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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts to talk through the biggest stories regarding property, financial wellness and investing.

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Steve Waters, director of Right Property Group, chats about the end of lockdowns in Sydney and Melbourne and the impact on property. Steve admits to being pleasantly surprised by Victoria’s recent record-breaking house price growth and gives his thoughts on possible tax changes ahead of the federal election.

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, chats about the soaring NFT market and what measures might be required in the future to create a robust and efficient system for NFTs.

Lastly, our regular tax and super expert, Timothy Munro, discusses the meaning and importance of financial wellness and why young people in particular may need to alter their financial behaviours.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Spring selling sees east coast boom

By Cameron Micallef

November 07 2019
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Invest

Spring selling sees east coast boom

By Cameron Micallef
November 07 2019

The latest figures show spring has finally sprung for Australia’s property market as sellers enter the market.

Spring selling sees east coast boom

By Cameron Micallef

November 07 2019
Share

The latest figures show spring has finally sprung for Australia’s property market as sellers enter the market.

SQM Research has revealed a 2 per cent increase in listings across the country, with data showing 318,874 new listings hit the market in October across the country from 312,754 listings in September.

The October improvement is “a fairly normal phenomenon during the spring selling season”, according to Louis Christopher, managing director of SQM Research.

He also highlighted the stronger performances seen across Australia’s two largest cities.

“Sydney and Melbourne have larger counts of new listings compared to this time last year, which should please real estate agents. Old stock still appears to be declining but remains at somewhat elevated levels,” Mr Christopher noted.

Despite stellar Sydney and Melbourne stocks, all states experienced an increase in property sales listings over the month, except for Darwin.

Capital city average asking prices have decreased marginally by 0.7 of a percentage point for houses but increased by 0.3 of a percentage point for units over the period. Average asking prices for houses are now $935,400 while units average at $570,100.

Sydney

Sydney experienced the highest increase percentage for October listings across all major cities, up by 4.2 per cent. Listings are still well short of last year, but down by 19 per cent from 12 months ago.

Sydney’s median asking price for houses had decreased by 1.6 per cent, but there was a 0.7 of a percentage point increase for units. Median price for houses is now $1,283,900 in Sydney, while a unit will set investors back $702,700.

Canberra

Canberra’s October sales listings volume increase was not far behind Sydney, posting a 4.1 per cent increase for the month.

The price of a house in Canberra is slightly down – 0.9 of a percentage point – and now sits at $802,000.

Unit asking prices also fell by 1.8 per cent to $433,500.

Melbourne

Australia’s second largest city saw a 3.7 per cent increase in listings volume from September.

Melbourne’s current median house price is now marked at $955,600 for houses, still sitting below its $1.008 million high in April 2018.

Units in Melbourne are now setting buyers back an average $547,300.

Brisbane

Volume growth was more subdued in Brisbane but still improved by 1.9 per cent compared with September.

Brisbane’s median house price increased by 0.8 of a percentage point and has continued its upward growth trajectory that began back in 2009, with the average asking price now sitting at $631,800.

Perth

The west-coast capital saw stronger listings growth, moving up by 2.7 per cent.

The marked increase in supply did not hurt selling prices, which also lifted by 0.7 of a percentage point.

The average asking price is now up at $654,600.

The same cannot be said of units, which are now down by 0.3 of a percentage point for the month and sitting at $377,400.

Hobart

One of Australia’s property hotspots, Hobart had a marginal increase in listing volumes over the month, at 0.8 of a percentage point.

Values have continued to perform strongly, with asking prices for houses increasing by 1.3 per cent for the month to $528,600 while units increased by 4.8 per cent for the month to $346,800.

Adelaide

Favourable market conditions attracted sellers in Adelaide, with the capital experiencing a 3.4 per cent increase in stocks for properties selling, according to the data.

This had led to stronger asking prices, with the average house increasing by 0.2 of a percentage point for the month to $517,900, while the price had also increased by 1.4 per cent to $301,300.

Darwin

Listings in the far north have not been able to capitalise on the favourable market conditions seen elsewhere, with volumes dropping by 2.4 per cent over October.

The lack of supply has not had the effect of increasing asking prices either, with house values falling by 0.4 of a percentage point for the month to $586,000 and units falling by 8.6 per cent to $319,500.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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