In February, national home prices rose 0.18% as limited supply and sustained buyer demand supported property values.
The housing market downturn stalled in February and Australian home prices bounced 0.18% to sit 3.90% below their peak.
Prices bounced in every capital city, except Hobart (-0.29%), with Adelaide (+0.44%) the strongest performing capital city market over the past year, while Sydney (+0.36%) and Melbourne (+0.18%) recorded the largest jumps.
These dynamics have been influenced by the availability of properties for sale, with lower stock levels concentrating potential buyer interest and underpinning home prices. The converse is true in Hobart, the only capital city where total listings were up compared to the previous five-year average, giving buyers more choice and lessening competition.
Home prices in Adelaide rose in February to reach a fresh price peak, while home prices in Perth rose 0.13% to sit 0.24% below their November 2022 peak. The comparative affordability of both city’s homes has seen prices hold up better as interest rates have quickly risen. Low stock levels have also helped to insulate home values. The total number of properties listed for sale in Perth hit a record low in January, while the total number of properties listed for sale in Adelaide was down more than 30% on the prior five-year average. Low stock levels have concentrated buyer demand, which on a “per listing” basis in both capitals was sitting at a record high in January 2023.
Regional South Australia, the strongest performing market out of the 16 Greater Capital City Statistical Areas (GCCSAs) that cover the whole country, continued to record strong growth. Prices rose 0.60%, the strongest pace of growth in February, and reached a new peak. Prices were 11.85% above February 2022 levels.
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Eliza Owen
2 Sep 2021
The past 16 months have seen remarkable levels of adaption in the real estate sector, government stimulus and economic decline and recovery. Amid renewed and extended lockdowns, some indicators suggest the housing market has been even more resilient to lockdowns in 2021 than through 2020. But there is some suggestion not all pockets of the housing market remain robust.
This article unpacks a few ways housing market performance has evolved through lockdown in 2021 compared with 2020.
Consumer confidence has been more resilient
Consumer sentiment is an economic indicator that is generally positively correlated with home sales. This makes sense, given consumers would presumably be optimistic about their own financial situation when deciding to make a large financial commitment like a home purchase.
The consumer sentiment response has changed with each new set of extended lockdowns through COVID-19, with the decline in sentiment in 2021 becoming shallower, but lasting longer.
Figure 1 compares the ANZ Roy Morgan weekly consumer sentiment index through various lockdowns since March 2020, represented by the shaded areas in the chart.
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If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Unlike the First Home Owner Grant, the FHBAS applies to
The NSW Government recently announced increased thresholds for purchases of new homes and vacant land to build a new home from 1 August 2020. The threshold for existing home purchases remains unchanged.
The tables below show the new thresholds from 1 August 2020 to 31 July 2021 and the thresholds for agreements dated between 1 July 2017 to 31 July 2020.
First home buyers and the construction industry will be the big winners under a targeted boost, which will eliminate stamp duty on newly-built homes below A$800,000 and slash thousands of dollars for properties up to A$1 million – today’s update on NSW Stamp Duty by NSW Premier Gladys Berejiklian.
Under the changes, the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current A$650,000 to A$800,000, with the concession reducing on higher values before phasing out at A$1 million. The government forecasts more than 6000 first home buyers will benefit from the changes, saving eligible first home buyers thousands of dollars.
Under the changes, the stamp duty threshold on vacant land will rise from A$350,000 to A$400,000 and will phase out at A$500,000. The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on 01 August 2020. Other purchases will continue to benefit from existing schemes. NSW Treasurer Dominic Perrottet said the changes would save first home buyers stamp duty of up to A$31,335 on a new A$800,000 home.
The NSW Government will also continue to offer a A$10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than A$600,000, or buying land and building a new first home worth no more than A$750,000 in total. This means the maximum amount of benefit a homeowner could be entitled to be A$32,335 if purchasing a new home and accessing the grant. At Move Realty, we offer new homes (Guildford, Schofields, and many more) so that buyers can avail these benefits.
An indicative tax threshold changes are listed in the table below:
More information on the first home buyer assistance schemes will become available on NSW Revenue.
‘Western Sydney is Australia’s most vibrant and ethnically diverse population growth sites’: Is this statement true for today or for tomorrow? As per statistics, Western Sydney is Australia’s third-largest and fast-growing Economy. Western Sydney Properties and Real Estate businesses in this are adding a good share to this growth.
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations this year.
WHAT IS HOMEBUILDER?
WHEN CAN I ACCESS HOMEBUILDER?
HOW CAN I ACCESS HOMEBUILDER?
WHEN WILL I RECEIVE HOMEBUILDER?
AM I ELIGIBLE TO RECEIVE HOMEBUILDER?
To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
Owner-builders and those seeking to build a new home which will be used as an investment property, or renovate an existing home which is an investment property, will not be eligible for HomeBuilder.
The registered or licensed builder (depending on the state or territory) must demonstrate that the contract price for the new build or substantial renovation is no more than a comparable product (measured by quality, location and size) as at 1 July 2019, if requested by the purchaser.
