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The Melbourne property market has continued to soften in 2024, with conditions proving challenging for sellers across the city. All dwelling types in Melbourne have experienced negative price growth, signaling a broader downturn that is also impacting Sydney. Despite the ongoing weakness in Melbourne’s property market, factors such as high population growth and a significant supply shortage are prompting many analysts and property experts to question whether the city now presents attractive opportunities for buyers. The median value for units in Melbourne is now $610,000, according to CoreLogic, placing it behind Brisbane, where the median value has risen to $677,000. Read more about what happened in Melbourne’s off the plan apartment market in November. BEULAH | Sunkin Property Group | Samuel Property | DM Property | ICON Developments Author: Joel Robinson ------------ 📣 Was this update of interest to you?🔥 Join 17,000+ of your residential property development colleagues who follow Urban on LinkedIn. We regularly post free insights about: 💡  New project launches and updates 💡  What buyers are searching for on AU’s largest off-the-plan buyer platform 💡  Weekly interviews with industry leaders Follow Urban.com.au or connect with our CEO Mike Bird 🐦⬛ to keep your finger on the pulse of the apartment and townhouse market.

There continues to be a two speed market in Melbourne where the housing sector has seen 71% growth and apartments has seen 22% growth over the last decade. This looks set to continue with the large supply of apartments in the market, as they can build more apartments but generally can’t build as many houses. https://lnkd.in/g_n9Y-NS

 Where can you find affordable homes in Australia? Real estate group PRD’s latest Affordable and Liveable Property Guide has revealed where house and unit buyers can stretch their budgets the furthest in Sydney, Melbourne, Brisbane, and Hobart. An ‘affordable’ suburb was defined as a suburb that has a lower median house/unit price compared to the relevant metro area. Brisbane was the top city for affordable units, with 60.3% of its suburbs meeting this classification. Melbourne came in second, with 47.3% of its unit suburbs deemed affordable with a median price of $610,000 – lower than Brisbane’s $730,000. Hobart followed closely with 45.9%, while Sydney trailed at 41.4% with a median unit price of $850,000. When it comes to houses, Hobart was the clear winner, with 40.4% of its suburbs affordable, compared to Sydney’s low of 12.1%. PRD chief economist Diaswati Mardiasmo said the shift towards purchasing units was “inevitable” given that nearly half of unit markets (48.7%) remain affordable across these four capital cities, compared to just 29.2% for houses. #property #realestate #homeloans

Where can you find affordable homes in Australia? Real estate group PRD’s latest Affordable and Liveable Property Guide has revealed where house and unit buyers can stretch their budgets the furthest in Sydney, Melbourne, Brisbane, and Hobart. An ‘affordable’ suburb was defined as a suburb that has a lower median house/unit price compared to the relevant metro area. Brisbane was the top city for affordable units, with 60.3% of its suburbs meeting this classification. Melbourne came in second, with 47.3% of its unit suburbs deemed affordable with a median price of $610,000 – lower than Brisbane’s $730,000. Hobart followed closely with 45.9%, while Sydney trailed at 41.4% with a median unit price of $850,000. When it comes to houses, Hobart was the clear winner, with 40.4% of its suburbs affordable, compared to Sydney’s low of 12.1%. PRD chief economist Diaswati Mardiasmo said the shift towards purchasing units was “inevitable” given that nearly half of unit markets (48.7%) remain affordable across these four capital cities, compared to just 29.2% for houses. #property #realestate #homeloans

Suburban Melbourne property price records are being smashed at a rate of one a week as the city’s best homes have defied gloomy conditions. #Melbourne #RealEstate #HousePrices #MarketForecast #PropertyInvesting #InvestingEducation #InvestinTips #InvestorsPrimeRealEstate

One Western Suburb of Adelaide has seen a staggering 53% surge in housing values in the past year, a growth trend that raises concerns about sustainability. Meanwhile, a notable urban project I led in North Haven, featuring a 3.5km suburban beachfront, stands out for its exceptional capital growth performance over the last two decades. Acquiring the unloved land through a South Australian Government worldwide tender, we transformed it into a thriving urban development valued at over $3.5 billion. The root cause of the soaring housing values lies in the severe shortage of over 50,000 affordable dwellings, a challenge that has persisted for a decade. Regrettably, the State Government of South Australia lacks a comprehensive, advanced modular construction platforms strategy to address this chronic housing shortage across Metropolitan Adelaide. Instead, relying on conventional, custom, inefficient custom construction methods with vast shortages of tradies will never solve the chronic shortage of affordable housing, let alone the staggering waste of valuable building materials going into landfills, which is not sustainable. Notably, most train stations and tram stops in Metropolitan Adelaide are surrounded by single-detached dwellings, contributing to the housing crunch. The competition for Metropolitan dwellings intensifies with a notable presence of interstate buyers at auctions, mainly from New South Wales and Victoria. The influx of Millennials, priced out of the Sydney and Melbourne markets, adds to the demand for affordable housing options in Metropolitan Adelaide. Such dynamics underscore the pressing need for sustainable solutions to ensure housing affordability for all residents. #Adelaide #housingcrisis #advancedmodular #sustainability #CLT #ThriveAlliance #Harropfactor

