| Wow! it's only 85 days until Christmas! So, that's maybe enough time to get our ducks lined up before we can relax into the holiday season. As far as the property market goes, it's still very strong with signs of continuing.
■ Cairns Locally - A milestone for Cairns South.
Cairns South has crept into the TOP 10 regional areas for the highest 12-month property value growth. That's a 12.6% annual change - great news for home owners or investors here. The competition with our neighbouring city of Townsville continues, as they had slightly better results at 14.3% annual change.
■ Queensland Capital - Brisbane performing exceptional, especially units!
Brisbane is again pulling ahead of the larger capitals, with values up 3.5% through the September quarter, with the pace of gains being led by the unit market. The number of homes for sale at the end of September was about 31% below average in Brisbane. Most cities are seeing stronger growth rates for houses than units, however, Brisbane is the outlier, with unit values consistently rising at a faster pace than house values over the past seven quarters due to a severe supply shortage.
■ Around Australia - A hot, hot, hot housing market!
Australia’s housing market is heating up, with September delivering the strongest monthly rise in national dwelling values since October 2023. The Cotality HVI jumped 0.8%, driven by capital city momentum and record-low listings. Property values gain pace heading into spring, driven by record low listing volume.
■ Affordability - Good news for buyers.
Borrowing capacity (based on a median household income) has increased by approx. 7% since the first rate cut in February, and lower interest rates have supported a lift in consumer sentiment, which is important for high-commitment decision-making such as home loans. However, first home buyers face fierce competition as Home Deposit Guarantee launches, it is unlocking opportunity- but also intensifying buyer competition amid already tight supply.
If you have any questions or need assistance with your property journey, please feel free to reach out.
Daniel Sheehan - 0409 265 326
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