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Australia’s Ultimate Spring 2024 Property Guide: Is It Time to Buy?

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Australia’s Ultimate Spring 2024 Property Guide: Is It Time to Buy?

 

As spring ushers in warmer weather, Australia’s property market is heating up with a surge in new home listings across the country. According to the latest PropTrack data, new home listings were up 12% in July compared to the same time last year. This increase in supply is creating a dynamic market environment, but with more buyers expected to enter the fray, competition for homes is likely to intensify.

National Overview: Market Dynamics

The spring selling season is set to be busier than usual, with an uplift in real estate activity predicted across all capital cities. PropTrack’s senior economist, Eleanor Creagh, noted that while there will be more choice for buyers, the number of active buyers in the market is also expected to rise, keeping the pressure on home prices and competition.

City-by-City Predictions:

Sydney

Sydney’s property market is anticipated to see a healthy number of new listings this spring. Despite economic pressures, demand from buyers remains strong, driving house prices up 6.77% year-on-year (YoY) to $1.429 million in July. Unit prices have increased 3.89% to $830,000 over the same period. However, buyers are becoming more selective, and sellers may need to adjust their expectations slightly to close deals.

Melbourne

Melbourne’s real estate market is expected to be balanced this spring, with new listings up 14.6% YoY in July. While house prices fell slightly by 1.01% to $912,000, while unit prices increased by 0.18% to $619,000 over the same period. The market is not expected to see huge capital gains, but sellers who price their properties fairly will likely find willing buyers.

Brisbane

Brisbane remains one of Australia’s hottest markets, with a 16.1% YoY increase in new listings. House prices surged by 13.42% to $951,000 in July, while unit prices increased by 16.85% to $663,000. The city is expected to see more homes hit the market this spring, but sellers will need to price their properties correctly to attract buyers amidst rising supply.

Adelaide

Adelaide’s property market is set to offer more choice for buyers this spring, with new listings up 17.4% YoY in July. House prices in the city rose by 15.09% to $819,000 , while unit prices increased by 12.44% to $599,000  reflecting strong demand. The increase in listings is expected to ease some of the constraints buyers have faced in recent months.

Perth

Perth’s market remains tight, despite a 15.3% YoY increase in new listings. Supply levels have been extremely low, and while spring will bring more homes to market, it won’t be enough to meet demand. House prices in Perth jumped by 23.19% to $790,000 in July, while unit prices increased by 19.13% to $530,000 driven by high population growth and a lack of quality rentals.

Hobart

Hobart continues to be a buyer-friendly market, with high listing numbers and declining home prices. New listings were up 5.5% YoY in July, but buyer demand has not kept pace, leading to weaker selling conditions. House prices fell by 2.4% to $717,000, while unit prices have decreased 0.9% to $552,000 over the same period offering opportunities for buyers looking to enter the market.

Darwin

Darwin’s property market is showing signs of increased activity, with new listings up 12% YoY in July. House prices in Darwin rose by 3.54% to $560,000, , while unit prices fell 2.76% to $382,000 . The city’s market is expected to pick up further as the spring selling season progresses.

Canberra

Canberra is offering more choice for homebuyers, with total listings up 33.7% YoY in July. Despite this, the market has seen weaker price performance, with house prices increasing only slightly by 0.94% to $980,000, while unit prices have declined 0.32% to $607,000.  Buyers in Canberra can expect a broader selection of properties this spring.

A Competitive Spring Ahead

With more properties hitting the market and buyer activity expected to rise, spring 2024 promises to be a competitive season for Australia’s real estate market. Buyers will benefit from increased choice, but they’ll need to act quickly as demand remains strong across most cities. Sellers, on the other hand, should be prepared to price their properties realistically to attract serious buyers in a market that is evolving with the changing season.

 

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Vigilance Urged to Combat Invasive Giant Devil’s Fig

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Vigilance Urged to Combat Invasive Giant Devil’s Fig

 

By Robert Heyward

North Coast landholders are being called upon to stay vigilant against the spread of Giant Devil’s Fig (Solanum chrysotrichum), a highly invasive woody weed that poses a significant threat to agriculture and natural ecosystems. This problematic species is prevalent in grazing lands, waterways, forests, roadsides, parks, and gardens, particularly in the coastal regions of northern and central New South Wales.

