Residex has revealed house prices continued to fall in July, except in Sydney and the ACT. Sydney prices rose 1 per cent for the quarter. Prices continued to trend downwards in Brisbane, Adelaide and Perth. Melbourne’s downside correction is ongoing with house prices falling 1.6 per cent and apartments dropping 2.6 per cent for the quarter.
Taking a closer look at Queensland, and vacancy rates across the state are returning to more normal levels after natural disasters earlier this year. That’s according to a residential rental survey by the Real Estate Institute of Queensland for June. It’s taking up to two weeks to relet in Brisbane’s inner suburbs, with other areas taking a little longer. Vacancy rates across the local government area of Brisbane have dropped to 2.1 per cent. Most listings receive two to five applications. Logan city has the lowest vacancy rate in greater Brisbane at 2.7 per cent.
Thinking of renovating? According to the National Renovation for Maximum Resale Value report, renovations in Perth’s southern suburbs provided the highest returns, with an updated kitchen or bathroom and coat of paint increasing the value of a property by almost 40 per cent. Sydney and Brisbane’s eastern suburbs provided much higher returns than work done in other areas of those cities. In Melbourne and Adelaide, the northern suburbs provided the best return on investment. The worst performing areas were Perth and Brisbane’s northern suburbs, Sydney and Adelaide’s west and Melbourne’s east.
And the days of needing to produce a bank cheque for property transactions is coming to an end. A national e-conveyancing system is set to become a reality, with E-Conveyancing Development Limited signing an agreement with Accenture to design and build the system. The new system will be available in all states and territories and will make settlements easier to co-ordinate.
And home lender RAMS has revealed that women are less likely to suffer mortgage stress than men. The reason? Women are better organized, according to RAMS, and are faster at seeking professional advice before things take a turn for the worse.
