BNCW July 2021 Report

July report.

Our purpose.

To create a place where we can facilitate our people’s growth.

Our values.

Family.

Mutuality.

Realising potential.

Our colleagues are our broader family, assist when needed and when in need.

Respect our colleagues and our clients as you would like to be respected.

Unlock your full potential, encourage and support your colleagues.

Embrace change.

Health and energy.

Strive for excellence; be open minded and willing to embrace change.

Work towards being well balanced within yourself.

July report.

From our corporate director.

Dean O’Brien

"Records" As we do at the start of each month, we report on the data Corelogic just released for the last month. Nationally the market has recorded its strongest annual growth in 17 years.

Two capital cities in Hobart and Darwin lead the country with growth at 21.9 and 23.4% respectively.

Vic Metro Median House Price growth slowed marginally over July, but still added 1.7% growth to prices which brings the median price for houses to $945,769, units increased modestly by 0.4% to a median of $612,711. Vic Regional Median House Price growth was similar, accelerating by 1.5% in July bringing the median price for houses to $527,098 with unit prices increasing fractionally under that with 1.4% growth resulting in a median of $358,860.

Looking at the next graph on rental yields you’ll see that

annual changes in rents for houses have continued its strong momentum since the moratorium ended late March, with rent growth for houses now at 2.8% over the last 12 months increasing from 2.3% from last month. Rent in units also increased over the month, bringing the annual change in rents to now being a negative 4.9% in rental price growth.

The Australian Bureau of Statistics reported the biggest lift in Home Lending Credit in 11 years for June although credit card growth with the major banks has fallen 7.1% for the year.

Price growth pressure across the country can be felt through most businesses and consumers, many exporters are experiencing great conditions, characterised by high demand, the weaker Aussie dollar and strong price growth, but construction companies, some primary producers and manufacturers are being hit by higher raw material costs.

We sell more.

A snapshot of last months sales.

Average sale price.

$765,711 Address

Sale price.

High.

Low.

$1.650M

$130K

Suburb

Number of suburbs sold in.

31

Sale Price

1/639 Mountain Highway

Bayswater

3

2

2

$800,000

4 Katandra Court

Bayswater

3

2

2

$905,000

2 Bemersyde Drive

Berwick

3

1

4

$725,000

2/15 Evan Street

Berwick

2

2

1

$525,000

8 Lysanne Crescent

Berwick

4

2

2

$1,045,000

44 Allardice Parade

Berwick

4

2

2

$900,000

6 Astrid Court

Berwick

5

3

2

$1,350,000

70 Warneet Road

Blind Bight

3

1

0

$560,000

1 Denby Court

Boronia

3

2

1

$889,000

13 Lachlan Road

Boronia

3

1

1

$857,000

29 Limeburner Grove

Botanic Ridge

4

2

2

$1,040,000

16 Bottletree Road

Botanic Ridge

3

2

2

$630,000

70 Royal St Georges Chase

Botanic Ridge

4

3

2

$1,100,000

32/5 Archibald Street,

Box Hill

1

1

0

$130,000

54 Cannons Creek Road

Cannons Creek

4

2

2

$725,000

90 Craigs Lane

Cannons Creek

4

2

2

$1,650,000

112 Beechers Road

Clyde

4

2

1

$1,370,000

4 Crop Court

Clyde

3

2

1

$562,000

We sell more.

Address

Sale Price

Suburb

32 Freiberger Grove

Clyde North

4

2

2

$620,000

18 Violet Way

Cranbourne

3

2

2

$555,000

2/137 Narre Warren Road

Cranbourne

3

1

1

$407,500

21 Pipetrack Circuit

Cranbourne East

4

2

1

$547,000

33 McAllister Drive

Cranbourne East

4

2

2

$669,500

9 Duce Street

Cranbourne East

4

2

3

$980,000

7 Honeysuckle Court

Cranbourne North

4

1

2

$650,000

14 Rebecca Court

Cranbourne North

3

2

2

$640,000

3 Ogle Way

Cranbourne North

4

2

2

$720,000

19 Dellinea Street

Cranbourne North

3

2

1

$550,000

24 Maltravers Crescent

Cranbourne North

4

2

0

$641,000

4 Scarlet Ash Drive

Cranbourne West

5

3

3

$975,000

17/6 Huckson Street

Dandenong

2

1

2

$420,000

2/56-58 Jesson Crescent

Dandenong

2

1

1

$475,000

26 Grace Avenue

Dandenong

3

1

2

$840,000

2 Ascot Court

Dandenong North

4

2

2

$890,000

2/15 Beswick Street

Garfield

4

3

2

$740,000

1/8 Hayes Road

Hampton Park

2

1

1

$430,000

8/282 Riversdale Road

Hawthorn East

1

1

1

$480,000

We sell more.

