This week’s Australian Property Market Update – Latest Data, State by State 24th December

The capital city residential property markets are finishing the year strongly.

​Prices across our five capital cities notched up some further gains this week.

It’s been an “interesting” year in property hasn’t it?

Our housing markets looked promising at the beginning of 2020, after the surprise strong ending to 2019, Sydney and Melbourne dwelling prices rose almost 1 per cent in the first three weeks of January alone.

But then along came Covid19 and many of our housing markets were put on pause because of lockdowns.

The earlier forecast of strong market growth were replaced by forecasts of 10%, 15% and even 20+% falls in property values.

But that didn’t occur, did it? Our housing markets were remarkably resilient.

With prolonged lockdowns, Melbourne was the worst affected property market and overall values dropped by 5.6%.

Prices in more established suburbs held their own while CBD apartments and lower priced properties in blue-collar areas suffered the most as did Melbourne’s rental markets.

In Sydney property values fell 2.9% between April and September 2020 and have since rebounded.

And Brisbane property just kept chugging along gently, while the Canberra property market performed strongly

The following chart from CoreLogic shows that all property markets other than Melbourne finished the year higher than they started, and Melbourne has made up most of its lost ground and is likely to reach new heights again shortly.

Corelogic Home Value Index

Melbourne property prices are up 1.32% over the last quarter and are on track to start 2021 strongly as market activity and confidence continues to return.

At their measured low point in mid-October during the lockdown, prices were down almost 6% on pre-pandemic levels and over 3% year to date then. 

Prices also rose in Sydney, up another 1.22% in the last quarter and Sydney’s median property value has risen 2.9% for the year.

While Melbourne prices have been understandably volatile this year and Sydney saw prices cool off after mid-year, prices in Adelaide and Brisbane have been more resilient, though did exhibit some signs of flattening in the September quarter. Adelaide prices have risen 5.7% this year, Brisbane prices by 4.5%.

After a soft start, the Perth market increasingly found its feet as the year progressed, prices up a net 1.4%, all of that coming in the second half of the year.

Buyers are back in droves around the country and as the year ended Metropole’s buyers agent team were finding off-market deals are flourishing, particularly for sellers keen to finalise a deal before the traditional Christmas-New Year break.

 

There are now a range of indicators suggesting our property markets are only going perform strongly in 2021.

  • Consumer confidence has been consistently improving as has business confidence
  • Auction clearance rates have been consistently strong in the last quarter of 202, not just in the two big auction capital of Melbourne and Sydney but around Australia
  • More buyers and sellers are in the market and transaction numbers have increased consistently.
  • At the same time the banks are keen to write new business – another positive for our housing markets.
  • Bank loan deferrals have been consistently falling – there’s little likelihood of an avalanche of forced mortgagee sales creating the fical cliff some commentators were worried about.
  • Historically low interest rates and the “guarantee” of rates remaining low for at least 3 years, will give home buyers and investors confidence
  • Strong jobs creation, rising consumer confidence and improving business confidence (leading to spending and employment) will underpin our housing markets.

Clearly, our housing markets were not immune to the Coronavirus economic fallout, but those house price predictions of significant falls did not eventuate and now all credible economists have forecast significant house price growth in 2021 and 2022

​These graphics show how all our major capitals have median values higher than at the beginning of the year – we’ve passed the bottom of this cycle.

House Price Since Pandemic

House Price Inflation

To help keep you up-to-date with all that’s happening in property, here is my updated weekly analysis of data and charts as of December 44th provided by Corelogic and realestate.com.au.

Early Market Indicators

Let’s start with the number of indicators that could give us a clue to what’s ahead.

  1. Despite the Christmas break looming, rental demand on realestate.com.au increased for the second consecutive week last week, as shown by realestate.com.au’s Weekly Demand Report.

The REA Insights Weekly Demand Index, fell by -4.6 per cent last week, which was its largest weekly fall since March 2020 in the midst of national lockdowns.

Rea Buyer

Cameron Kusher Executive Manager, Economic Research, reports that demand for houses fell by -4.9 per cent over week, while demand for units was -3.3 per cent lower.

“Each state recorded a fall in demand, with Queensland (-2.1%) and Victoria (-4.3%) seeing the smallest falls and New South Wales (-6.9%) and Australian Capital Territory (-6.6%) recording the largest.

Demand is now -20.6 per cent lower than its historic peak, however, it remains significantly higher than it was a year ago – up 44.9 per cent. Australia Property

The largest year-on-year increases in demand have been recorded in Victoria (57.9%) and Northern Territory (48.4%), while the smallest increases have been recorded in Tasmania (13.3%) and Western Australia (27.1%).

Across all of the states, the year-on-year change is trending either flat or higher showing the overall strength of demand this year compared to last.

The year-on-year data clearly shows that buyer demand is strong despite the recent holiday season weakening and I fully expect that the high level of demand will continue into 2021.

Low borrowing costs, high levels of household savings and fiscal stimulus measures are likely to continue to drive strong demand for residential property, which we are already seeing feed into price and transaction volume increases.

The main challenge for buyers is likely to be the volume of stock available for sale.

With 2020 behind us, more vendors may be willing to test the market in 2021, particularly given how many buyers are currently ready to purchase. ” said Kusher.

2. Rental markets.

Realestate.com.au reported that sespite the Christmas break looming, rental demand on realestate.com.au increased for the second consecutive week last week.

The REA Insights Weekly Rental Demand Index, following a 1.5 per cent increase the week before last, there was a further 0.1 per cent rise in rental demand nationally last week.

Rea Rent

Cameron Kusher Executive Manager, Economic Research explained that demand for rental houses was -0.2 per cent lower over the past week, though demand for rental units climbed by 0.3 per cent.

