Property

The week ending 17 September recorded yet another busy week for auction activity, recovering from the slight fall in the week prior.

The majority of Australians believe that property is still a good investment despite current economic conditions, the aggregator’s survey has found.

The average price of residential dwellings rose for the quarter ended 30 June 2023, ABS has confirmed.

An annual survey has shown a “staggering” number of investors across the nation selling one or more of their rental properties in the past 12 months, exacerbating the rental crisis.

The “day 1” pilot transactions across both PEXA and Sympli represent a “critical milestone”, according to the regulator.

The Minister for Housing has said there is a “major need” for housing investment, with institutional investors “largely absent”.

Despite fears of a softening market this year, the value of residential housing in Australia has surpassed $10 trillion, following six months of house price growth.

Home owners are opting to renovate their homes instead of selling due to affordability constraints, Aussie Home Loans research has indicated.

Housing affordability has declined to its worst level in three decades, PropTrack research has revealed.

The first week of spring saw slightly higher auction results than the week prior but was still a softer-than-expected start to September.