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Real Estate

HELPING MORE FIRST HOME BUYERS ENTER THE MARKET

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HELPING MORE FIRST HOME BUYERS ENTER THE MARKET

Almost 115,000 dwellings and land lots have been approved across NSW in the past year, expanding opportunities for first home buyers to purchase their first home.
Between 1 July 2021 and 30 June 2022, 114,881 total dwellings and lots were approved through development applications.
Treasurer Matt Kean said that the NSW Government is committed to supporting first home buyers purchase their own slice of the Australian dream.
“The $2.8 billion housing package announced in last month’s Budget includes $729 million for the First Home Buyer Choice to reform stamp duty, a significant barrier to
first home buyers getting a foot on the property ladder,” Mr Kean said.
“This is all about giving first home buyers a choice – a choice between paying an upfront stamp duty or an annual property tax.”
On a four-bedroom house sold in Leppington for $1.04 million with a land value to property price ratio of 36 per cent, a first home buyer would have a choice between an upfront stamp duty of $41,890 or an annual property tax in the first year of $1,537.
Under the First Home Buyer Choice, first home buyers who opt into the property tax will pay an annual $400 plus 0.3 per cent of the land value component of the property.
The annual tax stops being paid once the property is sold.
The median time owner occupiers hold onto homes in NSW is 10.5 years.
Minister for Planning and Minister for Homes Anthony Roberts said the government will do all it can to boost supply and give more people in NSW the opportunity of home ownership.
“The Government is investing almost $500 million to unlock land and accelerate infrastructure to boost housing supply, and we will use every measure we can to enable more people to own their own home sooner,” Mr Roberts said.
“We have paved the way for 23,000 dwellings through state-led rezonings including 7,000 rezoned lots in Glenfield and 3,000 in Rhodes, while planning proposals accounted for another 26,703 dwellings.”

The top three local government areas where lots and dwellings have been approved were:
* Blacktown – 14,329
* Sydney – 8,949
* Parramatta – 8,633
The top three LGAs where rezonings were approved were:
* Parramatta – 12,282
*Camden – 9,410
*Campbelltown – 8,022
Of the 114,881 approved dwellings and lots:
* 88,181 were in metropolitan areas
* 26,700 were in regional NSW

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Uneven Price Growth Reshuffles Rankings of Australia’s Most Expensive Cities

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Uneven Price Growth Reshuffles Rankings of Australia’s Most Expensive Cities

 

In the ever-evolving landscape of Australia’s real estate market, Brisbane has emerged as the country’s second-most expensive city, following a surge in home prices that propelled the Queensland capital to new record highs. According to the PropTrack Home Price Index, property prices continued their upward trajectory in May, with the median home value across Australia reaching unprecedented levels, showcasing the enduring strength of the housing sector despite broader economic fluctuations.

The latest data reveals a varied picture across the nation’s capital cities, with six cities witnessing increases in home values, while four—Sydney, Brisbane, Perth, and Adelaide—set new price records. Brisbane’s remarkable ascent in the rankings signals a reshuffling of the hierarchy among Australia’s capitals, with the city now sharing the title of the nation’s second-most expensive capital with Canberra. Both cities boast a median home value of $834,000, encompassing both houses and units.

Brisbane’s rapid rise to prominence reflects robust price growth, with values soaring by 0.67% in May alone. This surge has catapulted the city’s housing market into the upper echelons of Australia’s real estate landscape, outpacing even Melbourne’s values for the first time in over a decade. The factors driving this unprecedented growth include heightened demand fuelled by interstate migration, coupled with a limited supply of available properties—a combination that has propelled Brisbane to the forefront of the nation’s housing market.

Concurrently, Canberra experienced a marginal decline of 0.21% in home values during the same period, contributing to the parity between the two cities. However, upon closer examination of property types, Canberra’s houses retain their premium status, commanding a median value of $961,000, compared to Brisbane’s $930,000. Conversely, Brisbane’s units have surpassed those in Canberra, with a median value of $632,000, outpacing Canberra’s $605,000—a testament to the evolving dynamics of urban housing preferences and affordability constraints.

Despite Brisbane’s meteoric rise, Sydney maintains its status as Australia’s most expensive city, with prices rising by 0.42% in May, marking an impressive 7% increase over the past year. However, the pace of growth has moderated since February, as an influx of listings has provided buyers with increased options, albeit against the backdrop of persistently strong demand.

Looking ahead, the outlook for Australia’s housing market remains positive, albeit with a tempered pace of growth. According to PropTrack senior economist Eleanor Creagh, the market continues to grapple with supply-demand imbalances, population growth dynamics, and tightening rental markets. Nevertheless, further price appreciation is anticipated in the coming months, albeit at a moderated pace relative to earlier in the year.

