Source: PEXA Key Findings: FY24 A total of 509,955 new loans were issued in FY24, an increase of 6.0% compared to FY23. New loan volumes were highest in VIC in FY24 (136,461), despite more property transactions being settled in QLD and NSW in FY24 (see PEXA Property Insights FY24).  396,653 refinances were completed in FY24, a 11.9% decline compared to FY23.  The month of June 2024 is typically one of the strongest months for property settlements in any given year. New loan ...

Source: CoreLogic After years of unprecedented accelerated growth, residential construction costs have stabilised, growing at the slowest annual rate in 22 years, CoreLogic's Cordell Construction Cost Index (CCCI) shows. The Q2 2024 national CCCI, which tracks the cost to build a typical new dwelling, recorded a 0.5% rise, a further slowing from the 0.8% increase recorded in Q1. During FY24, annual costs increased 2.6%, marking the smallest annual rise in the national CCCI si...

Source: Courier Mail The new financial year has been greeted with an exodus investors from the housing market. The start of the new financial year has prompted a quick spurt in sales by investors, with their post July 1 timing ensuring any capital gains tax will sit in the 2024-2025 tax year. Ray White calculated 35.8 per cent of its sellers across Australia last week were investors, which was a higher investor exodus than June when it averaged 30.2 per cent. It was the highest weekly per...

Source: Courier Mail More than 20,000 Queensland families have been forced to sell their homes in distress sales in the past year, with ‘survival-mode’ interest only home loans rising almost $1bn nationally in three months to fight off delinquency. Exclusive data by national research firm SQM Research revealed Queensland recorded the highest rates of distress listings in the nation amid mounting financial pressures of 13 rate hikes and worsening cost of living pressures. It com...

Source: PEXA More than one quarter of all residential properties purchased across Australia’s three largest states were funded entirely with cash in 2023, with buyers immune to recent interest rate hikes, according to a new report released by PEXA today. PEXA’s 2023 Cash Purchases Report found the total value of cash-funded residential sale settlements (that is, properties purchased without a mortgage attached) increased by 1.5% in 2023 across the nation’s eastern states o...

Source: CoreLogic Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across FY2023-24. This is the equivalent of a $59,000 increase to the median dwelling value in Australia, which is now $794,000. The annual rise was in stark contrast to the FY2022-23 when CoreLogic’s national index was down -2.0%. In that year, annual growth was weighed down by a -7.5% drop in values in the nine months following May 2022, when the cash rate target started to rise. De...

Source, CoreLogic Australian home values have risen 35.6% since the COVID-19 pandemic hit Australia in March 2020. The market saw a strong cycle of growth through the pandemic, and a short-but-sharp drop in values following the commencement of the rate hiking cycle, and made a full recovery in value by November 2023, hitting fresh record highs each month since. Below the headline figure, the market has been driven higher by multiple ‘speeds’ of growth across the capital cities an...

Source:  Courier Mail Home builder AVJennings has pulled out of a major development site in southeast Queensland, citing application delays and rising infrastructure costs, with its move coinciding with a slump in new housing through the region. The residential developer will no longer progress with its option for a 3,500 lot site at Caboolture, north of Brisbane, which was expected to be finalised late this year. The company will take a $17.2m hit from the decision. In an announcemen...

Source:  CoreLogic CoreLogic’s Home Value Index rose 0.8% in May, the 16th consecutive month of growth and the largest monthly gain since October last year. The mid-sized capitals continued to lead the pace of growth, with Perth home values up 2.0% in May, Adelaide rising 1.8% and Brisbane up 1.4%.  In dollar terms, it’s the equivalent of the median dwelling value rising by more than $12,000 month-to-month in each city. CoreLogic research director, Tim Lawle...