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Local News

Surprise Boom: Home Values Soar in Hundreds of Suburbs, Defying All Expectations

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Home values have experienced a significant surge across a vast majority of suburbs this year. Buyers and sellers have regained confidence.
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NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Surprise Boom: Home Values Soar in Hundreds of Suburbs, Defying All Expectations

 

Home values have experienced a significant surge across a vast majority of suburbs this year. Buyers and sellers have regained confidence, making a return to the market as interest rates stabilise and optimism grows. This turnaround comes as a surprise compared to the dire predictions made a year ago, suggesting a continued decline in prices through 2023. Instead, Australia’s median home value has consistently climbed every month this year, reaching a record high in September.

On a national scale, home prices have seen an approximate increase of 4.3% this year. However, in certain areas, the limited supply of properties on the market has led to even faster price growth due to strong demand. Data from PropTrack’s automated valuation model (AVM) reveals that values have surged by over 10% this year in nearly 500 suburbs, primarily concentrated in Sydney, Brisbane, Adelaide, and Perth.

PropTrack senior economist Eleanor Creagh identified the subdued listings environment earlier this year as a driver for the upward trajectory in home prices. Stronger demand, underpinned by record levels of migration, has also been a significant factor propelling prices higher. In Sydney, a rebound in population growth, particularly higher numbers of net overseas arrivals, has likely bolstered housing demand. Similarly, Perth, Adelaide, and southeast Queensland have benefited from relative affordability, population growth, and interstate migration.

Home values have experienced a significant surge across a vast majority of suburbs this year. Buyers and sellers have regained confidence.

Home values have experienced a significant surge across a vast majority of suburbs this year. Buyers and sellers have regained confidence.

Affordability has played a critical role in driving price growth this year. The lower end of the market remained resilient during the downturn and continues to attract demand as home prices recover. Higher interest rates have prompted buyers to seek homes in areas where property prices are more affordable, effectively boosting demand in these regions. Suburbs with affordable median values, often less than $500,000, have seen significant price growth.

Riverview, situated east of Ipswich in Queensland, stands out as the suburb with the fastest house price growth in Australia this year, witnessing a nearly 24% increase in median house value to around $446,000. Affordability drew first-home buyers to this suburb, providing better value than other parts of Ipswich or Brisbane.

In contrast, in Sydney, Melbourne, and Brisbane, the strongest price growth has been observed in pricier suburbs. Most of the rapidly appreciating house values in Sydney are concentrated in relatively expensive areas such as the eastern suburbs, the inner city, and the northern beaches. These areas saw a quick rebound in prices, especially after sharp declines during the downturn.

As for units, Avoca Beach on the NSW Central Coast emerged as the top performer nationwide, with the median value experiencing an almost 26% increase to $1.39 million. Inner city units in Sydney, Melbourne, and Brisbane have seen significant price growth due to their affordability compared to houses, making them highly sought after.

While median values have increased in most Australian suburbs this year, some regional areas experienced declines. Regional NSW, in particular, saw notable declines in house values. These shifts highlight the varying dynamics across Australia’s diverse property landscape. Despite earlier predictions, the current trends suggest a promising outlook for the housing market, fueled by economic stability, migration, and demand.

 

For more real estate news, click here.

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Lismore News

Terania Street Reopening to Light Vehicles Only

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Terania Street Reopening to Light Vehicles Only

 

After a closure lasting over four months, Terania Street in Lismore is set to reopen to light vehicles starting from late Friday 21 June, pending favourable weather conditions. This reopening follows the implementation of traffic calming measures aimed at preventing further damage to the rail-over-road bridge caused by oversized vehicles.

  • Traffic Calming Measures:
    • New measures include speed humps, a reduced speed limit of 25 km/h, restricted lane width, traffic islands, and surveillance cameras. These are designed specifically to slow down light vehicles and restrict heavy vehicles (over 4.5 tonnes) from using Terania Street near the rail bridge.
  • Purpose of Measures:
    • The installation aims to prevent future damage to the bridge, which necessitated its closure between Tweed and Peate streets since February 7.
  • Community Impact and Appreciation:
    • Transport for NSW, through Director Region North Anna Zycki, expressed gratitude to residents and businesses for their patience during the closure period. They continue to work towards a permanent solution for the bridge’s sustainability.
  • Heavy Vehicle Detour:
    • Heavy vehicles are advised to use a detour via Wilson Street, Elliott Road, and Ballina Road until further notice. Residents needing access to or from Peate Street should detour via Pine, Crane, and Tweed streets.
  • Heritage Council Approval:
    • Transport for NSW has received approval from the NSW Heritage Council to remove the Terania Street rail-over-road bridge. They are currently addressing the consent conditions and will inform the community about the commencement of this work.
  • Compliance and Safety:
    • New signage, including ‘No right turn’ signs at Peate Street, has been installed to guide vehicles and ensure compliance with the new traffic conditions.