Address

Suburb

3 Heather Court

Koo Wee Rup

4

2

2

$655,000

42 Aylmer Road

Lynbrook

4

2

2

$815,000

73 Brookwater Parade

Lyndhurst

4

2

2

$750,000

11 Alton Court

Narre Warren

3

2

2

$710,000

42 Tarcoola Drive

Narre Warren

3

2

4

$707,500

5 Jolimont Place

Narre Warren

4

2

4

$810,000

5 Merriwee Grove

Narre Warren South

4

2

2

$945,000

7 Longfield Way

Narre Warren South

5

2

2

$740,000

39 Avondale Street

Officer

74 Peterson Road

Officer

4

3

6

$1,280,000

36 Petaluma Crescent

Officer

4

2

2

$850,000

30 Flinders Park Drive

Officer

3

2

2

$650,000

3 Laurina Link

Pakenham

4

2

2

$655,000

2 Apple Street

Pearcedale

3

1

2

$675,000

27/7 Turnbull Court

Ringwood

2

1

2

$645,000

17/2 Coventry Drive

Sandhurst

3

2

2

$640,000

16 Bakewell Street

Tooradin

3

1

1

$570,000

16A Bakewell Street

Tooradin

3

2

2

$695,000

1 Gatwick Close

Wantirna

4

2

2

$1,480,000

22 Arthur Street

Wantirna South

3

2

2

$930,000

Sale Price

Land

$450,000

We lease more.

A snapshot of last months leases.

Average weekly rent.

$424

Average monthly rent.

$1,841

Address

Rental price p/w.

High.

Low.

Number of suburbs leased in.

$997 $198 Leased price p/w

Suburb

29

Leased price p/m

105 Manestar Rd

Beaconsfield Upper

3

2

4

$997

$4,333

1 Carluke Cl

Berwick

3

2

2

$400

$1,738

10/36 Peel St

Berwick

3

2

2

$700

$3,042

26 Masquerade Road

Berwick

3

2

2

$450

$1,955

16 Hillsborough Crescent

Berwick

3

2

2

$420

$1,825

59 Earlsfield Drive

Berwick

3

2

2

$480

$2,086

5/24 Stonehaven Avenue

Boronia

3

2

2

$410

$1,782

61 Kingswood Drive

Chirnside Park

3

2

2

$510

$2,216

2/39 Rayhur Street

Clayton South

2

1

1

$350

$1,521

16 (lot 868) Switch Street

Clyde

0

0

0

$420

$1,825

2 Hopkins St

Clyde

3

2

2

$370

$1,608

47 Creekside St

Clyde

3

2

2

$430

$1,869

14 Burnett Way

Clyde North

4

2

2

$400

$1,738

22 Blacksmith Way

Clyde North

4

2

2

$425

$1,847

33 Amesbury Way

Clyde North

4

2

2

$430

$1,868

27 Fenway Bvd

Clyde North

4

2

2

$450

$1,955

31 (Lot 1015) Keskadale Way

Clyde North

4

2

2

$425

$1,847

25 Cortajalla Avenue

Clyde North

4

2

1

$350

$1,521

30 Jackwood Drive

Clyde North

3

2

2

$420

$1,825

We lease more.

Address

Leased price Leased price p/w p/m

Suburb

25 Mossman Dr

Cranbourne

3

2

1

$370

$1,608

11 Delmont Court

Cranbourne

3

1

2

$340

$1,477

16 Nest Circuit

Cranbourne

4

2

2

$450

$1,955

2 Duff St, Cranbourne

Cranbourne

2

1

1

$380

$1,651

25 Chomley St

Cranbourne

3

1

2

$380

$1,651

25 Clairmont Ave

Cranbourne

3

1

2

$420

$1,825

34 Cranbourne Drive

Cranbourne

3

1

1

$385

$1,673

24 Fernisky Drive

Cranbourne East

3

2

2

$350

$1,521

13 Blue Bush Way

Cranbourne East

3

2

2

$420

$1,825

17 Artfield

Cranbourne East

0

0

0

$460

$1,999

6 Gabriella Ct

Cranbourne North

3

2

2

$430

$1,869

1/14 Cook Court

Cranbourne North

0

0

0

$400

$1,738

11/4 Blueberry Cl

Cranbourne North

2

1

1

$305

$1,325

17 Scott Rd,

Cranbourne South

3

1

4

$650

$2,824

15 Queensberry St.

Cranbourne West

3

2

1

$430

$1,868

16/220-222 Monahans Road Cranbourne West

3

2

2

$380

$1,651

5/27 New Street

Dandenong

2

1

1

$365

$1,586

101/80 Cheltenham Road

Dandenong

1

1

1

$310

$1,347

12/80 Cheltenham Road

Dandenong

1

1

0

$275

$1,195

2/3a Baileyana Drive

Endeavour Hills

2

2

1

$375

$1,629

107 Cambden Park Parade

Ferntree Gully

3

1

2

$410

$1,782

We lease more.