Ashley Donges, Regional Weed Coordinator for North Coast Local Land Services, highlighted the critical role of community involvement in controlling this invasive plant.

“Preventing the spread of Giant Devil’s Fig is crucial for safeguarding our agricultural productivity and protecting native ecosystems,” Donges said. “We urge all residents and landowners to actively identify and manage this weed to minimise its impact.”

Giant Devil’s Fig competes with desirable pasture species, leading to reduced agricultural productivity and increased costs. The plant contains toxins that can harm livestock if ingested in large quantities, and its sharp prickles can cause injuries to both humans and animals, as well as hinder access to water sources for livestock. In natural landscapes, the weed forms dense thickets that outcompete native vegetation, further degrading the environment.

“Our goal is to equip the community with the knowledge and tools needed to combat Giant Devil’s Fig effectively,” Donges continued. “By working together, we can mitigate its impact and protect our valuable natural resources.”

Under the NSW Biosecurity Act, all residents have a General Biosecurity Duty to prevent, eliminate, or minimise the biosecurity risk posed by Giant Devil’s Fig.

The weed can be identified as a shrub or small tree up to four meters tall, with prickly stems and hairy leaves when young. It produces small, white star-shaped flowers in clusters from autumn to spring, followed by round berries that turn yellow or orange-yellow.

For detailed identification and control methods, residents are encouraged to visit the NSW WeedWise website.

There is a Giant Devil’s Fig Exclusion Zone covering the local government areas of Bellingen, Clarence Valley, Coffs Harbour, Kempsey, Lord Howe Island, Nambucca Valley, and Port Macquarie-Hastings. In these areas, residents must notify their local council if the weed is found and eradicate it immediately. A Containment Zone covering Ballina, Byron, Kyogle, Lismore, Richmond Valley, and Tweed local government areas requires residents to prevent the plant’s spread, reduce its impact, and report sightings to Rous County Council.

For technical advice and assistance, residents can contact their local council’s weeds officer or consult resources available on the NSW WeedWise website

 

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NSW Aquaculture Industry Sets $300 Million Target for 2030

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NSW Aquaculture Industry Sets $300 Million Target for 2030

 

By Ian Rogers

The Minns Labor Government has pledged to collaborate closely with the aquaculture industry to double the farm gate value of New South Wales’ aquaculture sector to $300 million by 2030. This ambitious goal will be pursued through innovative research, ongoing investment in breeding programs, and a strong commitment to enhancing water quality.

The announcement was made in conjunction with the launch of the NSW Aquaculture Vision Statement during the national Oyster Industry Conference held in Port Macquarie, attended by over 300 delegates from across Australia and internationally. The Vision Statement outlines a comprehensive strategy for the development of the state’s aquaculture industries, focusing on seafood production, bioproducts development, and climate change adaptation.

Key initiatives to achieve the $300 million target include:

  • Risk Management: Implementing a breeding program for the oyster industry, alongside exploring alternative species.
  • Innovative Research: Conducting cutting-edge research at DPIRD research stations and in collaboration with industry partners.
  • Expanding Marine Aquaculture: Identifying and opening new areas for marine aquaculture, including mussels, oysters, and algae.
  • Environmental Benefits: Promoting the environmental advantages of aquaculture, such as the nutrient uptake capabilities of algae, oysters, and mussels, which contribute to water quality improvement.
  • Streamlining Biosecurity: Simplifying aquatic biosecurity regulations to enhance access to interstate spat supply.
  • Water Quality Enhancement: Protecting and improving water quality, a critical factor for sustainable aquaculture.
  • Aboriginal Participation: Creating opportunities for Aboriginal communities to engage in aquaculture businesses.

The government, in partnership with the industry, will develop a detailed roadmap to guide the implementation of these initiatives, all aimed at reaching the $300 million goal by 2030.

