PropTrack

This week's newsletter from PropTrack Senior Economist Eleanor Creagh looks at the areas investors and first-home buyers are targeting this spring. The latest data shows that new loan commitments are up 30% (ABS data), with hotspots like Tarneit (VIC), Battery Hill (QLD), and Marsden Park (NSW) leading the charge. To see what trends are driving buyer decisions, check out this weeks newsletter and subscribe to be notified each week.

The Queensland Government's most ambitious commitment is to construct one million new homes by 2044, with 53,500 dedicated to social housing. A $2 billion housing infrastructure fund will be established, with half allocated to regional Queensland to deliver affordable housing for essential workers such as police, nurses, and teachers. PropTrack Senior Data Analyst Karen Dellow breaks down whether the Government is likely to meet its ambitious housing goals. https://lnkd.in/eTN5BxBp

This week's newsletter from PropTrack Senior Economist Eleanor Creagh looks at the latest Consumer Price Index (CPI) data, providing insight into the trajectory of inflation. While inflation has eased to 2.8% over the year to September—the lowest since 2021— Eleanor says it hasn't moved enough for the RBA to shift its stance, so don't expect rate cuts just yet!Key highlights: ⚫ Rate cuts timing: February 2025 is likely the earliest we could see rate cuts, with May also in play depending on labor market strength and inflation trends. ⚫ Underlying inflation: Despite some easing, the RBA’s focus remains on the trimmed mean CPI, which still sits above target at 3.5%. ⚫ Housing market resilience: October’s spring selling season saw strong listing and auction activity, with home prices up 0.26% for the month—marking the 22nd month of consecutive growth. Read the latest newsletter and subscribe to be notified each week.

National home prices growth gained momentum in October as the spring selling season was in full bloom, according to the PropTrack Home Price Index released today.   The report found national home prices reached a record high in October, having risen 0.26% over the month, marking 22 straight consecutive months of growth. Read more: https://lnkd.in/gzGrUfVV

Higher interest rates have impacted the borrowing capacity of most buyers, yet demand for homes has remained strong and home prices have continued to rise, especially in affordable suburbs. More than three in four suburbs have experienced an increase in their median sale prices since the initial rate rise in May 2022, reflecting the resilience of demand from buyers. PropTrack Economic Analyst Megan Lieu takes a look at capital city suburbs with the largest price growth since the first rate hike for both houses and units. See the list here: https://lnkd.in/g63D33g3

Last week, PropTrack teams across Sydney, Brisbane, and Melbourne dedicated their day to volunteering with some incredible charities that support those most in need. As part of our Because We Care program, our employees can take up to seven days of paid volunteer leave to support causes close to their hearts. In Sydney, our team assisted Save the Children Australia by sorting and packing hundreds of donated shoes. It's wonderful to think of these shoes getting a second life, helping children and families in need. Meanwhile, our Brisbane and Melbourne teams joined forces with Vinnies Victoria & Vinnies QLD in Kilsyth South and Sumner. They took pride in arranging homewares and sorting donations to make sure high-quality items reached store shelves. A huge thank you to Save the Children and Vinnies for having us. We’re grateful for the chance to support your missions and look forward to more volunteer days ahead!

PropTrack analysis of house prices has shown November is the best month for sellers, with national prices 0.78% higher than the average throughout the year.  Early in the year is also a good time to sell - with February and March sales also achieving above-average prices. PropTrack Senior Economist Paul Ryan said the data is worth considering for sellers as November approaches, but it's just one factor in achieving positive sale outcomes, and a good home with a good campaign is likely to achieve a solid result any time of year. https://lnkd.in/gTq3KAiB

This week the Victorian government announced a significant reduction in the stamp duty payable on off-the-plan apartments, units, and townhouses – a move designed to stimulate development at a time when boosting housing supply is critical. PropTrack Economist Anne Flaherty breaks down what the announcement might mean for housing supply in Victoria: https://lnkd.in/gZVc2e3U

Despite higher interest rates and house price growth, the number of first-home buyers nationally is higher than the 10-year average. Victoria has emerged as the state with the largest number of first-home buyers, currently accounting for 32% of all new loans, with several factors helping to buoy first-home buyer activity. PropTrack Senior Economist Eleanor Creagh said subdued conditions relative to other capitals, more choice, and small falls in home prices over the past year, have likely supported first-home buyer activity in Victoria, despite it being one of the least affordable states to own a home. Read more: https://lnkd.in/gfyUMZjm

Changes to land tax thresholds in 2024 increased costs significantly for investors in Victoria, but how many of them have responded by selling their rental properties? Analysis comparing the number of rental properties sold to those in other states suggests almost 5,000 more investors have sold up since the changes were announced. Over the longer-term, this is likely to contribute to less new housing construction in Victoria. Read more from PropTrack Senior Economist, Paul Ryan, here: https://lnkd.in/gnKFMCrV