Address 7 Gardenia Drive

Suburb Gardenia

Leased price Leased price p/w p/m 4

2

1

$400

$1,738

41 Karoonda Way

Hampton Park

4

2

2

$400

$1,738

29 Houlder Ave

Junction Village

3

1

3

$400

$1,738

2/28 Coromandel Crescent

Knoxfield

4

2

2

$550

$2,390

3/28 Coromandel Crescent

Knoxfield

4

2

2

$575

$2,499

40 Demmie Mews

Lyndhusrst

2

1

1

$340

$1,477

1/9 Azalea Court

Narre Warren

2

1

0

$330

$1,434

317 Ormond Rd

Narre Warren South

3

2

2

$430

$1,868

7/13 Joy Parade

Noble Park

2

1

1

$290

$1,260

50 Golf Road

Oakleigh South

3

1

2

$449

$1,950

11/18-20 Rogers Street

Pakenham

3

1

1

$320

$1,390

124 Blue Horizons Way

Pakenham

4

2

2

$400

$1,738

49 Villella Drive

Pakenham

4

2

2

$390

$1,695

7 The Ridgeway

Pakenham

5

2

2

$480

$2,086

11 Ivory Crescent

Springvale South

3

2

1

$198

$860

13 Eton Square

Wantirna

3

2

2

$510

$2,216

1/3 Tilba Place

Wantirna South

2

1

1

$400

$1,738

14 Botanic Place

Wantirna South

3

2

1

$470

$2,042

34 Darnley Grove

Wheelers Hill

4

2

2

$540

$2,346

Melbourne’s median house price jumps 16.2 per cent in a year to record $1,022,927: Domain House Price Report ELI ZABETH REDMAN SENIO R NEWS PRO DUCER JUL 29 , 2021 Melbourne’s median house price has soared past $1 million, defying the pandemic to set a record and raise fresh fears over housing affordability.

Ultra-low interest rates have prompted a rush of home buyers, sending house prices up 16.2 per cent to a median of $1,022,927 over the past year, the latest Domain House Price Report for the June quarter, released on Thursday, shows.

Prices rose by about $445 per day in the three months to June, or 4.1 per cent, despite a snap lockdown in the quarter.

Even units are at a record high median price of $572,793, which is 5.2 per cent higher than a year ago, although the apartment market is patchy with weakness in the CBD. Months of lockdown have revealed the flaws in existing living arrangements, with a wave of Melburnians keen to upsize into more spacious abodes with a home office. Armed with cheap mortgage rates, savings from cancelled international travel or entertainment, government stimulus, and parental gifts, buyers are competing hard for the few homes for sale.

The result is the strongest annual price rise in 11 years, Domain chief of research and economics Nicola Powell said.

“We’ve placed a greater emphasis on our homes because we’re spending more time in them,” Dr Powell said. “It’s spurred on purchases, or it’s brought forward decisions.”

Prices were set to keep rising, although not at the same “frantic” pace as affordability bites and more supply came onto the market when sellers were enticed by record prices, she said.

“The seven-figure median is really such a psychological hurdle [for buyers] … It really is disheartening for first-home buyers when you’re staring down the barrel of a million-dollar median,” she said.

Buyer’s agent Cate Bakos has seen a fear of missing out among auction bidders, especially upgraders or expectant parents, sometimes with help in hand from the Bank of Mum and Dad. “[I’m] seeing prices that are eclipsing where I would have thought was not possible,” the Real Estate Buyer’s Agents Association president said.

“I’ve seen parental support even with upgraders … parents are gifting them $50,000 or $100,000, and that’s on top of their budget.”

The price rises are broad-based across the city, with several individual regions posting double-digit gains.

Sea-changers sent Mornington Peninsula house prices up 21.8 per cent in a year to a median of $895,000, while other big movers were the outer eastern suburbs (up 17.2 per cent to $860,000) and the inner south (up 16.5 per cent to $1.49 million).

The inner suburbs and north-east each rose by at least 10 per cent.

Anna and Baden Holmes have spent a couple of years looking to buy in Beaumaris, hoping to purchase first and sell their Cheltenham home later.

With few houses for sale in the area, auctions

have been quite competitive, and the family narrowly missed out on winning a few.

Since prices have soared, they have changed tack to opt for the certainty of selling before they buy and will shortly list their home for sale.

“The house market around here has exploded, and houses are going for much more than we even thought they would, so we’re not sure on how much more we’re going to have to spend,” she said.

