Greetings from Scoutable and welcome to our August Wrap Up.
I hope you and your loved ones are well.
CoreLogic’s Hedonic Home Value Index for August, reported a national fall of 0.4% in housing values, making it the fourth consecutive month of declining values. However, the rate of decline has eased over the past two months. Please see table below for percentage change in dwelling values for each capital city.
Source: CoreLogic
The COVID outbreak and stage four lockdown in Melbourne resulted in that city recording the largest decline in home values for August at 1.2%. In comparison, Sydney and Brisbane recorded falls of 0.5% and 0.1% respectively.
CoreLogic’s head of research, Tim Lawless, commented: “The performance of housing markets are intrinsically linked with the extent of social distancing policies and border closures which also have a direct effect on labour market conditions and sentiment. It’s not surprising to see Melbourne as the weakest housing market considering the extent of the virus outbreak, and subsequent restrictions, which have weakened the economic performance of Victoria. Looking forward we are likely to see a diverse outcome for housing markets around Australia, depending on how well the virus is contained and the regions exposure to other factors such as its reliance on overseas migration as a source of housing demand.”
If you would like to discuss the current market conditions in more detail or are looking to buy property in Australia, please get in touch to learn about Scoutable's services and how we can assist with your property search.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
SYDNEY AUCTION VOLUMES INCREASE BUT VENDORS WILLING TO SELL FOR LESS
https://www.abc.net.au/news/2020-08-31/coronavirus-impact-on-sydney-auction-clearance-rates/12612858
AUSTRALIAN PROPERTY MARKET: HOMEOWNERS TO BENEFIT FROM LOW INTEREST RATES FOR NEXT THREE YEARS
https://www.news.com.au/finance/economy/interest-rates/australian-property-market-homeowners-to-benefit-from-low-interest-rates-for-next-three-years/news-story/9aaa339cdf42a8d06eb91425c1b284b0
SCAPE PLANS STUDENT HOUSING TOWERS AT UNSW
https://theurbandeveloper.com/articles/scape-australia-lodges-four-student-towers-kensington-sydney
PROPERTY OF THE MONTH
14 Mirimar Avenue, Bronte
The property of the month is simply stunning. 14 Mirimar Avenue is located in Bronte, which is situated 7km east of Sydney's CBD and about 2.5km south of Bondi Beach. Bronte Surf Lifesaving Club claims to be the oldest surf lifesaving club in the world, being founded in 1903. Bronte is for those who love the beach and the lifestyle that goes with it. 14 Mirimar Avenue is approximately 150 metres to Bronte beach.
The dwelling is set out across four levels. A lift provides access to each level. The street level accommodates the garage with parking for up to five cars. There is a self contained one bedroom apartment on the first floor, along with a wine cellar. The second floor provides four bedrooms and three bathrooms (two ensuites). The third floor is dedicated to living and entertaining, providing an open plan kitchen, living and dining area with balcony looking out to the ocean. There is also a small study and family room. The family room opens to the backyard with outdoor dining, deck and swimming pool. The property sits on 532sqm of land.
Price expectation is between $16,000,000 - $18,000,000.
If you'd like to know more about this property or any others, please get in touch.