“Only New South Wales (-1.1%), South Australia (-1.5%) and Australian Capital Territory (-0.5%) recorded declines in rental demand last week, with Northern Territory (1.7%) and Queensland (1.5%) recording the largest increases.

Despite some recent increases, rental demand remains -24.2 per cent lower than its historic peak.

However, rental demand is up 23.3 per cent when compared to the same week last year. Rent

Compared to last year, demand for rental houses is up 13.4 per cent, while demand for rental units has experienced a much larger increase, up 34.6 per cent.

Western Australia is the only state in which rental demand is lower than a year ago (-6.5%).

This is likely due to the fact that lending to first home buyers in Western Australia is at an historic high, more than doubling over the past 12 months.

Australian Capital Territory (38.4%) and Victoria (35.7%) have recorded the largest year-on-year increases in rental demand.

Rental demand typically rises early in January after falling through November and December, but things are playing out differently this year.

While the rises have been quite small to-date, it seems that some are getting a head start before the new year.

Early 2021 will be the litmus test for the rental market, with many leases expiring and no new foreign students arriving.

While demand is likely to be strong as people monitor the market conditions closely, what will be much more interesting is how much of an adjustment to rental prices occur as renters will undoubtedly be looking for cheaper rent or better rental accommodation.

It should be noted that we expect these adjustments to be much more prevalent in inner-city areas of major capital cities and for units as opposed to houses

It will definitely be something to closely monitor in early 2021″ said Kusher.

What’s happening to property prices?

There has been a palpable change in property market sentiment over the last few months.

But there is a flight to quality.

The shortage of A-grade homes and investment properties compared to the number of buyers out looking for them mean that property values in certain locations are steadily creeping up.

On the other hand B grade (secondary) properties are selling at a discount and no one really wants C grade properties.

The following charts were updated by Corelogic on December 14th, 2020.

 

Monthly Change

Change In Dwellign Values

Properties listed for sale

For Sale

At a time when as buyers are returning to the market as confidence rises, the overall number of properties listed for sale is down 13.7% over the last year.

This lack of good properties for sale at a time when many interested buyers have returned to the market is one of the reasons property prices have, in general, held up well.

This confirms what we are finding on the ground Metropole that well-located properties are selling quickly with a queue of buyers waiting for them.

Properties For Sale

Homes For Sale

The number of property transactions

The following table of private treaty sales (which represents the vast majority of all dwelling sales across the country shows that over the last week:

  • In Melbourne, 2,125 houses (last week 2,092) and 992 apartments or units were sold (last week 948).
  • In Sydney, 1,901 houses (1,904 last week) and 1,101 apartments were sold (1,104 last week), so the market is continuing its steady growth.
  • In Brisbane, 1,222 houses (977 last week) and 298 apartments were sold (244 last week) – the market seems to be slowing down as Chritmas approaches.

Capital City Private
Median House Price


NOW READ: Why Bluechip property will rebound strongly in 2021


Our Rental Markets

The COVID-19 pandemic has been an unprecedented shock to the rental housing market, reducing demand for rental properties at the same time as supply has increased.

Households most affected by the economic impact are more likely to be renters, and border closures have reduced international arrivals.

The number of vacant rental properties has increased as new dwellings have been completed and some landlords have offered short-term rentals on the long-term market, particularly in inner Sydney and Melbourne.

Government policies have supported renters and landlords.

Rents have declined, partly because of discounts on existing rental agreements and it is likely that rent growth in many areas will remain subdued for some time moving forward.

The absence of new and returning international students and the closing of international borders has dented rental property market, particularly in Sydney and Melbourne.

 

Screen Shot 2020 10 13 At 7.27.41 Am

Screen Shot 2020 10 13 At 7.27.18 Am

Vendor Metrics

Other than in Darwin, vendor metrics have suggested we’re moving into a seller’s market with the number of days to sell a property decreasing (a sign of the tight supply situation), and vendor discounting ( it’s easier for them to sell) at realistic levels.

The shortage of good properties on the market is seeing properties selling quickly with minimal discounting.

Median Time On Market

Auction clearance rates

Sydney

Auction clearance rates finished the year very strongly in Sydney.

At these levels, when around 80% of properties put to auction sell under the hammer three weeks in a row, price growth tends to follow.

There are now firm signs that we’ve passed the bottom of the Sydney property market.

National Auctions

And Sydney property sales remain strong, even though they’ve tapered off a little in the week leading into Christmas as would be expected.

Real Time Sydney

Melbourne

As life in Melbourne gets back to normal, more properties are being listed for sale and auction clearance rates finished the year strongly despite 864 properties being taken to auction, showing the depth of buyer interest.

Melbourne Weekend2

Melbourne property sales have continued to be strong, reflecting pent-up demand.

This situation is likely to continue as Melburnians get back to a more normal life and their confidence increases.

Real Time Melbourne

Brisbane

The Brisbane property market is performing very strongly with the number of sales being significantly higher than pre the Coronavirus pandemic. Brisbane will start the new year with a surge of pent up demand for home buyers and investors.

Real Time Brisbane

 

Here are the long term auction clearance trends

Weekly Auction Clearance

Weekly Auction

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on in 2021

Metropole

If you’re wondering what will happen to property in 2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.

Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.

Please click here to organise a time for a chat. Or call us on 1300 METROPOLE.

Source of graphs and data: CoreLogic.

 

 

 

The capital city residential property markets are finishing the year strongly.

​Prices across our five capital cities notched up some further gains this week. Melbourne

Similarly auction clearance rates ended the year solidly despite looming concerns about Covid 19 resurfacing.

These are all sign of the strength and depth of our property markets.

auction volumes rose this week in Sydney and Melbourne and auction results were strong around the country.

Melbourne property prices are up 0.3% so far this month, on track to record another month of gains as market activity and confidence continues to return.