“We might get more for our home now, but also, we’re going to have to pay more to go to the next suburb, so that’s a little bit scary for us.”

Their agent, Ray White Cheltenham’s Kevin Chokshi, said many family homes in his area were selling for more than $1.5 million, while $1 million properties tend to be land value only.

“We haven’t sold a single-family home on a parcel of land under $1 million in months now,” he said.

ANZ senior economist Felicity Emmett, who in March forecast a 16 per cent jump in Melbourne housing prices over 2021 that could lock out some aspiring first-home buyers, said property prices were surging, especially with investors coming back into the market.

“We’ve been forecasting very strong increases in prices this year, but it still does actually surprise me given that there has been so much uncertainty about the outlook, and we did have a period there where unemployment was very high,” she said.

“Clearly, the impact of these very low interest rates and the prospect of them staying low for some years is outweighing all the uncertainty.”

She expects the strength to continue, albeit not at the same pace as fixed interest rates edge up, more home owners list their properties for sale, and the bank regulator looked likely to step in with limits on home borrowing.

Reserve Bank of Australia research in 2019 found a permanent one percentage point cut in the cash rate would result in 30 per cent house price growth after three years.

That report’s author, now chief economist for the Centre for Independent Studies Peter Tulip, said with lower rates than ever, house prices would keep rising for a while, although it was harder to predict a few years from now.

“There is going to be a lot of momentum in house prices,” he said.

“The fact that house prices have risen strongly in the second quarter of 2021 means that they are very likely to grow very quickly in the rest of 2021.”

Jellis Craig managing director Steven Abbott said April, May and June had been “very busy, almost hectic”, with high demand for family homes.

Built-up demand from previous lockdowns and a fear of missing out meant the market was buoyant before the latest stay-at-home rules, he said.

“Coming out of that, we can’t see any reason why that would change,” he said.

“We think it’ll be a healthy, buoyant, equally dynamic AugustSeptember.”

Article Source: www.domain.com.au

Local Grahram Jeffries says the regions population has changed, “from Holden Commodores to Land Rovers”. Photo: Belinda VanZanen

“It’s absolutely crazy”: Why this region is so hot right now LARISSA DUBECKIWRITER

Easter hasn’t been the same along the Surf Coast since COVID-19 came along. Normally, that holiday period sees Torquay and surrounding seaside towns pumping with people lured by the Rip Curl Pro, the internationally famous surfing competition held at Bells Beach every year since 1961.

It’s said to bring $8 million into the area annually, along with 35,000 visitors, so it was no small beer when COVID-19 forced the competition to be cancelled in 2020 and moved to NSW this year.

Local agents have seen a surge in demand from all kinds of buyers. Photo: Belinda VanZanen

“I had an auction in Anglesea where there was a reserve of $1.8 million, and it went for $2.38 million. There were 12 bidders pushing it up.”

The successful party purchased it for use as a holiday house, but in a new trend on the Surf Coast, which stretches from the outskirts of Geelong to just past Lorne, they were trading up from their existing Anglesea holiday home.

“People are seeing the money they can get at the moment and just thinking, ‘Why not?’” Maher says. “Zoom justifies the trade-up, and they already have a commitment to the area.”

Hugging the coastline is high on the agenda of many Victorians as people plan their holidays closer to home. It’s good news for the Surf Coast’s bull-market hospitality scene, with restaurants enjoying much higher patronage (albeit with density restrictions) than they do in less unusual winter seasons.

There are reports of summer-level business along the coast, even in the depths of winter. Photo: Rob Blackburn Bells Beach, mostly known for hosting the Rip Curl Pro. Photo: Mark Chew

But surf hounds and businesses can breathe a bit easier with the news of an agreement between the state government and surfing’s governing body to commit to staging the competition at Bells Beach from next year until at least 2024.

The pandemic has led to the cancellation of other major events on the Surf Coast, including this year’s cycling international Cadel Evans Great Ocean Road Race and Race Torquay.

But where organised sport has left off, the real estate market has picked up. “It’s absolutely crazy,” says longtime agent Marty Maher of Great Ocean Properties.

Chef Graham Jeffries, co-owner of the hatted restaurant Tulip in Geelong, chose Torquay to open his latest restaurant, Samesyn, at the end of 2019.

“It’s busy down here right now,” he says. “There are a lot of people around, so it feels summery even though it’s the dead of winter.”

A long-time Torquay resident, Jeffries has seen the town change “from Holden Commodores to Land Rovers”, although it’s not necessarily good for everyone.

“One of the big problems for a hospitality business is there’s nowhere for staff to live down here. There are literally no rentals, and houses are being sold for millions to put on Airbnb. A lot of friends have moved to Winchelsea (in the Surf Coast hinterland) where they can find something affordable.”

Article Source: www.domain.com.au

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