For ongoing updates and details, residents and road users are encouraged to stay informed through Transport for NSW communications channels.

This reopening marks a significant step in restoring normal traffic flow while safeguarding the historic bridge structure from further damage caused by inappropriate vehicle use.

 

For more local Lismore news, click here.

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Local News

Social Housing Waitlist Surges in Northern NSW – Urgent State Budget Action Needed

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Social Housing Waitlist Surges in Northern NSW – Urgent State Budget Action Needed

 

Analysis by the Community Housing Industry Association NSW (CHIA NSW) has revealed a significant increase in the number of people seeking priority social housing in the Northern NSW region. The priority housing list is designated for those at imminent risk of homelessness, highlighting the severity of the housing crisis.

Priority Housing Increase by Region:

  • Ballina: 190%
  • Casino: 165%
  • Tweed Heads: 142%
  • Grafton: 132%
  • Byron Bay: 129%
  • Mullumbimby: 118%
  • Lower Clarence: 108%
  • Lismore: 107%

CHIA NSW CEO, Mark Degotardi, emphasized the dire shortage of available homes in the Northern NSW region. “Many people are languishing for more than a decade in some suburbs and regions. Over 58,000 families and individuals are waiting for housing across NSW. This is why we need significant funding in the upcoming State Budget to start addressing the housing crisis,” Mr. Degotardi stated.

Mr. Degotardi underscored the readiness of the not-for-profit community housing industry to collaborate with all levels of government to deliver housing solutions for vulnerable people. “Community housing providers have projects that are ready to roll but need the funding to get them started,” he said.

The upcoming state budget on June 18 is crucial for the Minns Government to demonstrate its commitment to resolving the housing crisis. “A housing crisis needs a crisis response. The time for incremental reform and small budget allocations is over,” Mr. Degotardi asserted.

The escalating need for priority social housing across Northern NSW underscores the urgent requirement for substantial government intervention and funding to provide immediate and effective housing solutions.

 

For more local news, click here.

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Glen Innes News

Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards

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Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards
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Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards

 

Glen Innes Severn Council celebrated a remarkable evening at the New South Wales Local Government Awards in Sydney on Friday, June 7, securing multiple accolades in recognition of their outstanding contributions to the local government sector.

Rural Management Challenge Triumph

The Council’s Rural Management Challenge (RMC) team, known as the ‘Highlanders,’ emerged as state winners, triumphing over 24 other councils. The team, comprised of Rhonda Bombell (Coordinator of Economic Development and Tourism), David Hunt (Manager of Assets), Shageer Mohammed (Chief Financial Officer), and Anthony Kamphorst (Manager of Infrastructure Delivery), initially won the regional heat in Bellingen in November 2023, advancing to the state final in Sydney in February 2024.

The RMC final challenged the Highlanders with complex scenarios that simulated real-world situations, testing their strategic thinking, decision-making skills, and knowledge of rural management practices. Their exceptional performance demonstrated a profound understanding of the challenges faced by rural communities, securing their victory as state champions.

Asset and Infrastructure Award

Adding to the evening’s success, Glen Innes Severn Council received the Asset and Infrastructure Award for the construction of the Yarrow Creek Bridge on Mount Mitchell Road. This award highlighted the Council’s innovative approach to upskilling staff, enabling them to complete intricate projects internally and reduce dependency on external contractors. Glen Innes Severn was among eight councils nominated for this prestigious award.

Leadership and Community Impact

Mayor Rob Banham expressed immense pride in the Council’s achievements, stating, “Council’s success at the LG Awards night is a clear indication of the hard work within Glen Innes Severn Council. Winning two prestigious awards motivates us to continue striving for excellence in all aspects of our operations.”

General Manager Bernard Smith, who attended the LG Awards night, also lauded the Council’s accomplishments: “We are incredibly proud of our staff’s achievements. The Rural Management Challenge award highlights the Highlanders’ strategic thinking and leadership capabilities, while the Award for Asset and Infrastructure reflects our Infrastructure Delivery Team’s ongoing efforts to enhance and maintain our community’s essential services.”

Celebrating Collective Achievements

The Glen Innes Severn Council extends its congratulations to all winners and nominees, celebrating the collective achievements that strengthen the vitality of local government in NSW. This recognition underscores the Council’s commitment to excellence and its dedication to improving the community through innovative practices and effective leadership.

By securing these awards, Glen Innes Severn Council not only showcases its capabilities but also sets a benchmark for other councils in New South Wales, inspiring continued growth and development within the local government sector.

 

For more Glen Innes News, click here.

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