At their measured low point in mid-October during the lockdown, prices were down as much as 6% on pre-pandemic levels and over 3% year to date then. 

Melbourne’s median property value is likely finish the year down a little less than 2%.

Prices also rose in Sydney, up another 0.2% so far in December.  With only a fortnight to go Sydney’s median property value has so far risen 2.2% for the year.

While Melbourne prices have been understandably volatile this year and Sydney saw prices cool off after mid-year, prices in Adelaide and Brisbane have been more resilient though did exhibit some signs of flattening in the September quarter. Adelaide prices have risen 5¾% this year, Brisbane prices by 4¼%.

After a soft start, the Perth market increasingly found its feet as the year progressed, prices up a net 1¼%, all of that coming in the second half of the year.

Buyers are back in droves around the country and currently Metropole’s buyers agent team are finding off-market deals are flourishing, particularly for sellers keen to finalise a deal before the traditional Christmas-New Year break.

This weekend Sydney and Melbourne’s weekend auction sales exceeded last year’s.

According to CoreLogic, the weekend’s preliminary national clearance rate was 73.6%, with Melbourne auction volumes up 25.8% this week, but that’s still down markedly on 1,405 for the same week last year.

This week’s heat map (see below) shows that over the week Australian property prices nudged a fraction higher.

Median prices are higher than they were 12 months ago in every city other than Melbourne (no surprise there) but there are still certain segments of the market that are going to suffer – the inner city apartment sales and rentals.

  • Overall Sydney house prices rose 0.2% week and are up 3.3% over the last year
  • Melbourne house prices rose 0.3% last weekend despite all the lockdowns will finish the year less than 2% down
  • Brisbane house prices are up 0.2 last week, 0.8% over the last month, and 4.2% over the last year
  • Rises were also evident in Adelaide, Perth, Darwin and Canberra. 
  • Over the eight months since the initial national restrictions were announced back in late March, prices for the hedonic “five capitals” index are down a relatively modest 1.6%.

Heat Map

There are now a range of indicators suggesting our property markets are only going perform strongly in 2021.

  • Consumer confidence has been consistently improving as has business confidence
  • Auction clearance rates have been consistently strong in the last quarter of 202, not just in the two big auction capital of Melbourne and Sydney but around Australia
  • More buyers and sellers are in the market and transaction numbers have increased consistently.
  • At the same time the banks are keen to write new business – another positive for our housing markets.
  • Bank loan deferrals have been consistently falling – there’s little likelihood of an avalanche of forced mortgagee sales creating the fical cliff some commentators were worried about.
  • Historically low interest rates and the “guarantee” of rates remaining low for at least 3 years, will give home buyers and investors confidence
  • Strong jobs creation, rising consumer confidence and improving business confidence (leading to spending and employment) will underpin our housing markets.

Clearly, our housing markets were not immune to the Coronavirus economic fallout, but those house price predictions of significant falls did not eventuate and now all credible economists have forecast significant house price growth in 2021 and 2022

​These graphics show how all our major capitals have median values higher than at the beginning of the year – we’ve passed the bottom of this cycle.

House Price Since Pandemic

House Price Inflation

To help keep you up-to-date with all that’s happening in property, here is my updated weekly analysis of data and charts as of December 14th provided by Corelogic and realestate.com.au.

Early Market Indicators

Let’s start with the number of indicators that could give us a clue to what’s ahead.

  1. Despite the Christmas break looming, rental demand on realestate.com.au increased for the second consecutive week last week, as shown by realestate.com.au’s Weekly Demand Report.

The REA Insights Weekly Demand Index, fell by -4.6 per cent last week, which was its largest weekly fall since March 2020 in the midst of national lockdowns.

Rea Buyer

Cameron Kusher Executive Manager, Economic Research, reports that demand for houses fell by -4.9 per cent over week, while demand for units was -3.3 per cent lower.

“Each state recorded a fall in demand, with Queensland (-2.1%) and Victoria (-4.3%) seeing the smallest falls and New South Wales (-6.9%) and Australian Capital Territory (-6.6%) recording the largest.

Demand is now -20.6 per cent lower than its historic peak, however, it remains significantly higher than it was a year ago – up 44.9 per cent. Australia Property

The largest year-on-year increases in demand have been recorded in Victoria (57.9%) and Northern Territory (48.4%), while the smallest increases have been recorded in Tasmania (13.3%) and Western Australia (27.1%).

Across all of the states, the year-on-year change is trending either flat or higher showing the overall strength of demand this year compared to last.

The year-on-year data clearly shows that buyer demand is strong despite the recent holiday season weakening and I fully expect that the high level of demand will continue into 2021.

Low borrowing costs, high levels of household savings and fiscal stimulus measures are likely to continue to drive strong demand for residential property, which we are already seeing feed into price and transaction volume increases.

The main challenge for buyers is likely to be the volume of stock available for sale.

With 2020 behind us, more vendors may be willing to test the market in 2021, particularly given how many buyers are currently ready to purchase. ” said Kusher.

2. Rental markets.

Realestate.com.au reported that sespite the Christmas break looming, rental demand on realestate.com.au increased for the second consecutive week last week.

The REA Insights Weekly Rental Demand Index, following a 1.5 per cent increase the week before last, there was a further 0.1 per cent rise in rental demand nationally last week.

Rea Rent

Cameron Kusher Executive Manager, Economic Research explained that demand for rental houses was -0.2 per cent lower over the past week, though demand for rental units climbed by 0.3 per cent.

“Only New South Wales (-1.1%), South Australia (-1.5%) and Australian Capital Territory (-0.5%) recorded declines in rental demand last week, with Northern Territory (1.7%) and Queensland (1.5%) recording the largest increases.

Despite some recent increases, rental demand remains -24.2 per cent lower than its historic peak.

