What happened in regional property this week: Property prices up, but for how long By Jan Melocco
Australians have an obsession with real estate and there has been plenty of news in the property field this week. Here we have a round up of what is happening across regional Australian and in your patch.
Australian property values grew at their strongest annual rate since 1989 in the year ending September 30, with buyers' continuing appetite for regional property leading to a surprisingly strong uplift in unit values outside of the capital cities.
Unit value growth has traditionally lagged that of houses in the regions, but regional unit values grew by 1.9 per cent over September, compared to a 1.6 per cent rise for regional houses.
"In fact, the September quarter saw unit values rising faster than house values across regional Australia. This is probably a reflection of stronger demand for downsizing options and holiday homes in popular coastal markets," said CoreLogic research director Tim Lawless.
It helps to have a movie star's wage to buy in the Byron area, and the Hemsworth's claimed an even greater part of the NSW north coast patch this week.
The Hemsworth family has made yet another real estate play in the Byron Bay area, with Liam Hemsworth understood to have paid $6.8 million to secure a Newrybar landholding.
CoreLogic records indicate the 37.51 hectare vacant block, located on the Newrybar ridgeline, changed hands in mid-September with the new owner listed as 'Hemsworth'.
With prices on the rise and limited houses on the market, buyers are snapping up properties. Even the most expensive ones, like this home in the Newcastle top notch suburb of Merewether.
A five-bedroom, four-bathroom home on 531 square metres of land at 51 Scenic Drive captured a "huge amount" of interest in just three days on the market before selling for $3 million.
Robinson Property's Lyndall Allan had been guiding between $2.6 and $2.8 million for the three-level property in walking distance from Burwood and Merewether beaches.
In Wollongong, prices are also going through the roof in its high-end northern beaches suburbs, including Thirroul - where a townhouse sold for $2 million.
Selling agent, Adam McMahon from Dignam Real Estate said the property was situated in one of East Thirroul's most picturesque streets, and a short walk to Thirroul Beach.
Mr McMahon said it sold to a Sydney buyer, following a social media campaign and a database email.
He said East Thirroul was "extremely sought-after".
For those looking at home loans to get themselves in the property market, a clearer picture is emerging that they may soon come with some tougher controls as we discovered in this Explainer on APRA and its latest moves.
As signs emerge that Australia's prudential regulators could be about to make another intervention in lending markets, we take a look at what any changes could mean for homebuyers.
Save tens of thousands today on your new happy home
We can confirm there are viable property deals for buyers and significant cost saving solutions for; owners, sellers, developers and real estate agents to present land, residential, house & land packages, commercial and business properties for Sale, Lease or Swap including Fee Free ReaXML auto multi upload listings for agents.
Buyers can benefit from competitive private seller/owners and agents that have the opportunity to pass on the tens of thousands saved through free listings at SSB and all listings present detailed specification and prices up front.
Buying, selling, swapping or leasing property service https://sellitswapitbuyit.com (SSB) is Australian owned and based and there are no registration fees, no monthly or annual membership charges and no listing costs, it's quick, it’s easy to sell, lease, swap or buy your dream property.