{"id":3674,"date":"2024-04-17T00:34:13","date_gmt":"2024-04-17T00:34:13","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/more-chance-of-winning-lotto-than-housing-targets-being-met-latest-residential-news\/"},"modified":"2024-04-17T00:34:13","modified_gmt":"2024-04-17T00:34:13","slug":"more-chance-of-winning-lotto-than-housing-targets-being-met-latest-residential-news","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/more-chance-of-winning-lotto-than-housing-targets-being-met-latest-residential-news\/","title":{"rendered":"\u2018More chance of winning lotto\u2019 than housing targets being met – latest residential news"},"content":{"rendered":"

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Property prices driven upwards by a lack of supply appear unlikely to change trajectory, with PIPA Chair Nicola McDougall declaring \u201cI have a better chance of winning Lotto next week\u201d than the government has of constructing 1.2 million new dwellings over the next five years.<\/p>\n

The upshot of the federal government\u2019s ambitious housing targets falling further behind by the month, while migration levels and population growth remain high, is that property prices around the country continue to climb.<\/p>\n

Market conditions in Brisbane<\/a> and Adelaide remain robust, with Sydney resilient<\/a> and Melbourne mostly stable \u2013 albeit with the significant exodus of investors from Victoria set to continue to negatively impact its rental crisis, Ms McDougall said.<\/p>\n

The Perth juggernaut may be slowing though, she added, saying some commentators have called time on the peak of buyer interest and sales activity in the Western Australian capital, with median prices yet to reflect this potential state of play.<\/p>\n

According to the Australian Bureau of Statistics, net overseas migration was a staggering 550,000 in the year ending 30 September 2023 \u2013 a mind-boggling figure considering the lack of housing supply currently available for renters.<\/p>\n

\u201cNot only does that tap need to be turned off dramatically, but more needs to be done at a policy level to encourage investors back into the market to help remedy the rental catastrophe,\u201d Ms McDougall said on Tuesday (16 April).<\/p>\n

\u201cAn immediate reduction in the three percentage point borrowing serviceability buffer would be a good place to start.\u201d<\/p>\n

Within two years, Adelaide\u2019s median dwelling values will be higher than Melbourne\u2019s median dwelling values.<\/strong><\/p><\/blockquote>\n

– Peter Koulizos<\/span>,\u00a0The University of Adelaide<\/span><\/p>\n

There was no comfort to be drawn from the latest new home sales figures.<\/p>\n

The Housing Industry Association (HIA) New Home Sales report, released Tuesday, is a monthly survey of the largest volume home builders in the five most populous states and is a leading indicator of future detached home construction.<\/p>\n

While new home sales increased by 4.9 per cent in March compared to the previous month, concerningly, sales in the first three months of this year remain 41.3 per cent below the same quarter in 2021, 18.2 per cent below the same quarter in 2020, and 18.9 per cent below the same quarter in 2019.<\/p>\n

HIA Senior Economist, Tom Devitt, said there is an increasing divergence at a state level, as those markets with higher land prices endure a larger downturn in home sales.<\/p>\n

\u201cSales in New South Wales and Victoria in the first three months of 2024 remain down significantly compared to recent years, including sales falling by 48.7 per cent and 32.7 per cent respectively, compared to the same quarter in 2019.\u00a0<\/p>\n

\u201cThe higher land costs in New South Wales and Victoria are the principal reason why sales in these markets are more significantly affected by the rise in the cash rate.<\/p>\n

\u201cLowering the cost of delivering new homes to market is essential to achieving the Australian government\u2019s target of 1.2 million new homes over the next five years,\u201d Mr Devitt said.<\/p>\n

Impact on property prices around Australia<\/strong><\/h2>\n

Australia appears set for a prolonged period of surging property prices given annual building approvals are tracking at only about one quarter of population growth.<\/p>\n

In identifying Australia\u2019s best property investment prospects, Terry Ryder<\/a>, Managing Director Ryder Research Resources, noted in Canstar\u2019s Rising Stars<\/em> report, released Monday (15 April), that the halo might be slipping for Perth\u2019s red-hot property market.<\/p>\n