However, rental demand is up 23.3 per cent when compared to the same week last year. Rent

Compared to last year, demand for rental houses is up 13.4 per cent, while demand for rental units has experienced a much larger increase, up 34.6 per cent.

Western Australia is the only state in which rental demand is lower than a year ago (-6.5%).

This is likely due to the fact that lending to first home buyers in Western Australia is at an historic high, more than doubling over the past 12 months.

Australian Capital Territory (38.4%) and Victoria (35.7%) have recorded the largest year-on-year increases in rental demand.

Rental demand typically rises early in January after falling through November and December, but things are playing out differently this year.

While the rises have been quite small to-date, it seems that some are getting a head start before the new year.

Early 2021 will be the litmus test for the rental market, with many leases expiring and no new foreign students arriving.

While demand is likely to be strong as people monitor the market conditions closely, what will be much more interesting is how much of an adjustment to rental prices occur as renters will undoubtedly be looking for cheaper rent or better rental accommodation.

It should be noted that we expect these adjustments to be much more prevalent in inner-city areas of major capital cities and for units as opposed to houses

It will definitely be something to closely monitor in early 2021″ said Kusher.

3. Newly advertised properties for sale

The following charts from Corelogic shows the change in the number of new residential listings being advertised for sale.

As we’re being closer to Christmas, the number of properties coming onto the market is slowly dropping.

Rent And Sale

What’s happening to property prices?

There has been a palpable change in property market sentiment over the last few months.

But there is a flight to quality.

The shortage of A-grade homes and investment properties compared to the number of buyers out looking for them mean that property values in certain locations are steadily creeping up.

On the other hand B grade (secondary) properties are selling at a discount and no one really wants C grade properties.

The following charts were updated on December 14th, 2020.

Capital City Value

Monthly Change

Change In Dwellign Values

Properties listed for sale

For Sale

At a time when as buyers are returning to the market as confidence rises, the overall number of properties listed for sale is down 13.7% over the last year.

This lack of good properties for sale at a time when many interested buyers have returned to the market is one of the reasons property prices have, in general, held up well.

This confirms what we are finding on the ground Metropole that well-located properties are selling quickly with a queue of buyers waiting for them.

Properties For Sale

Homes For Sale

The number of property transactions

The following table of private treaty sales (which represents the vast majority of all dwelling sales across the country shows that over the last week:

  • In Melbourne, 2,125 houses (last week 2,092) and 992 apartments or units were sold (last week 948).
  • In Sydney, 1,901 houses (1,904 last week) and 1,101 apartments were sold (1,104 last week), so the market is continuing its steady growth.
  • In Brisbane, 1,222 houses (977 last week) and 298 apartments were sold (244 last week) – the market seems to be slowing down as Chritmas approaches.

Capital City Private
Median House Price


NOW READ: Why Bluechip property will rebound strongly in 2021


Our Rental Markets

The COVID-19 pandemic has been an unprecedented shock to the rental housing market, reducing demand for rental properties at the same time as supply has increased.

Households most affected by the economic impact are more likely to be renters, and border closures have reduced international arrivals.

The number of vacant rental properties has increased as new dwellings have been completed and some landlords have offered short-term rentals on the long-term market, particularly in inner Sydney and Melbourne.

Government policies have supported renters and landlords.

Rents have declined, partly because of discounts on existing rental agreements and it is likely that rent growth in many areas will remain subdued for some time moving forward.

The absence of new and returning international students and the closing of international borders has dented rental property market, particularly in Sydney and Melbourne.

 

Screen Shot 2020 10 13 At 7.27.41 Am

Screen Shot 2020 10 13 At 7.27.18 Am

Vendor Metrics

Other than in Darwin, vendor metrics have suggested we’re moving into a seller’s market with the number of days to sell a property decreasing (a sign of the tight supply situation), and vendor discounting ( it’s easier for them to sell) at realistic levels.

The shortage of good properties on the market is seeing properties selling quickly with minimal discounting.

Median Time On Market

Auction clearance rates

Major capital city residential property market momentum has continued with a positive slant into year-end.

Prices across the five capital cities notched up some further gains this week as auction volumes continue to make up for lost ground during the height of the pandemic. Melbourne Suburbs Proce

In fact, rather than tailing off sharply as they normally do into the Christmas-New Year break, auction volumes rose this week in Sydney and Melbourne.

After holding steady at semi-recovered levels in recent weeks, Melbourne auction volumes increased 25.8% this week to 1,131, even though that’s still markedly down on 1,405 for the same week last year.

Auction clearance rates continued at around 70% give or take, at 73.6% according to the weekend preliminary report.

Last week’s rate was 67.7%, revised down later in the week from the initially-reported 73.5%.

Melbourne prices are so far up 0.3% this month, on track to record another month of gains as market activity and confidence continues to return.

At their measured low point in mid-October during the lockdown, prices were down as much as 6% on pre-pandemic levels and over 3% year to date then.

Prices will likely finish the year down a little less than 2%.

Sydney auction volumes also marched on, 1,006 scheduled, up from 867 the previous week and 14.9% above year-earlier levels.

Sydney’s auction clearance rate was 76.5%, a rate that won’t be too far from last week’s final 74.1% reading. Buildings Of Sydney. Wonderful City Skyline

Prices also rose in Sydney, up another 0.2% so far in December.

With only a fortnight to go (or less given minimal likely in the last week), prices have so far risen 2.2% for the year.

While Melbourne prices have been understandably volatile this year and Sydney saw prices cool off after mid-year, prices in Adelaide and Brisbane have been more resilient though did exhibit some signs of flattening in the September quarter.

Adelaide prices have risen 5¾% this year, Brisbane prices by 4¼%.

