100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

Property prices grow at their fastest rate since 2004, but where to from here?

Do you have a news tip? Click here to send to our news team.

Council releases new draft planning scheme

Sunshine Coast Council's proposed new planning scheme is now open for public feedback. The scheme outlines suggested changes to zoning, building heights, design, green space More

Fatally stabbed man may have disturbed burglary attempt

A husband found dead with multiple stab wounds at a suburban home may have disturbed a break-and-enter attempt, police say. The 57-year-old man's body was More

‘Incredible talent’: beloved radio host announces departure

Popular radio host Todd Widdicombe is stepping down from his role on the Sunshine Coast airwaves. Widdicombe has been the co-host of 92.7 Mix FM’s More

Supermarket plans open to public feedback

Plans to construct a new supermarket in Cooroy have entered the public notification phase, with residents able to have their say on the application More

State intervenes on controversial festival site plan

The state government will decide whether to approve a 150-hectare festival site on the Sunshine Coast, after the proposal was “called in” by Planning More

League of its own: $8m-plus property market charges on

The ultra-prestige property sector at an iconic Queensland beach town continues to surge ahead, seemingly immune to broader market sentiment. Multiple homes at Noosa Heads More

Australian residential property prices grew at their fastest annual rate since 2004 in the 2020/21 financial year.

The CoreLogic home value index rose 1.9 per cent in June to be 13.5 per cent up on a year ago, with prices rising in all capital cities.

Over the year, house prices rose 15.6 per cent, compared to units which increased by 6.8 per cent.

Darwin posted the highest annual rate in dwelling values, increasing by 21 per cent, followed by a 19.6 per cent rise in Hobart.

CoreLogic head of research Eliza Owen said there were plenty of factors driving the housing market through the first six months of 2021 and before the recent uncertainty of growing COVID-19 cases emerged across the country.

“However, there are some markets where performance is starting to ease more notably,” Ms Owen said.

Continued low mortgage rates, falling unemployment, elevated consumer confidence, the accumulation of savings through the COVID restrictions last year and relatively low advertised housing stock all fuelled strong demand conditions.

Tell us what you think? Submit a Letter to the Editor with your name and suburb at Sunshine Coast News via: news@sunshinecoastnews.com.au

Federal government initiatives like the First Home Loan Deposit Scheme and the New Home Guarantee have also been supportive.

The government has released an additional 30,000 places from July 1 under these two schemes, as well as the new Family Home Guarantee to eligible single parents with children to build a new home or purchase an existing home with a deposit of as little as two per cent.

“Our data shows CBA customers who have used one of these home buyer initiatives have been able to enter the property market nearly five years earlier on average than they would if they saved for the standard 20 per cent deposit,” Commonwealth Bank’s Michael Baumann said.

However, the CoreLogic data shows there is a loss of momentum across Perth and Darwin, while softer growth rates are also emerging at the high end of the market.

“The rest of the market tends to follow movements at the high end, and this is the first time in nine months that the high-tier growth rate has not accelerated,” Ms Owen said.

AMP Capital chief economist Shane Oliver still expects further price gains of 20 per cent over 2021, but this could be threatened by the coronavirus outbreak and snap lockdowns in various cities.

“But providing the lockdowns are relatively short, then the experience from the eight previous snap lockdowns around Australia since November, including that recently in Victoria, suggest that it won’t be enough to derail the housing market upswing,” Dr Oliver said.

That said, he is still expecting financial regulators to step in with macro prudential controls to slow home lending in the next few months.

CORELOGIC NATIONAL HOME VALUE INDEX FOR JUNE

(month, annual)

National – up 1.9 per cent per cent, up 13.5 per cent

Sydney – up 2.6 per cent, up 15 per cent

Melbourne – up 1.5 per cent, up 7.7 per cent

Brisbane – up 1.9 per cent, up 13.2 per cent

Adelaide – up 1.6 per cent, up 13.9 per cent

Perth – up 0.2 per cent, up 9.8 per cent

Hobart – up 3 per cent, up 19.6 per cent

Darwin – up 0.8 per cent, up 21 per cent

Canberra – up 2.3 per cent, up 18.1 per cent

Combined capitals – up 1.9 per cent, up 12.4 per cent

Combined regional – up 2 per cent, up 17.7 per cent

(Source: CoreLogic)

Subscribe to SCN’s free daily news email

This field is hidden when viewing the form
This field is for validation purposes and should be left unchanged.
[scn_go_back_button] Return Home
Share