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ISCOVER
The weekly round-up of the biggest news stories from across Momentum Media’s property brands from the week ending 19 July.
To compile this list, not only do we consider the week’s most-read stories and the news that matter most to you, but we also curate it to include stories from our sister brands that also have an impact on the Australian property landscape.
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Here are the biggest property stories of the week:
Building commencements rising from the doldrums
After having hit a record low in September, building commencements are slowly ticking back up again, but brokers are still seeing headwinds for borrowers.
The new release of data, which covers the March 2024 quarter, shows that total dwelling commencements rose 0.5 per cent to 39,715 dwellings (in seasonally adjusted terms).
Combined auction clearance rate stagnates
Auction volumes and preliminary clearance rates have both fallen compared to the previous week.
CoreLogic’s latest Property Market Indicator Summary showed that 1,478 properties were auctioned off during the week ended 14 July 2024, a moderate drop from the 1,776 auctions held in the week ended 7 July 2024.
NSW and Qld look to recommence interoperability despite ‘pause’
Just weeks after the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) said it was pausing the design, building, and testing of interoperable functionality in order to resolve issues raised by the banking industry, NSW and Queensland land registries have thrown their support behind the program, saying they are keen to progress competition in e-conveyancing.
National house prices increase for 17th consecutive month
As price growth slows and sales listings increase, an industry report has expressed that property markets across the nation have remained “robust” in 2024.
A recent report by valuation firm Herron Todd White (HTW) has relayed that national home prices (houses and units combined) increased by 0.30 per cent over May 2024 and 6.68 per cent annually since May 2023, with the median price now registering as $784,000.
Is there already a canary in the coal mine for Australia’s 1.2m homes target?
The starting line has only just been passed, but home supply is well below the levels needed to hit Australia’s ambitious 1.2 million homes by 2030 target, according to new data.
The Property Council of Australia (PCA) has flagged the latest data on housing completions from the Australian Bureau of Statistics – showing just 41,329 homes were completed across the country in the first quarter of 2024 – and warning that there could already be “a canary in the coal mine for our housing targets”.
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