After a soft start, the Perth market increasingly found its feet as the year progressed, prices up a net 1¼%, all of that coming in the second half of the year.

It’s been a return to positive year-on-year returns for Perth house prices for the first time since the first half of 2015, when the market was under the weight of property over-supply as the post GFC inspired boom matured.

The Perth market has seen confidence return to the highest among the states according to the NAB Residential Property Survey, supported by strong business conditions in the resources sector and a property market that is now exhibiting all the signs of being under- rather than over-supplied.

Auction Stats

Of course, the above auction clearance rates were on a relatively very small number of auctions.

Here are the long term auction clearance trends

Weekly Auction Clearance

Weekly Auction

Regional breakdown of auction results for last weekend:-

Regional 1

Regional 2

The Statistics above are updated weekly.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

Metropole

If you’re wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.

Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.

Please click here to organise a time for a chat. Or call us on 1300 METROPOLE.

Source of graphs and data: CoreLogic.

 

 

 

The capital city residential property markets are finishing the year strongly.

​Prices across our five capital cities notched up some further gains this week. Melbourne

Similarly auction clearance rates ended the year solidly despite looming concerns about Covid 19 resurfacing.

These are all sign of the strength and depth of our property markets.

auction volumes rose this week in Sydney and Melbourne and auction results were strong around the country.

Melbourne property prices are up 0.3% so far this month, on track to record another month of gains as market activity and confidence continues to return.

At their measured low point in mid-October during the lockdown, prices were down as much as 6% on pre-pandemic levels and over 3% year to date then. 

Melbourne’s median property value is likely finish the year down a little less than 2%.

Prices also rose in Sydney, up another 0.2% so far in December.  With only a fortnight to go Sydney’s median property value has so far risen 2.2% for the year.

While Melbourne prices have been understandably volatile this year and Sydney saw prices cool off after mid-year, prices in Adelaide and Brisbane have been more resilient though did exhibit some signs of flattening in the September quarter. Adelaide prices have risen 5¾% this year, Brisbane prices by 4¼%.

After a soft start, the Perth market increasingly found its feet as the year progressed, prices up a net 1¼%, all of that coming in the second half of the year.

Buyers are back in droves around the country and currently Metropole’s buyers agent team are finding off-market deals are flourishing, particularly for sellers keen to finalise a deal before the traditional Christmas-New Year break.

This weekend Sydney and Melbourne’s weekend auction sales exceeded last year’s.

According to CoreLogic, the weekend’s preliminary national clearance rate was 73.6%, with Melbourne auction volumes up 25.8% this week, but that’s still down markedly on 1,405 for the same week last year.

This week’s heat map (see below) shows that over the week Australian property prices nudged a fraction higher.

Median prices are higher than they were 12 months ago in every city other than Melbourne (no surprise there) but there are still certain segments of the market that are going to suffer – the inner city apartment sales and rentals.

  • Overall Sydney house prices rose 0.2% week and are up 3.3% over the last year
  • Melbourne house prices rose 0.3% last weekend despite all the lockdowns will finish the year less than 2% down
  • Brisbane house prices are up 0.2 last week, 0.8% over the last month, and 4.2% over the last year
  • Rises were also evident in Adelaide, Perth, Darwin and Canberra. 
  • Over the eight months since the initial national restrictions were announced back in late March, prices for the hedonic “five capitals” index are down a relatively modest 1.6%.

Heat Map

There are now a range of indicators suggesting our property markets are only going perform strongly in 2021.

  • Consumer confidence has been consistently improving as has business confidence
  • Auction clearance rates have been consistently strong in the last quarter of 202, not just in the two big auction capital of Melbourne and Sydney but around Australia
  • More buyers and sellers are in the market and transaction numbers have increased consistently.
  • At the same time the banks are keen to write new business – another positive for our housing markets.
  • Bank loan deferrals have been consistently falling – there’s little likelihood of an avalanche of forced mortgagee sales creating the fical cliff some commentators were worried about.
  • Historically low interest rates and the “guarantee” of rates remaining low for at least 3 years, will give home buyers and investors confidence
  • Strong jobs creation, rising consumer confidence and improving business confidence (leading to spending and employment) will underpin our housing markets.

Clearly, our housing markets were not immune to the Coronavirus economic fallout, but those house price predictions of significant falls did not eventuate and now all credible economists have forecast significant house price growth in 2021 and 2022

​These graphics show how all our major capitals have median values higher than at the beginning of the year – we’ve passed the bottom of this cycle.

House Price Since Pandemic

House Price Inflation

To help keep you up-to-date with all that’s happening in property, here is my updated weekly analysis of data and charts as of December 14th provided by Corelogic and realestate.com.au.

Early Market Indicators

Let’s start with the number of indicators that could give us a clue to what’s ahead.

  1. Despite the Christmas break looming, rental demand on realestate.com.au increased for the second consecutive week last week, as shown by realestate.com.au’s Weekly Demand Report.

The REA Insights Weekly Demand Index, fell by -4.6 per cent last week, which was its largest weekly fall since March 2020 in the midst of national lockdowns.

Rea Buyer

Cameron Kusher Executive Manager, Economic Research, reports that demand for houses fell by -4.9 per cent over week, while demand for units was -3.3 per cent lower.

“Each state recorded a fall in demand, with Queensland (-2.1%) and Victoria (-4.3%) seeing the smallest falls and New South Wales (-6.9%) and Australian Capital Territory (-6.6%) recording the largest.

Demand is now -20.6 per cent lower than its historic peak, however, it remains significantly higher than it was a year ago – up 44.9 per cent. Australia Property

The largest year-on-year increases in demand have been recorded in Victoria (57.9%) and Northern Territory (48.4%), while the smallest increases have been recorded in Tasmania (13.3%) and Western Australia (27.1%).