\u201cWe see Brisbane as the likely leader (in terms of property market investment prospects), with Adelaide and Sydney close behind; Perth starting to slip down the rankings, while remaining a growth market; Melbourne doing better than in 2023; Queensland emerging as the strongest regional market; and Canberra, Darwin and Hobart the weakest locations.\u201d<\/p>\n

\u201cWe see the Perth market<\/a> as having passed its peak in terms of market activity, although the price data remains strong,\u201d Mr Ryder said.<\/p>\n

\u201cIt’s a classic scenario when a market reaches its peak, but it takes time before it\u2019s reflected in the price statistics, which always lag.<\/p>\n

\u201cIt\u2019s a major trap for investors who are still piling into that market and buying recklessly.\u201d<\/p>\n

He said low-priced suburbs and regional WA offered the best prospects<\/a>, including country centres like Bunbury<\/a>\u00a0and Geraldton<\/a> and Mandurah<\/a> in Perth\u2019<\/span>s Peel region,\u201d Mr Ryder said.<\/p>\n

Working class suburbs were also generating high capital growth.<\/p>\n

\u201cIt\u2019s important to understand Perth \u2013 like other cities \u2013 has areas that are performing better than others.<\/p>\n

\u201cA case in point is Orelia<\/a> in Kwinana<\/a>, where not only has it produced 20 per cent annual growth but it also the second fastest growing LGA in Western Australia.<\/p>\n

\u201cInvestors are increasingly being attracted to the region \u2013 about 40 kilometres south of the central city \u2013 by its affordable property prices with it being the most affordable precinct in the metro area.<\/p>\n

\u201cBut don\u2019t let its cheap property price tags put you off, because the region is also home to billions of dollars of new infrastructure and is forecast to create some 10,000 jobs over the next three decades.\u201d<\/p>\n

Adelaide\u2019s property market has led the way in Australia since the onset of Covid, growing by 55.3 per cent, ahead of Brisbane (53.5 per cent) and Perth (52.9 per cent).<\/p>\n

Peter Koulizos, Lecturer, Master of Property, The University of Adelaide, Adelaide property continues to power on.<\/p>\n

\u201cAdelaide\u2019s property market<\/a> will continue to grow from strength to strength, so much so that within two years, Adelaide\u2019s median dwelling values will be higher than Melbourne\u2019s median dwelling values,\u201d Mr Koulizos predicted.<\/p>\n

Adelaide continues to invest steadily in infrastructure improvements, notably the road network and rail links, as well as medical and education infrastructure. There is particularly large investment in the Edinburgh Defence precinct, major IT enterprises and big commercial-industrial precincts.<\/p>\n

Melbourne\u2019s sound real estate fundamentals<\/strong><\/h2>\n

Matt Skehan, Buyers Agent, Azure Buyers Agents, acknowledged that the Melbourne property market<\/a> had not had the stellar growth of other cities but said the fundamentals were strong.<\/p>\n

\u201cMelbourne offers plenty of upside, with its recent underperformance from a growth perspective providing an opportunity for the savvy buyer.<\/p>\n

\u201cDespite a lot of negative press, in particular surrounding the increased taxes associated with owning a property in Victoria, it is hard not to like the fundamentals of the market from a demand and supply perspective and the fact it is one of our largest population and economic centres.<\/p>\n

\u201cThe rental market is extremely tight with a current vacancy rate of 1 per cent (SQM) and rental rates have increased 10.8 per cent over the past 12 months, the second highest gain in the country over this period (CoreLogic).<\/p>\n

\u201cPopulation growth has been strong into Victoria, with high levels of net overseas migration putting further pressure on our already stretched rental market.<\/p>\n

\u201cThis is due to a combination of our desirable liveability, good schools and relatively affordable housing options.<\/p>\n

\u201cThere is significant infrastructure spending happening within the State with the Metro Tunnel project, West Gate tunnel project and the Suburban rail loop project to name a few.\u201d<\/p>\n<\/p><\/div>\n

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[ad_1] Property prices driven upwards by a lack of supply appear unlikely to change trajectory, with PIPA Chair Nicola McDougall declaring \u201cI have a better chance of winning Lotto next week\u201d than the government has of constructing 1.2 million new dwellings over the next five years. 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