IS THERE A LIMIT TO HOW MANY PEOPLE CAN GET HOMEBUILDER?
I ALREADY OWN LAND BUT HAVEN’T SIGNED A CONTRACT TO BUILD A NEW HOUSE – AM I STILL ELIGIBLE?
Yes, if you meet the following criteria:
WHAT TYPES OF DWELLINGS ARE ELIGIBLE UNDER HOMEBUILDER?
WHAT ARE THE PRICE CAPS ASSOCIATED WITH HOMEBUILDER?
Contract price cap
Income price cap
Eligible applicants must meet one of the following two income caps:
The income price cap, as well as the eligibility criteria for the applicant, were chosen to reduce complexity as they align with the Commonwealth Government’s First Home Loan Deposit Scheme.
IS A HOMEBUILDER GRANT TAXED?
WHAT RENOVATIONS WILL BE ELIGIBLE?
I AM NOT A FIRST HOME BUYER – CAN I ACCESS HOMEBUILDER?
HOW DO I APPLY?
WHAT DOCUMENTATION WILL I NEED TO PROVIDE?
The State or Territory revenue office will require certain documents to process your application. It is expected that you will need to provide the following at a minimum:
More information on the documentation you will need to provide will become available through the relevant State or Territory authority.
WHEN WILL I KNOW IF MY HOMEBUILDER APPLICATION IS SUCCESSFUL?
WHAT HAPPENS IF MY HOMEBUILDER APPLICATION IS NOT SUCCESSFUL? CAN I APPEAL? WHO SHOULD I APPEAL TO?
WHAT HAPPENS IF THERE IS A CHANGE IN CIRCUMSTANCE AND I’M NO LONGER ELIGIBLE?
WHO PAYS HOMEBUILDER AND WHO RECEIVES IT?
HOW WILL THE GOVERNMENT IMPLEMENT HOMEBUILDER?
WHAT INTEGRITY MEASURES IS THE GOVERNMENT IMPLEMENTING?
The NSW Government has strengthened the Loose-fill Asbestos Insulation Program to support more residents across the state, Minister for Better Regulation Matt Kean announced today.
Free tests are now being offered in the Tamworth Regional Council area after a property was found to contain loose-fill asbestos.
In addition, properties affected by chrysotile loose-fill asbestos will also be included in the government’s Voluntary Purchase and Demolition Program.
Mr Kean said the expansion of the statewide program would help ensure the health and welfare of even more property owners across NSW.
“Public safety is our top priority, and that’s why we’re strengthening the Government’s program to support homeowners where loose-fill asbestos has been identified,” Mr Kean said.
Mr Kean said chrysotile is the third type of loose-fill asbestos – alongside amosite and crocidolite – to be included in the program.
“This Government has acted swiftly to bolster its package that now includes chrysotile so we can help further residents affected by loose fill asbestos,” Mr Kean said.
“We want to remove this dangerous substance from the community as efficiently as possible to protect people’s health as well as the value of their most important investment, their family home.
“We’re currently offering 250 free tests in Tamworth, with 137 homes having been registered and confirmed as eligible for testing, to date,” Mr Kean said.
“Of the 138 NSW homes that have tested positive for loose-fill asbestos, nine have contained chrysotile and now they too have the option to enter into the voluntary program.”
To register for free testing in the Tamworth Regional Council Area, and find more information about the Loose-fill Asbestos Insulation Program , visit www.loosefillasbestos.nsw.gov.au.
Loose-fill asbestos was used as insulation in NSW homes during the 1960s and 70s. The NSW Government has determined that demolition, comprehensive site remediation, and disposal are the best ways to ensure the health and safety of the NSW community.
The loose-fill asbestos insulation program has had more than 97,000 residents register with the scheme, with more than 70,000 homes eligible for free testing. About 38,000 tests have been completed – to date – as part of the ongoing program.
https://www.finance.nsw.gov.au/about-us/media-releases/nsw-government-strengthens-loose-fill-asbestos-program
The NSW Government today announced an overhaul of the NSW Home Building Compensation Fund (HBCF) to enable private insurers to enter the market and improve protections for consumers against incomplete and defective work.
HBCF is a mandatory insurance product which builders are required to take out for residential building work over $20,000.
Minister for Innovation and Better Regulation Victor Dominello said that the current scheme has been in significant deficit for many years and is in need of reform.
“This insurance provides a safety net for homeowners in the event a builder cannot complete residential building work or fix defects, due to insolvency, death, disappearance or licence suspension,” he said.
“We are committed to enhancing consumer protection, improving home building standards and reducing the risk of insolvencies through private sector competition and innovation.”
Key elements of the reform include:
“NSW is experiencing a residential construction boom and these reforms protect homeowners and empower them to make more informed decisions,” Mr Dominello said.
A bill to reform the HBCF is expected to be introduced to Parliament in the first half of 2017. The reforms follow extensive consultation with industry stakeholders. Further information is available at www.sira.nsw.gov.au.