Across all of the states, the year-on-year change is trending either flat or higher showing the overall strength of demand this year compared to last.

The year-on-year data clearly shows that buyer demand is strong despite the recent holiday season weakening and I fully expect that the high level of demand will continue into 2021.

Low borrowing costs, high levels of household savings and fiscal stimulus measures are likely to continue to drive strong demand for residential property, which we are already seeing feed into price and transaction volume increases.

The main challenge for buyers is likely to be the volume of stock available for sale.

With 2020 behind us, more vendors may be willing to test the market in 2021, particularly given how many buyers are currently ready to purchase. ” said Kusher.

2. Rental markets.

Realestate.com.au reported that sespite the Christmas break looming, rental demand on realestate.com.au increased for the second consecutive week last week.

The REA Insights Weekly Rental Demand Index, following a 1.5 per cent increase the week before last, there was a further 0.1 per cent rise in rental demand nationally last week.

Rea Rent

Cameron Kusher Executive Manager, Economic Research explained that demand for rental houses was -0.2 per cent lower over the past week, though demand for rental units climbed by 0.3 per cent.

“Only New South Wales (-1.1%), South Australia (-1.5%) and Australian Capital Territory (-0.5%) recorded declines in rental demand last week, with Northern Territory (1.7%) and Queensland (1.5%) recording the largest increases.

Despite some recent increases, rental demand remains -24.2 per cent lower than its historic peak.

However, rental demand is up 23.3 per cent when compared to the same week last year. Rent

Compared to last year, demand for rental houses is up 13.4 per cent, while demand for rental units has experienced a much larger increase, up 34.6 per cent.

Western Australia is the only state in which rental demand is lower than a year ago (-6.5%).

This is likely due to the fact that lending to first home buyers in Western Australia is at an historic high, more than doubling over the past 12 months.

Australian Capital Territory (38.4%) and Victoria (35.7%) have recorded the largest year-on-year increases in rental demand.

Rental demand typically rises early in January after falling through November and December, but things are playing out differently this year.

While the rises have been quite small to-date, it seems that some are getting a head start before the new year.

Early 2021 will be the litmus test for the rental market, with many leases expiring and no new foreign students arriving.

While demand is likely to be strong as people monitor the market conditions closely, what will be much more interesting is how much of an adjustment to rental prices occur as renters will undoubtedly be looking for cheaper rent or better rental accommodation.

It should be noted that we expect these adjustments to be much more prevalent in inner-city areas of major capital cities and for units as opposed to houses

It will definitely be something to closely monitor in early 2021″ said Kusher.

3. Newly advertised properties for sale

The following charts from Corelogic shows the change in the number of new residential listings being advertised for sale.

As we’re being closer to Christmas, the number of properties coming onto the market is slowly dropping.

Rent And Sale

What’s happening to property prices?

There has been a palpable change in property market sentiment over the last few months.

But there is a flight to quality.

The shortage of A-grade homes and investment properties compared to the number of buyers out looking for them mean that property values in certain locations are steadily creeping up.

On the other hand B grade (secondary) properties are selling at a discount and no one really wants C grade properties.

The following charts were updated on December 14th, 2020.

Capital City Value

Monthly Change

Change In Dwellign Values

Properties listed for sale

For Sale

At a time when as buyers are returning to the market as confidence rises, the overall number of properties listed for sale is down 13.7% over the last year.

This lack of good properties for sale at a time when many interested buyers have returned to the market is one of the reasons property prices have, in general, held up well.

This confirms what we are finding on the ground Metropole that well-located properties are selling quickly with a queue of buyers waiting for them.

Properties For Sale

Homes For Sale

The number of property transactions

The following table of private treaty sales (which represents the vast majority of all dwelling sales across the country shows that over the last week:

  • In Melbourne, 2,125 houses (last week 2,092) and 992 apartments or units were sold (last week 948).
  • In Sydney, 1,901 houses (1,904 last week) and 1,101 apartments were sold (1,104 last week), so the market is continuing its steady growth.
  • In Brisbane, 1,222 houses (977 last week) and 298 apartments were sold (244 last week) – the market seems to be slowing down as Chritmas approaches.

Capital City Private
Median House Price


NOW READ: Why Bluechip property will rebound strongly in 2021


Our Rental Markets

The COVID-19 pandemic has been an unprecedented shock to the rental housing market, reducing demand for rental properties at the same time as supply has increased.

Households most affected by the economic impact are more likely to be renters, and border closures have reduced international arrivals.

The number of vacant rental properties has increased as new dwellings have been completed and some landlords have offered short-term rentals on the long-term market, particularly in inner Sydney and Melbourne.

Government policies have supported renters and landlords.

Rents have declined, partly because of discounts on existing rental agreements and it is likely that rent growth in many areas will remain subdued for some time moving forward.

The absence of new and returning international students and the closing of international borders has dented rental property market, particularly in Sydney and Melbourne.

 

Screen Shot 2020 10 13 At 7.27.41 Am

Screen Shot 2020 10 13 At 7.27.18 Am

Vendor Metrics

Other than in Darwin, vendor metrics have suggested we’re moving into a seller’s market with the number of days to sell a property decreasing (a sign of the tight supply situation), and vendor discounting ( it’s easier for them to sell) at realistic levels.

The shortage of good properties on the market is seeing properties selling quickly with minimal discounting.

Median Time On Market

Auction clearance rates

Major capital city residential property market momentum has continued with a positive slant into year-end.

Prices across the five capital cities notched up some further gains this week as auction volumes continue to make up for lost ground during the height of the pandemic. Melbourne Suburbs Proce

In fact, rather than tailing off sharply as they normally do into the Christmas-New Year break, auction volumes rose this week in Sydney and Melbourne.

