Most markets remaining strong as Christmas gets closer
For the November 12 – 13 weekend auction clearance rates were once again very high (compared to historical data). Based on combined capital city data the preliminary national auction clearance rate was 77% according to CoreLogic RP Data. There are five weekends left before Christmas.
How did my city go?
Based on the preliminary data, here is how the nation’s 5 largest capital cities performed:
Key things to note about this weeks results in include:
- Sydney’s preliminary clearance rate of 84% is strong anyway you look at it, especially compared to the same weekend last year when the clearance rate was a much lower 58%
- Canberra tied with Sydney this week, with a preliminary clearance rate of also 84%
- Brisbane and Gold Coast continue to track similar clearance rates (around the 45 – 55% range)
- There was more than 300 auctions held this week compared to last week, but the overall auction volumes are still significantly lower than the same period last year
Please note, all figures are preliminary and are subject to change as more results come in during the week.
To read the full CoreLogic blog report, including results from other areas such as the Gold Coast, Canberra and Hobart, please click here.
Low first home buyer activity continues: ABS
Last week the Australian Bureau of Statistics (ABS) released housing finance data for the month of September. It showed first home buyer activity remains low in Australia, with first home buyers making up a total of 13.1% of total owner-occupier lending in the month of September.
FHBA co-founder Taj Singh observed other findings in the data. “The eastern States of Australia continue to record strong price increases which is reflecting in the amount of money first home buyers are forced to borrow in order to purchase their first home. Victoria surged ahead to equal the highest average first home buyer loan levels on record, whilst QLD first home buyers are now borrowing more than ever to purchase their first home” Taj said.
FHBA co-founder say’s NSW first home buyers are stuck in the ‘”perfect storm”
A new study prepared exclusively for NewsCorp has revealed just how long it takes first home buyers in NSW to successfully purchase their first home after they begin searching. The results pointed to rapidly worsening first home buyer struggles in recent years.
The Sunday Telegraph invited FHBA co-founder Daniel Cohen to share his thoughts on the research findings. “Rising property prices, high investor activity thank, low interest rates and low property listings has created the perfect storm, which is severely affecting first home buyers in NSW. No wonder NSW first home buyer activity is at such low levels at the moment”. FHBA is calling for our Governments, both State & Federal, to act”.
To learn more about the research findings and see Daniel’s full interview please visit the Daily Telegraph online.
New train line provides a great opportunity for Queensland first home buyers
Last month’s opening of the Redcliffe Peninsula line (Petrie to Kippa-Ring) provides a great opportunity for first home buyers to enter the property market in an area with direct trains to Brisbane CBD in under an hour.
“Redcliffe peninsula, North Lakes and Mango Hill are popular areas for aspiring first home buyers who want a home in an area with great lifestyle and located within 1 hour of the Brisbane CBD and Brisbane international airport” said FHBA co-founder Daniel Cohen. “Budget constraints are a reality and as such most first home buyers are looking further out of the CBD. However most first timers still want to limit their travel time to the city as much as possible. They also want to live in an area with great amenities and lifestyle factors, so we aren’t surprised that first home buyers like this north region of Brisbane”.
We have identified 5 suitable homes for first home buyers in this area:
- Prices starting from under $300,000
- Apartments and House & Land options
- All properties are eligible for stamp duty exemption + the $20,000 First Home Owners Grant
What does a Donald Trump victory mean for first home buyers?
The world was watching last week as Donald Trump was elected the next president of the USA. Property research company CoreLogic took it upon themselves to assess what his unexpected victory could mean for the Australian property market. Read the CloreLogic article by clicking here.
New series on potential strategies for first home buyers
Our special 5 part series “Alternative strategies to achieve the great Australian dream sooner” continued last week with Part 3 of the series. Part 3 of the series, written by FHBA co-founder Taj Singh, looked at how buying ‘off-the-plan’ can have benefits for first home buyers, providing risks are mitigated.
Part 3 is out now so you can learn how to make buying off-the-plan work for you!
FHBA New Homes of the Week (Ed 34)
There are just 5 weekends before Christmas. Are you someone who wants to secure your first home before the end of the year?
In our new look FHBA New Homes of the Week edition we looked at 5 grant eligible homes located around Australia, all of which are brand new, with construction already completed! Minimum deposit requirements start from just $15,745.
First home buyer success story of the week
This week’s success stories come from the tough market of Sydney. Both first home buyers won at auction against investors, but they certainly paid a lot more than the typical first home buyer in Sydney or the country:
- One Sydney first home buyer won a 1 bedroom apartment auction, paying $915,000
- Another Sydney first home buyer won a 2 bedroom semi auction, paying $1,266,000
First Home Buyers Australia