The oyster sector, the cornerstone of NSW’s aquaculture industry, has seen rapid growth, with a 30 percent increase in farm gate value in 2022/23, reaching $78 million. This sector also contributes over $30 million to the state’s economy, providing thousands of jobs across production, wholesale, processing, retail, and agri-tourism. The industry’s commitment to water quality monitoring and marine environment protection remains a source of pride.

To support the industry’s vision, the Minns Government has announced a $3 million investment in upgrades at the Port Stephens Fisheries Institute. These enhancements will improve breeding and research facilities for shellfish, including oysters and finfish, fostering innovation in seafood production.

Additionally, financial support has been extended to aquaculture and commercial fishing businesses affected by natural disasters and aquatic diseases, such as the White Spot prawn virus and QX disease in Sydney Rock Oysters.

Minister for Agriculture and Regional NSW, Tara Moriarty, acknowledged the challenges faced by oyster farmers in recent years due to storms, floods, and climate impacts. Despite these obstacles, the increasing productivity of the industry reflects its resilience and the dedication of those who work in it. She emphasized that the NSW Aquaculture Vision Statement is a product of the collaborative efforts of oyster farmers, the aquaculture industry, and the government, all working towards a future where NSW-grown oysters are enjoyed both nationally and globally. The government’s investment in research and infrastructure aims to drive sustainable growth, resource development, and innovation within the industry.

Brandon Armstrong, Chair of the NSW Farmers Oyster Committee, expressed optimism about the future, highlighting the industry’s embrace of new opportunities and innovations. He noted that the recent conference served as an important platform for industry stakeholders to connect, share knowledge, and learn from one another, particularly as the Mid Coast region continues to recover from recent hardships.

 

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Free webinar for farmers to learn how RIC loans can help rebuild and recover from severe business disruption

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Free webinar for farmers to learn how RIC loans can help rebuild and recover from severe business disruption

 

Australian Government farm business lender, RIC (Regional Investment Corporation) is hosting a free webinar on 18 September 2024 for farmers, advisers and agriculture industry representatives to learn more about how RIC’s low-cost Farm Investment Loan can help support farm businesses to rebuild and recover after severe business disruption.

RIC Chief Executive Officer, John Howard, said RIC’s Farm Investment Loan is aimed at supporting farmers who have experienced significant financial downturn, as a result of an unforeseen disruption or cumulative impacts to their business.

“Our Farm Investment Loan recognises that unexpected business shocks outside a farmer’s control can play havoc with financial plans. With a low variable interest rate and interest-only terms for the first five years, RIC loans can provide some financial relief to help farmers get back on their feet,” Mr Howard said.

“To be eligible for a Farm Investment Loan, farmers need to show their underlying business is solid, but that they need help to recover following an event that has financially impacted their business, like drought or other natural disasters, or even a biosecurity event.

“More than 100 people from across the country have already registered to learn more from our specialist Agri Lending Manager and one of our customers who will share their experience,” Mr Howard said. Queenslander cattle grazier Rachael Lehmann is pleased to join the webinar to help other farmers learn more about how she and her husband Dane benefited from a RIC Loan. She will share how their low-interest loan supported their recovery and helped improve their business after experiencing drought and successive natural disasters.

The RIC Farm Investment Loan enabled them to refinance part of their existing commercial debt to RIC’s concessional variable interest rate. This allowed the business to improve cash flow, enabling them to recover faster and move forward. “The change in interest rate is quite a substantial amount of money for us, so it has taken the pressure off. It just meant that we were going to have the opportunity to get ahead.

“It’s a huge step up for us and it will have amazing onflow effects for our cost of production and that’s very exciting,” Rachael said.

The Farm Investment Loan provides up to $2 million over a 10-year term with the first five years interest only followed by principal and interest for the remaining five years. The current variable interest rate is 5.18 per cent and there are no fees to apply, make extra repayments, or for early loan repayments.

The free webinar is on 18 September 2024 from 12pm-1pm AEST, to register visit. For more on the Farm Investment Loan visit here. Read more about Rachael and Dane Lehmann’s story here.

 

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