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New home approvals fall to 2013 levels 🏗️☹️
Home building approval numbers are at their lowest level in 11 years, according to the latest data from the Australian Bureau of Statistics.
In the year to February 2024, a total of 162,751 approvals were issued, which was the lowest number since February 2013, when 160,532 approvals were issued.
Approval numbers are a fairly accurate indicator of future housing supply, because while some approvals don’t turn into completed homes (as some people ultimately decide not to build after securing permission), most do.
This data suggests our housing shortage will probably get worse in the coming years, because population growth is currently running ahead of likely homebuilding activity.
#property #realestate #investing #realestateaccountants
Brokers set new market share record 🏆🏆
Mortgage brokers originated 71.8% of all new home loans in the December 2023 quarter, according to research by Comparator that was commissioned by the MFAA.
That is a new record – the previous peak was 71.7% in September 2022.
While the figures bounce around from quarter to quarter, the long-term trend is clear: home loan customers are increasingly choosing brokers over banks.
MFAA CEO Anja Pannek said brokers' record market share reflected both their strong performance and the trust they had earned from consumers.
“Mortgage brokers play a pivotal role in the home loan market, providing their clients with a broad spectrum of choices and expert guidance. It’s very clear from the continued growth in market share that Australians value this support when making important financial decisions around buying a home or investing in property,” she said.
We work with great brokers. If you need a connection, reach out to us.
#property #realestate #homeloans #realestateaccountants
Rents increasing at an increasing rate ⚠️🚨
Australia's median rent increased again in March, rising for the 44th consecutive month, according to CoreLogic.
While there had been signs that rental growth might start slowing, it's actually been accelerating. National rents rose 2.8% in the March quarter, which was the strongest quarterly growth since the May 2022 quarter.
Due to this strong rental growth, the national gross rental yield is now at its highest level since 2019.
“A rise in rental yields alongside an expectation that housing values could rise and rental markets remain tight for an extended period of time is likely to be seen as an attractive opportunity for property investors,” CoreLogic's research director, Tim Lawless, said.
#property #realestate #investing #realestateaccountants
Investor borrowing jumps 23.2% 📈📜
There's been a significant rise in property investor borrowing activity over the past 13 months, according to new data from the Australian Bureau of Statistics.
In January 2023, when investor activity bottomed out, investors took out $7.73 billion of loans. In February 2024, the most recent month for which we have data, investors signed up for $9.53 billion of loans. That's a 23.2% increase.
This surge in investor activity is probably being driven by three main factors:
* Property prices have increased for 14 consecutive months
* Rents have increased for 44 consecutive months
* Vacancy rates are at ultra-low levels
#property #realestate #Investing #realestateaccountants
Property prices rise 39.9% in four years ↗️4️⃣
When the pandemic began, in March 2020, some economists predicted a slump in property prices. While there was a small downturn, prices quickly recovered and have grown tremendously over the past four years.
At a national level, the median price rose 39.9% between March 2020 and March 2024 (see graph), according to PropTrack.
That included increases of 53.6% for the combined regions and 35.2% for the combined capitals.
At a capital city level, prices rose:
* Adelaide = 64.0%
* Brisbane = 63.1%
* Perth = 57.3%
* Canberra = 37.4%
* Hobart = 36.1%
* Sydney = 34.7%
* Darwin = 25.1%
* Melbourne = 17.2%
#property #realestate #Investing #realestateaccountants