After holding steady at semi-recovered levels in recent weeks, Melbourne auction volumes increased 25.8% this week to 1,131, even though that’s still markedly down on 1,405 for the same week last year.

Auction clearance rates continued at around 70% give or take, at 73.6% according to the weekend preliminary report.

Last week’s rate was 67.7%, revised down later in the week from the initially-reported 73.5%.

Melbourne prices are so far up 0.3% this month, on track to record another month of gains as market activity and confidence continues to return.

At their measured low point in mid-October during the lockdown, prices were down as much as 6% on pre-pandemic levels and over 3% year to date then.

Prices will likely finish the year down a little less than 2%.

Sydney auction volumes also marched on, 1,006 scheduled, up from 867 the previous week and 14.9% above year-earlier levels.

Sydney’s auction clearance rate was 76.5%, a rate that won’t be too far from last week’s final 74.1% reading. Buildings Of Sydney. Wonderful City Skyline

Prices also rose in Sydney, up another 0.2% so far in December.

With only a fortnight to go (or less given minimal likely in the last week), prices have so far risen 2.2% for the year.

While Melbourne prices have been understandably volatile this year and Sydney saw prices cool off after mid-year, prices in Adelaide and Brisbane have been more resilient though did exhibit some signs of flattening in the September quarter.

Adelaide prices have risen 5¾% this year, Brisbane prices by 4¼%.

After a soft start, the Perth market increasingly found its feet as the year progressed, prices up a net 1¼%, all of that coming in the second half of the year.

It’s been a return to positive year-on-year returns for Perth house prices for the first time since the first half of 2015, when the market was under the weight of property over-supply as the post GFC inspired boom matured.

The Perth market has seen confidence return to the highest among the states according to the NAB Residential Property Survey, supported by strong business conditions in the resources sector and a property market that is now exhibiting all the signs of being under- rather than over-supplied.

Auction Stats

Of course, the above auction clearance rates were on a relatively very small number of auctions.

Here are the long term auction clearance trends

Weekly Auction Clearance

Weekly Auction

Regional breakdown of auction results for last weekend:-

Regional 1

Regional 2

The Statistics above are updated weekly.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

Metropole

If you’re wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.

Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.

Please click here to organise a time for a chat. Or call us on 1300 METROPOLE.

Source of graphs and data: CoreLogic.

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au


'This week’s Australian Property Market Update – Latest Data, State by State 24th December' have 23 comments

    Avatar

    December 19, 2020 Lisa

    Hi Michael, we’ve had a townhouse in Kedron for 5 years that we purchased for $520k and is only valued at $580k. It’s neutrally geared – would you suggest selling to look at land / something with more CG potential or better to hold for longer?

    Reply

      Michael Yardney

      December 19, 2020 Michael Yardney

      Lisa – Kedron is a good area but clearly your property has underperformed. There are a number of different neighbourhoods in Kedron some of which do not perform as well as others and obviously some properties in these locations will outperform others. There are too many variables to take into account for me to answer this correctly without a lot more information, but we have some spreadsheets and frameworks we can use to help give you the right answer.if you’d like help making the decision, please email me michael at metropole.com.au and I’ll set things up for you

      Reply

    Avatar

    December 2, 2020 Rod

    Hi Michael,

    I’m interested to get your thoughts on Newcastle and Hunter Region areas. Newcastle now has the 4th highest median property price in the country. Massive growth opportunity (area) or have people missed the boat?

    Reply

      Michael Yardney

      December 2, 2020 Michael Yardney

      Rod, there’s no doubt the Newcastle in the Hunter region great locations to live, but I have found in the past when locations grow too fast, they then revert back.

      Just see what happens when Brisbane property prices were almost the same as Sydney a couple of decades ago and are now half of Sydney and similarly when Perth’s median property price was almost the same as Sydney’s and is now half of Sydney’s median price.

      At the price you would have to pay to get investment great properties in Newcastle, I think they’re better long-term opportunities elsewhere.

      Reply

    Avatar

    November 17, 2020 Richard Jones

    Hi Michael,
    In the past couple of days it has been reported an increase of 18% in Perth’s property market 2021 – 2023. After years of negative growth and lowest house prices across the nation, could you provide some comments on why such a big % increase is expected and will it last? – Many thanks Richard

    Reply

      Michael Yardney

      November 17, 2020 Michael Yardney

      Richard, I didn’t make that forecast so I can’t really comment. Who did? Possibly “an expert’ chasing a headline.

      Don’t believe all the forecast you hear. Think about it – did all those forecasts “experts” made at the beginning of this year come true?

      Reply

    Avatar

    October 13, 2020 Ben

    I wish Core Logic would present current statistics, and not ones which are 2-3 months old. A lot has happened since August. I also appreciate that your focus is the big markets of Sydney and Melbourne, but perhaps these posts could improve with a contribution from expert writers who know something about the rebounding regional markets – not just the major state capitals?

    Reply

      Michael Yardney

      October 13, 2020 Michael Yardney

      Ben – thanks for your thoughts. Much of this Corelogic data is updated weekly.
      You’re right – we don’t cover the the regional market much do we.

      Reply

    Avatar

    October 6, 2020 Linnet Marshall Joseph

    I found this blog pretty helpful. It’s really sad to see the kind of impact Covid-19 has had on all the sectors and specifically the real estate sector. I personally feel that the sudden re-appearance of Covid cases in Australia may lead to a further decline in the property prices and may take a while to bounce back. The future is always uncertain and unreliable. Luckily, I came across a real estate agent Broadbeach who is a great advisor with excellent market knowledge. I will be taking his help in making my investment decision for the right property at the right time because the current scenario doesn’t seem to be going well for making investment decisions and without the proper guidance from a real estate advisory help, property investment may be risky.

