The latest housing market figures show the downturn is deepening.
National dwelling values dropped 0.4% in June according to Cotality, marking the largest month-on-month fall since December 2022.
The June quarter marked a significant shift in Australia’s housing dynamic. Capital city home values fell by 1.3% over the quarter, with Sydney leading the pace of decline at -3.2%. Melbourne values were down 2.6%, and ACT values dropped 1.3%.
1. Whats going on in Cairns?
Regional markets, in general, continue to outperform their capital city counterparts, increasing 1.1% over the quarter, and 0.3% in June. So the Cairns property market is still stronger than the national market, but may follow in the slowdown in due course.
2. The general trend is;
Buyers are negotiating harder and walking away if the asking price is not in line with current market expectations. Sellers are having to adjust their price expectations and adapt to the changing conditions, this and a further dampening of demand via property taxation changes announced in the Federal Budget are all contributing to weaker housing conditions.
3. What would you build if you had too much money?
Microsoft co-founder Bill Gates owns a Washington mega-mansion, nicknamed "Xanadu 2.0." It was ingeniously built into the hillside to naturally regulate temperature—and it officially holds the Guinness World Record for the largest subterranean residential dwelling.
Hidden beneath the surface, the sprawling earth-sheltered compound boasts just seven bedrooms but an absurd 24 bathrooms, alongside six kitchens, a 60-foot pool, a 2,500-square-foot gym, and a trampoline room with a 20-foot ceiling.
4. Interesting fact #124: Keeping it real in real estate.
The term 'real' in real estate comes from the legal distinction between 'real property' (land and things attached to it) and 'personal property' (moveable possessions).
While a popular myth credits the Spanish word real (meaning 'royal'), the English legal usage actually derives from Latin 'res', meaning 'thing'. The word 'estate' traces back to the Latin status, meaning state or condition.
Now you know :-)
If you need advice on timing, value, market trends, or preparing your home for sale, I’m always happy to help, whether you’re planning for now or the future.
Helping with your real estate journey.
Daniel Sheehan
0409 262 326
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