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Local News

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

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Australia's Most Expensive Cities

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.

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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.

 

For more real estate news, click here.

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Local News

The Beauty of the Sugar Industry

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Harwood Sugar Mill Mural

The Beauty of the Sugar Industry

 

A recently completed mural at the entry to the 150-year-old Harwood Sugar Mill is stopping traffic and creating excitement in the little village with the oldest Australian owned sugar mill.

In the lead up to the 150-year celebrations, artist Nitsua, has created an artwork that reflects the blending of the cane growing and milling activities in the Northern Rivers, that exists thanks to the all-Australian partnership between the grower-owned NSW Sugar Milling Cooperative and family-owned Manildra Group.

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The artwork was commissioned by Sunshine Sugar as part of the preparations to celebrate the significant milestone of 150 years continuous manufacturing operation and Australian ownership – all on the same location on the bank of the mighty Clarence River.

As Sunshine Sugar CEO, Mr Chris Connors commented: “Not too many businesses in Australia can say they have achieved such a significant milestone, which is why we are making the effort to celebrate and promote the resilient industry we have here in NSW.”

Sunshine Sugar and the NSW sugar industry have a line-up of community events and activities happening at Harwood (near Yamba) in August. The celebrations with culminate in a massive outdoor community event to be held at the Harwood Cricket Oval on Sunday 25th August.

Find out more at: 150th Harwood Mill Landing Page – Sunshine Sugar

 

For more rural news, click here.

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Kyogle News

Services Australia’s Mobile Service Centre “Golden Wattle” to Visit Northern Rivers Region

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Golden Wattle

Services Australia’s Mobile Service Centre “Golden Wattle” to Visit Northern Rivers Region

 

Services Australia’s Mobile Service Centre, Golden Wattle, is set to visit towns in the Northern Rivers region of New South Wales, providing easy access to Centrelink, Medicare, National Disability Insurance Scheme, and Department of Veterans’ Affairs services.

Golden Wattle will visit:

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  • Nimbin: Wednesday, 17 July, opposite the neighbourhood centre, Cullen Street (9:30 am to 4:00 pm)
  • Urbenville: Thursday, 18 July, near Captain Cook Park, Urben Street (9:30 am to 3:30 pm)
  • Woodenbong: Friday, 19 July, in front of Woodenbong Hall, Unumgar Street (9:30 am to 4:00 pm)
  • Kyogle: Monday, 22 July and Tuesday, 23 July, in the Kyogle visitor centre car park, Summerland Way (9:00 am to 4:00 pm)
  • Bonalbo: Wednesday, 24 July, in front of Bonalbo Hall, Koreelah Street (9:30 am to 4:00 pm)
  • Tabulam: Thursday, 25 July, opposite the hotel, Court Street (9:30 am to 3:00 pm)

About Mobile Services Centres: Mobile Services Centres are 20-tonne trucks operated by Services Australia staff, providing regional and rural Australians with friendly, face-to-face service and tailored support. On this trip, staff can assist with:

  • Centrelink claims
  • Medicare registrations
  • Accessing online services

Additionally, information about the National Disability Insurance Scheme and Department of Veterans’ Affairs programs and support services will be available.

For more information, visit the Services Australia website.

 

For more local news, click here.

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Lismore News

Saffin Secures $30,000 Grant for Youth Crime Prevention

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Lismore MP Janelle Saffin with North-Tracks Works Chair Patrick Higgins, Secretary/board member Kevin Bell and Mr Bell’s working dog Maezzie. - Youth Crime Prevention

Saffin Secures $30,000 Grant for Youth Crime Prevention

 

Lismore MP Janelle Saffin has successfully secured a $30,000 grant for North-Tracks Works, a Lismore-based organisation dedicated to empowering vulnerable young people. This funding will enable the expansion of their life-changing programs to engage more youth in Goonellabah, Coraki, and Casino.

Ms. Saffin expressed her gratitude to NSW Minister for Police and Counter-terrorism Yasmin Catley for approving the grant following her advocacy on behalf of North-Tracks Works. She praised the organisation, which operates out of a shed in South Lismore, for its impactful work with young people aged 11 to 18, offering one-on-one support, mentoring, and practical learning opportunities.

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“I previously secured a $44,000 Local Small Commitments Allocation grant to help North-Tracks purchase equipment and materials for skill-building,” Ms. Saffin said. “This additional grant will allow North-Tracks to employ youth workers and expand their proven youth program, which is supported by Richmond Police District Commander Superintendent Scott Tanner.”

Patrick Higgins, Chair of North-Tracks Works and a local real estate agent, thanked Ms. Saffin for her efforts in securing the additional funding from Minister Catley. “We don’t fit in the box for normal funding. Our approach is about creating a sense of belonging and purpose through our skills program and training working dogs. It’s the work with the dogs that bridges the gap,” Mr. Higgins explained.

“At North-Tracks, we spend 10 percent looking back, 10 percent at where you are now, and 80 percent looking forward. We help them chase their dreams and goals,” he added. “Our team has three basic goals: keep them safe and alive, keep them out of jail, and help them move forward to live a full and productive life.”

This funding is set to sustain and expand North-Tracks Works’ impactful initiatives, providing more opportunities for at-risk youth to gain essential skills and find a sense of purpose and for Youth Crime Prevention.

 

For more local Lismore news, click here.

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