Latest news with #AngusMoore
News.com.au
09-06-2025
- Business
- News.com.au
Property price growth sparks interest in home builders around Australia
REA Group Senior Economist Angus Moore discusses the key costs for home builders as auction clearance rates drop alongside interest rates. 'Two of the key costs for home builders are obviously the cost of building the home but also the cost of financing, and so as we are starting to see rates fall, that is going to start to make a lot more projects a bit more feasible,' Mr Moore told Sky News Australia. 'The fact we are starting to see home prices grow, in a bit more broad base … more than we were last year, that is also going to start to make more projects feasible and encourage home builders to start those projects … hopefully as rates start to come through that is what we will start to see.' In partnership with
News.com.au
08-06-2025
- Business
- News.com.au
Housing market conditions expected to be ‘more supportive' this winter season
REA Group Senior Economist Angus Moore examines the 'different environment' of the property market entering the mid-year when compared to winter last year. 'Now that we are starting to see rates falling, prices are growing in Sydney and Melbourne – which they weren't last year – we are probably looking at a more positive environment,' Mr Moore told Sky News Business Reporter Edward Boyd. 'If we get further rate cuts, which we are certainly expecting to see, that's going to bolster consumer confidence; it should be a tailwind for home prices. 'All of that is going to give vendors a little bit more confidence and we should see some more supportive housing market conditions this winter than perhaps we did last year.'
News.com.au
06-06-2025
- Business
- News.com.au
‘Pretty solid': Melbourne housing market booms ahead of long weekend
REA Group Senior Economist Angus Moore discusses the Melbourne housing market ahead of the long weekend. 'With the long weekend in most states this weekend, it is going to be a little bit quieter in terms of housing market activity,' Mr Moore told Sky News Business Reporter Ed Boyd. 'Clearance rates, particularly in Melbourne, have been pretty solid … sitting around the mid-sixties. 'It's better than Melbourne's been seeing for some time, where it has been quite a soft market.'
News.com.au
06-06-2025
- Business
- News.com.au
Melbourne: median house price rise a disadvantage for some
A four-figure rebound in Melbourne's median house price could be a mixed bag for buyers as competition increases at auctions and some properties become less affordable. PropTrack is expecting 460 Victorian homes to go under the hammer this week ahead of the King's birthday public holiday. A PropTrack report this week showed that Melbourne's typical house value increased by almost $8000 to reach $902,000 at the end of May. Former Carlton star Fraser Brown seals nine-figure deal The increase was the city's fifth straight month of growth and the single largest monthly rise since 2021 as other indicators revealed improving conditions. Real Estate Institute of Victoria interim chief executive Jacob Caine said agents were seeing heightened buyer activity, increased bidding at auctions and more purchasers putting in pre-auction offers for homes. 'I haven't heard a huge amount coming out of the marketplace that prices are jetting up, but generally speaking those other factors are really good signs that would also indicate that the prices are creeping up,' Mr Caine said. 'I think it's absolutely fair to anticipate that as Melbourne house prices continue to creep back up to historic highs, that buyers will experience disappointment and frustration as properties that might have been achievable at the beginning of the year become less affordable and perhaps out of reach.' PropTrack senior economist Angus Moore said it was important note that Melbourne's boosted median value would not necessarily translate to higher asking prices for all homes on the market. 'Obviously, rising home prices can make homes less affordable for first time buyers, though the fact that interest rates are falling is going to help improve affordability,' Mr Moore said. 'But the fact that we are seeing a reasonable volume of homes available for sale going to auction does give buyers a bit more choice.' Ray White, which represents 25 per cent of Melbourne's auction market, reporded a $833,000 median price result from the 145 auctions that it held across the city last week, which represented a 4 per cent rise when compared to 12 months prior. According to PropTrack, Victoria achieved a 67 per cent auction clearance rate last week from 1537 auction results.