Where can you find affordable homes in Australia? Real estate group PRD’s latest Affordable and Liveable Property Guide has revealed where house and unit buyers can stretch their budgets the furthest in Sydney, Melbourne, Brisbane, and Hobart. An ‘affordable’ suburb was defined as a suburb that has a lower median house/unit price compared to the relevant metro area. Brisbane was the top city for affordable units, with 60.3% of its suburbs meeting this classification. Melbourne came in second, with 47.3% of its unit suburbs deemed affordable with a median price of $610,000 – lower than Brisbane’s $730,000. Hobart followed closely with 45.9%, while Sydney trailed at 41.4% with a median unit price of $850,000. When it comes to houses, Hobart was the clear winner, with 40.4% of its suburbs affordable, compared to Sydney’s low of 12.1%. PRD chief economist Diaswati Mardiasmo said the shift towards purchasing units was “inevitable” given that nearly half of unit markets (48.7%) remain affordable across these four capital cities, compared to just 29.2% for houses. #property #realestate #homeloans #therentalspecialists

Apartment prices in outer Melbourne rose 0.6% over the September quarter to $603,000, according to the Real Estate Institute of Victoria (REIV). This third consecutive quarterly increase takes the median price just $500 shy of the inner-city equivalent. Over the past five years, outer Melbourne apartment prices have increased 18.8%, which is slightly higher than the 18.5% growth of house prices over the same period. The median house price is currently $770,000. REIV chief executive Kelly Ryan says there are many positive signs in outer Melbourne, with reported sales of units and apartments more than doubling (102.4%) from 3,122 to 6,387 over the five years to September. Similarly, house transactions increased by 98.6% to 28,672. “The growth in median apartment and unit prices for outer Melbourne coupled with extremely strong sales volumes highlights the opportunities that exist in the area for homeowners and investors.” She says access to schools, transport, amenities and other lifestyle convenience factors are helping to ensure a positive long-term outlook for this market.

🏡 Top 10 Affordable Suburbs in Perth 🏡 With Perth’s median house sale price rising, buyers may wonder where they can find an affordable home. Here are Perth’s 10 most affordable suburbs in the year to June 2024, according to REIWA data: 🔹 Top 10 Affordable Suburbs: 1. Medina: $416,500 Competitive pricing for larger blocks, appealing to families and first home buyers. 2. Mandurah: $440,000 Coastal lifestyle with affordable housing options. 3. Midland: $445,000 Close to transport routes and the Swan Valley. 4. Calista: $450,000 Less than 10 minutes from the beach, offering a balanced lifestyle. 5. Armadale: $453,500 Popular with buyers and investors, with over 400 sales in the past 12 months. 6. Pinjarra: $462,000 Offers a combination of historical significance, natural beauty, and modern amenities. 7. Bellevue: $470,000 On the doorstep of the Perth Hills and only 20 km from the CBD. 8. Brookdale: $471,000 High demand for affordable homes in the south-eastern suburb. 9. Camillo: $475,000 Offers a mix of new and established properties in a family-friendly area. 10. Coodanup: $475,000 Attractive option with ongoing developments and improved amenities. Perth’s affordable suburbs offer diverse options to suit various budgets and lifestyles, whether near the beach, hills, or river. What Does This Mean for You? Finding an affordable home in Perth is still possible. Understanding the market trends and knowing where to look can help you secure a property within your budget.

After 21 months of gains, the Sydney housing market has finally recorded a drop in values. CoreLogic's Monthly Index showed home values, both units and apartments, declined in October, the first time since January 2023. CoreLogic Research Director Tim Lawless notes, however, that the stronger performance across the more affordable end of the market is a consistent theme across the capital cities. Read more about what happened in the Sydney off the plan apartment market in October. TWT Property Group | Belle Property | Thirdi Group | Phoenix Property Investors | Scion Group | Meriton Group Author: Joel Robinson ------------ 📣 Was this update of interest to you?🔥 Join 17,000+ of your residential property development colleagues who follow Urban on LinkedIn. We regularly post free insights about: 💡  New project launches and updates 💡  What buyers are searching for on AU’s largest off-the-plan buyer platform 💡  Weekly interviews with industry leaders Follow Urban.com.au or connect with our CEO Mike Bird to keep your finger on the pulse of the apartment and townhouse market.