Beyond the metropolitan hubs, regional disparities in price growth emerge as a defining feature of Australia’s housing landscape. Perth emerges as the standout performer, with prices soaring by 20.58% over the past year, driven by robust buyer demand amidst constrained supply conditions. Similarly, Adelaide witnesses substantial price growth, buoyed by its comparative affordability and robust demand dynamics in the city’s northern precincts.

Conversely, Hobart’s housing market faces headwinds, with prices declining marginally, indicative of a protracted recovery from previous downturns. Yet, regional Tasmania presents a stark contrast, with home values reaching new peaks, underscoring the resilience and divergent trajectories within the broader Tasmanian property market.

In sum, Australia’s housing market undergoes a paradigm shift, with Brisbane’s ascent to the echelons of the nation’s priciest cities emblematic of the dynamic forces reshaping urban housing dynamics. As the sector navigates evolving demand-supply dynamics and regional nuances, the trajectory of Australia’s housing market remains a pivotal determinant of broader economic resilience and prosperity.

 

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Criticism Mounts Over Federal Budget 2024 Housing Package

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Criticism Mounts Over Federal Budget 2024 Housing Package

 

The housing package unveiled in the 2024 federal budget, totalling $6.2 billion, has faced sharp criticism for its perceived inadequacy in tackling the affordability crisis, despite some groups welcoming the new initiatives.

The aim of the housing package is to unlock more affordable housing options, alleviate infrastructure bottlenecks, and bolster student housing without exacerbating inflation. However, critics argue that the measures fall short of addressing the pressing housing challenges faced by Australians.

Out of the $6.2 billion in new funding announced, $1.9 billion is allocated towards loans for the development of new social and affordable homes, while $1 billion is earmarked for ‘enabling infrastructure’ essential for connecting services to new housing developments, including roads, water, and power.

Although this funding adds to the over $11 billion in housing measures announced earlier, some of these initiatives were repurposed funding and joint agreements with states and territories.

Maiy Azize, spokesperson for Everybody’s Home, expressed disappointment, stating that the government’s budget fails to alleviate the housing cost burden for Australians already struggling in a challenging housing market. Azize criticized the perceived lack of genuine funding for social housing, highlighting that much of it constitutes repackaged initiatives and loan offers rather than real financial support.

Meanwhile, Shadow Treasurer Angus Taylor criticised the government’s failure to address inflation and the cost-of-living pressures experienced by households and businesses nationwide.

The reception to the housing package underscores the ongoing debate over the adequacy of government measures in addressing the housing affordability crisis, highlighting the need for more comprehensive and effective solutions.

 

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Bendigo Bank Leads the Way in Home Loan Satisfaction

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Bendigo Bank Leads the Way in Home Loan Satisfaction

 

Bendigo Bank has emerged as the top choice for home loan customers in Australia, as revealed by a recent survey encompassing over 30,000 respondents from the nation’s ten largest banks.

The survey, released yesterday, highlighted Bendigo Bank’s exceptional customer satisfaction rate, standing at an impressive 87.7% over the six-month period ending March 2024, according to Roy Morgan. This figure solidifies Bendigo Bank’s position well above the industry average, firmly establishing its leadership in customer satisfaction.

Richard Fennell, Chief Customer Officer for Consumer Banking at Bendigo Bank, expressed pride in the bank’s customer-centric approach, emphasizing the importance of fostering strong relationships with customers.

“At Bendigo Bank, we prioritize building meaningful connections with our customers,” stated Mr. Fennell. “Our relentless commitment to delivering exceptional outcomes for each individual customer sets us apart. Over the past two years, we have made concerted efforts to engage with our home loan customers, ensuring that their loans align with their unique circumstances.”

“As we approach the colder months, we urge all Australians to reevaluate their home loan needs through Bendigo Bank’s Home Loan Health Check,” added Mr. Fennell. “Whether it’s refinancing, investing in property, or purchasing a first home, Bendigo Bank stands ready to assist.”

Beyond boasting Australia’s most satisfied home loan customers, Bendigo Bank has earned recognition as the country’s most trusted bank, consistently ranking among the top 20 most trusted brands nationwide.

Patrick Pretlove, a 24-year-old Airline Cabin Manager who recently purchased his first home in Geelong, commended Bendigo Bank for the support he received during the significant financial decision-making process.

“Bendigo Bank provided invaluable support throughout my application process,” shared Mr. Pretlove. “Meri Dimovska, in particular, was incredibly responsive to my numerous inquiries and kept me informed every step of the way. Their dedication to customer care truly made a difference, and I wholeheartedly recommend Bendigo Bank to any prospective homebuyer.”

To explore Bendigo Bank’s diverse range of home loan products and conduct a personalised home loan health check, visit the Bendigo Bank website today.

 

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