News.com.au
31-05-2025
- Business
- News.com.au
Buying a home 5 times harder now than in 1980
It is now five times harder for young Queenslanders to buy their first home than it was for their Boomer and Gen-X parents, according to shock new analysis exposing the enduring impact of the nation's longest property boom. Extensive PropTrack analysis over 45 years shows a typical house in Brisbane, which cost just $32,750 in 1980, is now valued at an astounding 420 per cent more in 2025 when adjusted for inflation. That's because the $32,750 spent on a home in 1980 equates to about $174,600 today, but the current median house price has skyrocketed to $910,000. The analysis reveals how much harder it is for the current generation to buy property compared to their parents' era, and has prompted experts to sound the alarm for first home buyers as saving for a deposit becomes more out of reach than ever before. SEE WHAT HOMES REALLY USED TO COST IN YOUR SUBURB PropTrack economist Angust Moore said young people were taking longer to enter the market, relying more on family support, or accessing government incentives to buy with a smaller deposit. 'The deposit hurdle is just unequivocally harder than it was four or five decades ago, and that has manifested in home ownership rates which have fallen over those years,' Mr Moore said. He said lower interest rates now than the 1980s and early 1990s, when they surged to a high of 17 per cent, had helped drive up property prices in that time due to greater competition and demand. Brisbane's median value surged from $32,750 in December 1980 to $95,000 in December 1990, $152,000 in 2000, $465,000 in 2010, and $910,000 by March 2025. Brisbane units show a slightly less dramatic trend, rising from $38,750 in 1980 to $636,000 today. The trend played out differently across suburbs, with blue-chip as well as entry-level areas included among the most striking examples of real price growth. A typical home in inner-city Hawthorne, priced at $2.125m in 2025, is worth more than ten times its inflation-adjusted 1980 value of $164,500. In Woodridge, homes cost $24,950 45 years ago – equal to about $133,000 today. But the Logan suburb's current median house price is $650,000. The long boom on the back of the Covid-19 pandemic has seen prices rise even more sharply than in the 1990s, when rates plummeted and the real estate market flourished. Newstead locals and engineers Toby Tremain and Georgia Stel, both 25, said they were being pushed out of their preferred suburb by astronomical house prices and currently preferred to rent and live in the city. 'We are both open to owning an apartment, we're not like we must have a house and live in the city,' Mr Tremain said. 'I understand that's not feasible. 'But I think the trade-off is, like living in this area right now for us is really enjoyable.' Rising prices aren't exclusive to the capital, with regional and coastal centres also recording huge real growth. On the Gold Coast, houses in Surfers Paradise were already more expensive than Brisbane in 1980 at $74,500. That figure would be equivalent to $397,200 considering rising living costs, yet a typical home in the Glitter Strip now costs $1.35m. Another Gold Coast example, Ashmore, was closer to Brisbane's median in 1980 at $43,950 — $234,300 in today's dollars. Its current house price is $1.138m. Further north, a house in Aitkenvale, Townsville had a median of $29,625 in December 1980, or $158,000 adjusted. It's now worth more than three times that amount at $514,000. Real Estate Institue of Queensland (REIQ) CEO Antonia Mercorella said price growth was driven by a chronic undersupply of housing. 'Scarcity continues to put upward pressure on prices, particularly impacting first-home buyers who now face a vastly different affordability landscape than previous generations,' Ms Mercorella said. 'If we want to enable sustainable price growth and ensure future generations the same opportunity to own a home, housing policy must be squarely focused on supply. 'Any attempt to improve affordability without significantly increasing housing stock is doomed to fall short.' Byron Bay's Beach Hotel sold for $140m Buyers agent Alex Pope said Baby Boomer and Gen X homeowners were unlocking equity in their properties to help younger family members buy through a guarantor loan. 'First-home buyers are often getting support from mum and dad, and in some ways it's very easy for the older generation who have fared really well from the market to do this,' Mr Pope said. 'As a young person who may have just started in a career, recently moved out of home and paying rent, you're in a really expensive time of life while your income is probably still quite low, so getting the deposit is the hardest part.' Mr Pope advised young buyers to treat their first home as a stepping stone – 'your first home isn't your last, but it does catapult you to the next'. By starting in a duplex, unit, or renovator, young buyers could build equity and eventually move into a more ideal property as their careers and incomes grew, he said. Only a tiny number of suburbs across Greater Brisbane remained at 2000 or even 1990 prices. Russell Island was most frequently highlighted in the data as having current prices comparable to historical values of various other suburbs. Prices in a handful of other outer suburbs including North Booval, Logan Central, Goodna and South Brisbane units were now on par with some values from 20-plus years ago. But the overwhelming majority of homes had now well-surpassed those old benchmarks, cementing a major decline in affordability.