    Reply

      Michael Yardney

      October 6, 2020 Michael Yardney

      Linnet yes it’s a shame what’s happened to our beautiful country – be careful, most Real Estate agents are great at selling properties but very, very poor at giving investment advice. They are not licensed to, nor trained to and should not even ventured down that path. In today’s very challenging market to be careful who you seek advice from

      Reply

    Avatar

    August 5, 2020 Philip

    The spike in search for property listings is not due to interested buyers but by an increase in distressed sellers checking out what their failed investment is now worth on READ and how much they have lost. Winter should normally be quiet season for property sales. It is unusual to see an increase in property sales volumes in winter. Can only be explained by distressed sellers

    Reply

      Michael Yardney

      August 5, 2020 Michael Yardney

      I can see why you might come to that conclusion by looking at one stat in isolation – that’s why we look at the complete picture and Corelogic and independently Dr. Andre Wilson keep track of buyers and transactions – there ARE more genuine buyers around. REA believes so also becuase they keep coming back to the same property on search

      Reply

    Avatar

    July 21, 2020 Geoff Hadley

    With the record levels of existing household debt, falling real wages, rising permanent unemployment, contracting bank credit, declining immigration, contracting GDP, depletion, of superannuation, ineffectiveness of the first home buyer and other assistance schemes (only leads to inflated prices) absence of investors, over supply of units (of dubious quality) abismal rental prospects, 1.2 million vacant properties and a persistent declining world economy, why would I expect the general property market to rise. Granted premium properties will hold up but what about the vast new estates and over valued areas like Perth and Darwin? What happens when the present support schemes finish in Sept or later next year. What happens when the supposed V shaped recovery turns out to be an L with stagflation and real unemployment/under employment >8%. We can’t all afford to buy in Middle Park? And what happens when interest rates rise in the next 5 – 6 years.?
    Get real! I would appreciate an answer. Maybe I an wrong.
    Geoff

    Reply

      Michael Yardney

      July 21, 2020 Michael Yardney

      Thanks for your comment Geoff- I agree with all the issues that you have mentioned – there are a lot of headwinds that will hold back your economy and our property markets.

      But there isn’t one Australian property market, and interestingly there are still a number of suburbs where property values are increasing in value, well outperforming the averages (I guess that’s how averages work – some outperform and some are underperform)

      I’ve always learnt taking a long-term perspective is important when investing, and I’m not really sure that in this particular blog I suggest of the property market is going to increase in the short-term – in fact I said the opposite.

      With regard to your comment about interest rates. I really hope they will increase in a few years time, because the only reason interest rates are going to increase is because our economy will be booming, property values will be increasing, unemployment will be very low and wages will have risen considerably. So the RBA will need to raise interest rates to slow down the boom. that’s the economic cycle

      Reply

    Avatar

    June 2, 2020 Craig Poole

    IN todays report you quote “Sydney house values increased by 0.3% last month (+15.8% over the last year)” however the reported data in the ear;y part of the report and the news states that values fell by 0.4%? Can you help me understand the difference between the two stats against the same apparent period.
    Thanks

    Reply

      Michael Yardney

      June 2, 2020 Michael Yardney

      I update the top section of this blog weekly and the lower half, state by state section monthly

      Reply

    Avatar

    May 16, 2020 ANN HOME

    Very informative. Thank you for sharing.

    Reply

    Avatar

    March 24, 2020 Michael

    I think that’s about 27 State by State market updates in a row, where you’ve told us there will be a downturn in Tasmania.Which has still yet to eventuate. It’s all good and well that say that the growth has ‘dropped by 2%’ or what have, but when that’s 7% growth down to 5% growth, still out performing most of the country.

    Reply

      Avatar

      May 27, 2020 Long Time Fan Losing Faith

      While once a massive Yardney fan, credibility is in question at the moment, and not because you’re not seeing the future (no one can), but for continually stating the boom is over, the markets on the slide, yet as Michael March 24 states, doesn’t eventuate. Surely self-analysing and learning from our errors makes us better at what we do moving forward? Instead of the cut and paste job for Hobart and to a lesser extent Darwin. Perhaps those areas are too far away for you to profit from their investors? It;s also interesting that you pick and choose which graphs some cities appear in. Come on mate, you’re better than that.

      Reply

        Michael Yardney

        May 27, 2020 Michael Yardney

        Thanks for letting me know your thoughts.

        Yes I don’t comment a lot about Darwin and Hobart, because it’s really difficult to write something different every month about these very, very small market.

        While no doubt the re are opportunities in most property markets around Australia, I have only been prepared to “risk” my money in the three big capital cities and that’s the only place we Recommend our clients invest.

        Since we don’t have any properties for sale and my only interested in ensuring our clients don’t lose money, going with the big long term trends has stood us well for over 40 years. I’m happy to stand on that track record.

        Reply

    Avatar

    December 25, 2019 Rio Siva

    Hi Michael,
    I recently read that the Queensland government might bring the following laws which do not favor property owners. Is this true and how likely this is going to happen??

    The Queensland Government has announced Stage 1 of its proposed rental reform, with changes to include:

    – Forcing property owners to consent to pets
    – Allowing tenants to modify properties without consent
    – Forcing property owners to renew tenancies indefinitely
    – Introduction of minimum housing standards requiring the rental property and its inclusions to meet prescribed standards and to be in a certain state of repair.

    Thanks,
    Rio

    Reply

    Avatar

    December 18, 2019 Tam

    We have recently been looking at Boondall and surrounding suburbs in Brissy and have found that there seems to have been up to a 5% increase in basic entry level properties and even a bigger increases for some quality or well presented entry level properties.

    Reply

      Michael Yardney

      December 18, 2019 Michael Yardney

      Sure Tam – but be very careful – entry level properties in this location are NOT likely to be long term “investment grade” properties

      Reply


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