Property

More than 200 government-backed loans covering upfront property costs in South Australia have been approved for the 2022 financial year so far, with the state reporting significant demand.

The median house price for Australia’s combined capital cities has hit a high of $1.06 million, but Domain has suggested market growth may have already peaked.

The auction market has kicked off early this year, with 448 homes taken to auction across the capital cities earlier this week – more than double last year’s figures. 

Sales of new detached homes continued to increase for five consecutive months, despite the end of HomeBuilder grants, confirming a strong demand for housing may continue.

The Real Estate Institute of Australia (REIA) said it’s expecting demand for sustainable homes and living to increase over 2022.

The development is expected to provide “essential infrastructure” for residential development in the state’s west.

The percentage of young adults looking to pay down their home loans has risen over the past five months, according to new data.

Land values across NSW increased by 24 per cent in the last 12 months to 1 July 2021, according to a new report by the NSW Valuer General.

Unit and private build commencements collapsed during the September quarter, marking the first unanimous fall in over two years.

The September quarter last year recorded the highest level of profitability from home sales in more than a decade, but researchers have warned the trend may not last.