The cost of building a new home is soaring! CoreLogic’s Cordell Construction Cost Index (CCCI) for Q2 2022 showed national residential construction costs increased 10.0% over the 12 months to June 2022, the highest annual growth rate on record outside of the introduction of the GST (10.2% over the year to March 2001). The CCCI…
Australia’s shrinking household size accelerated during the Covid-19 pandemic, sending property prices and property rental prices skywards as dwelling supply struggled to keep up with the booming demand. The most recent Census data revealed that the average number of people in each household has fallen to 2.5 people, from 2.6 people last Census. In 2021,…
Australia’s housing market downturn is gathering momentum as consecutive rate hikes, rising inflation and weaker consumer confidence place additional pressure on values. CoreLogic’s data shows that 41.9% of house and unit markets analysed in the June quarter declined in value, a significant increase from Quarter 1 when 23.6% of markets recorded a fall in values. Using…
Site sizes for new build properties have shrunk 13% over the past decade across the five major Aussie capitals, while house sizes remain unchanged. Data from the Australian Bureau of Statistics (ABS) shows that the average site area of new house approvals decreased considerably over the last 10 calendar years, by 64 square metres (-13%),…
We’re currently facing a rental crisis with historically low vacancy rates and soaring rents, but new data suggests price growth is cooling. Domain’s latest quarterly Rent Report reveals that house and unit rents across the combined capitals have reached a new record high of $515 and $460 respectively, with the country seeing its strongest annual…
Rising interest rates and living costs can make paying off a home loan feel a bit harder in 2022. There’s a reason for this: the average homeowner was set to pay almost $2,000 more per year after the June RBA cash rate rise, according to the analysis from Finder. On top of that, everything from energy…
The Covid-19 pandemic has changed the way we live our lives, forever. Not only is work-from-home the new norm, but there’s also been a sea- or tree-change migration away from our city centres to regional areas as people look for a home that offers the whole lifestyle package. At the same time, property prices have…
While Australia’s property market started strongly in 2022, an increasing cash rate and concerns about inflation have seen property price growth slow or even drop for the first time since the Covid-19 pandemic began in early 2022. While it was cheaper to buy rather than rent over half the properties in Australia in 2021, the…
Australia’s rental market continues to tighten as low supply levels cause national vacancy rates to dive and rents to rise across all capital cities and property types over the past three months. CoreLogic’s Quarterly Rental Review for Q2 2022 shows the national rental index increased 0.9% in the month to June and 2.9% over the…
Buyer’s agents have really come into their own in recent years, as home buyers and investors alike have begun to realise their muscle power in the real estate industry. Just as a seller’s agent will achieve the most money possible for the sale of a home, a buyer’s agent will negotiate the best buying price…
