Amber Werchon Property presents to the market 29-31 Crescent Road, Eumundi. On the hunt for your next exciting property project with a prime location and endless potential? This prized parcel of land is nestled right in the heart of Eumundi and is sure to attract a variety of investors and developers with an eye to the future. DA approval is already in place to subdivide the land into three smaller lots and one lot is already under an expression of interest meaning the time is now to secure this exciting and incredibly rare offering.

An existing easy-care home is already on site, nestled amongst the mature trees and lush surrounds of this gorgeous property. This two-bedroom, one-bathroom abode could work as a low-maintenance rental to generate an income while you work through your redevelopment plans or you could even choose to capitalise on the desirable locale and use this residence as short-term Airbnb accommodation.

The home’s interior is light-filled and comfortable with an open-plan kitchen, dining and living room that connects effortlessly to the outdoors. Large windows and glass sliding doors frame the leafy outlook or you can step outside, host guests on the patio and truly immerse yourself within this serene setting. The list of extra features includes built-in cupboards throughout and a well-equipped bathroom along with parking for one car and a storage shed for absolute convenience.

Whether you’re looking to bolster your investment portfolio or you’re eager to landbank for the future and wait for the property to increase in value, the choice is yours when it comes to 29-31 Crescent Rd.

Everything the renowned township of Eumundi has to offer is conveniently located close by ensuring you’re never far from anything you could desire. Cool cafes and popular restaurants are all within walking distance and you’re also just a gentle stroll from bustling pubs and the iconic bi-weekly Eumundi Markets that attract people from all over. Families will love being so close to handy public transport links, picturesque parks and play areas and you’re also just moments from the quaint Eumundi State School for those with school-aged children.

 

 

Article source: mysunshinecoast.com.au

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