The NSW Government has today announced a further assistance package for NSW residents with loose-fill asbestos in their homes. Minister for Finance and Services, Dominic Perrottet said the Government was taking action to offer both immediate and long-term measures.
“Ensuring the health and safety of residents is the NSW Government’s top priority,” Mr Perrottet said. “This is why we are taking comprehensive action, based on our health advice, to ensure affected owners and residents have the support they need.”
“This includes both a ‘Make Safe’ Assistance Package for affected properties and the establishment of a Loose Fill Asbestos Insulation Taskforce.”
Mr Perrottet said the ‘Make Safe’ Assistance Package, available immediately, supplements already available measures with financial assistance to help residents safely manage loose fill asbestos.
“This package provides financial support for sealing of cavities, environmental cleaning of habitable areas, hazard labelling and regular inspections. Support will also be provided for counselling services, assistance towards the replacement of furnishings and where required emergency accommodation.”
Mr Perrottet said the Loose Fill Asbestos Insulation Taskforce would develop a comprehensive action plan to advise the government on the most appropriate enduring solution to the loose-fill asbestos issue in NSW, which will look at options that could include government purchase, demolition and owner rebuild.
“We want to conduct an evidence-based, consultative, cost effective and measured approach to long term remediation that takes into account the needs of the community,” the Minister said.
“That’s why we’ve created a multi-agency task force that will be chaired by retired NSW Police Deputy Commissioner Dave Owens and will report to Government by May 2015.”
“Today’s announcement by the NSW Government of a comprehensive response to the issue of loose fill asbestos in NSW homes reflects our commitment to protecting the health and safety of NSW residents.”
The Loose Fill Asbestos Insulation Taskforce includes representatives of the Department of Planning and Environment, Department of Premier and Cabinet, Environment Protection Authority, Local Government NSW, Ministry of Health, NSW Treasury, Office of Local Government, and WorkCover NSW.
The Heads of Asbestos Coordination Authorities (HACA) independent investigation into loose-fill asbestos in New South Wales to identify the full extent of affected homes across the State will report to the Taskforce by 30 April 2015.
“I’d like to pay tribute to the efforts of the Member for Monaro John Barilaro who has been a tireless advocate for the needs of his electorate,” Mr Perrottet said. “He has been instrumental in ensuring his constituents get the help they need.”
The Member for Monaro John Barilaro said that the plan demonstrates the government’s commitment to keeping local residents safe.
“This comprehensive package will help ensure current practices for managing loose-fill asbestos reduces the risk of exposure through better coordination and improve public awareness for the community,” he said.
“Unfortunately families have been caught in the middle, but our resolute focus is about ensuring the safety of all residents to improve long term health and safety outcomes.”
“This package is a call to government, industry and the wider community to take action and responsibly manage loose-fill asbestos and we now have a mechanism and the resources to do so.”
A new website and hotline has been set up for the community to obtain further information.
More details can be found online at www.nsw.gov.au/loosefillasbestos or by calling Service NSW on 13 77 88.
Knowledge of property Auction results is very critical as a vendor as well as a buyer. Knowing how many homes in your target suburb didn’t sell this week – or how much your boss’s seven-bedroom mansion sold for? I mean, come on. This is seriously riveting stuff.
You can’t attend every auction in person, which is why reading and understanding auction results is essential when you’re seriously researching your first, or next, investment. Hence, we thought sharing this property market auction statistics with you to make it easy for you to make your own conclusions regarding Sydney Real Estate. We’re sure that Sydney’s real estate market is reflected in it’s auction clearance rate. We are sure that sharing this information from realestate.com.au will surely assist you if you are thinking of buying or selling.
Auction is still one of the main medium of property sale in Australia. And of course, if you are a seller and you have the right agent to sell your property at auction, you’ll surely fetch the best price for your property. It does not matter if it’s sold prior to the auction, under the hammer or after the auction. All what matters is the final output.
Knowing to take control of the auction is an art acquired through experience and training of the specific individual agent and not connected to the name of any particular real estate agency brand. I’m sure that you’ll agree with my view with your own experience if you have have been in the game for sometime. Hence, my gentle caution is know your real estate agent and make the right choice.
If you need any further assistance in this regard, you can always count on us at Move Realty. We would be more than happy to provide you with a no obligation free market appraisal for your property. It doesn’t matter if it’s for sale or rental. All you have to do is to give us a call on 9631 1101 or email to admin@moverealty.com.au
New residential buildings to fall by 50%
Latest news from REINSW
Published on 3 August 2016
New multi-residential buildings for the whole of Australia are forecast to plummet by 50% by 2020, but there will be a tsunami of supply over the next 12 months, except in NSW.
This is according to analyst and forecaster BIS Shrapnel, which has released its Building in Australia 2016-2031 report.
It revealed, however, that NSW will buck this forecast trend and remain undersupplied for some time, even though it, too, will experience a slowdown in home building.
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The pace of home price falls has eased in recent months, with the housing market downturn losing... Disaster funding has been