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<p>National housing values reached a record high over January, as 0.9 per cent gains took values higher than the previous September 2017 peak, according to property data firm CoreLogic.</p>

<p>CoreLogic's monthly home value index found every capital recorded dwelling value growth over the first month of 2021. Housing values are now one per cent above pre-COVID levels and 0.7 per cent higher than September 2017's record high.</p>

<p>Sydney and Melbourne were the weakest of the capital cities over January, posting modest 0.4 per cent gains.</p>

<p>Darwin continued to be the national market leader, up another 2.3 per cent to be 6.6 per cent up over the quarter. Perth and Hobart each saw a 1.6 per cent rise in dwelling values, followed by Canberra who were up 1.2 per cent and Brisbane and Adelaide both up 0.9 per cent.</p>

<p><img alt="" height="713" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cl_index_january_2021.jpg" width="1200"></p>

<p>CoreLogic research director Tim Lawless says the largest capital city markets are seeing property in the state's regional areas vastly outperform the capital.</p>

<p>Home values across regional Victoria jumped 1.6 per cent over January compared to the 0.4 per cent in Melbourne, with regional New South Wales posting 1.5 per cent gains compared to 0.4 per cent in Sydney.</p>

<p>“Internal migration data shows more people are leaving Sydney and Melbourne for regional areas, resulting in a transition of activity from the metro regions to the outer fringe and regional markets," Lawless said.</p>

<p>"This demographic trend is further compounded by the demand shock of stalled overseas migration.</p>

<p>"As Melbourne and Sydney historically receive the vast majority of overseas migrants, these metro areas have been the hardest hit by this demand shock.”</p>

<p>Since the onset of COVID-19 in March last year, regional housing values have surged 6.5% higher while capital city housing values are down -0.2% over the same time frame.</p>

<p>“Better housing affordability, an opportunity for a lifestyle upgrade and lower density housing options are other factors that might be contributing to this trend, along with the new found popularity of remote working arrangements," Lawless added.</p>

<p> </p>
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Housing values are now one per cent above pre-COVID levels and 0.7 per cent higher than September 2017's record high.

Joel Robinson

Australian housing values reach record high: CoreLogic

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<p>EXPERT OBSERVER</p>
<p>With many of Australia’s capital city housing markets posting a gain in values over the past three months, a recovery trend is looking increasingly entrenched… but how long will it take for residential property values to reach a new record high if the current rate of growth continues?</p>
<p>If housing values continue to rise at the same rate recorded over the past three months, national dwelling values could reach a new record high in six months time.</p>
<p>Based on CoreLogic’s Home Value Index, national dwelling values remained 5.7% below their peak at the end of October. With values rising by 2.9% over the past three months (averaging a rise of just under 1% per month), it would take approximately 6 months for housing values to return to their historic high.</p>
<p>Most of Australia’s capital cities have recorded a rise in dwelling values over the past three months, with the only exceptions being Perth and Darwin, where values have been trending lower since mid-2014. While values continue to reduce, housing affordability is continuing to improve and buying opportunities are becoming more plentiful.</p>
<p>The same can’t be said of Hobart and Canberra which are the two capitals where housing values are already at new record highs.</p>
<p>Hobart values recorded only a mild correction of 1.3% from peak to trough, with the market reaching a new record high in October 2019.</p>
<p>Similarly, Canberra housing values recorded a peak to trough decline of only 1.5% during the downturn, and moved through a new record high in September this year.</p>
<p>Across the remaining capital cities, Melbourne is on track to stage a full recovery the earliest. If the current run rate of growth continues, Melbourne’s housing market will recover in January. During the correction, Melbourne housing values fell by 11.1% from peak to trough and remained 5.8% below their peak in October.</p>
<p>Dwelling values across Melbourne’s Inner precinct were only 1.5% below their peak in October, and this subregion is on track set a new valuation benchmark by the end of November; the earliest of any of Melbourne’s sub-regions. Despite the earlier recovery period across the Inner precinct of Melbourne, the prestigious Inner East is recording the fastest rate of growth, with values up 8.3% over the past three months and on track for a recovery within three months.</p>
<p>Brisbane is showing the next fastest recovery time frame; not because values are rising rapidly, but mostly because the correction in values across Brisbane was quite shallow (down 2.9% from peak to trough). The past three months of gains (+1.1% or 0.4% per month) has put Brisbane housing values on a path to recover within the next 4 months.</p>
<p>Sydney’s housing market is on track to post a recovery within six months, or around April next year if the current pace of growth continues. Housing values are trending higher rapidly, up 5.0% over the past three months, however the correction was more substantial across Sydney, with housing values falling by 14.9% from peak to trough. Sydney dwelling values remained 10.4% below their 2017 peak at the end of last month.</p>
<p>The recovery trajectory in Adelaide is looking more drawn out, with values rising at the quarterly rate of only 0.1%. Although housing values are down only 1.2% since peaking, such a sluggish rate of appreciation is likely to see a prolonged recovery phase. Despite what looks to be a long recovery period, two of Adelaide’s sub-regions have already reached new record housing values. Both the North and South of Adelaide posted a new record high for housing values in October this year.</p>
<p>A recovery in the housing market should help to provide some support for Australian economic conditions, boosting household wealth which will potentially lead to improved confidence and a greater willingness from households to spend, while also supporting the residential building and development sector where dwelling approvals have tanked.</p>
<p>On the flipside, for non-home owners, a recovery in housing values implies the affordability dividends provided by the recent housing downturn are now a thing of the past. With housing values rising rapidly in some areas, we could see less first home buyer participation in the market as affordability pressures start to dampen activity across this important sector of the market.</p>
<p><strong><em>TIM LAWLESS </em></strong><em>is the CoreLogic Head of Research</em></p>
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How long until housing values reach a new record high? Tim Lawless

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<p>A planning application has been lodged for a proposed $85 million student accommodation tower in the Adelaide CBD, set to become the tallest purpose-built student-only accommodation building in the world.</p>
<p>The application for the 124.2 metre tall tower has been lodged by developer Hines Property on a site it owns at 29 Twin Street between Grenfell Street and Rundle Mall adjacent the Ibis Adelaide Hotel (also developed and owned by Hines Property).</p>
<p>The world’s tallest student accommodation building is currently the Student One Wharf Street tower in Brisbane at 122 metres tall.</p>
<p>Hines Property has planned the 38-storey solely student-use development with architecture firm Woods Bagot.</p>
<p>The building will include a range of accommodation options from single studio rooms through to five and six-bedroom apartments, incorporating a total of 510 beds.</p>
<p>In addition to the ground floor lobby and cafe, the tower will include a communal mezzanine lounge, cinema and events space, study and dining area, garden retreat and rooftop lawn, gym, wellness and yoga space. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/27/Twin%20hero%202.jpg" alt=""></p>
<p>Construction of the 29 Twin Street project is anticipated to commence next year and take 18 months to complete.</p>
<p>James Hines, Managing Director of Hines Property said:</p>
<p>"There are already over 10,000 international and interstate students enrolled at the city-based universities and they provide a significant economic benefit to the state.</p>
<p>"This development will undoubtedly be the drawcard accommodation option for students considering Adelaide as a destination to undertake their studies."</p>
<p>Established in 2003, Hines Property is a privately-owned property development and investment group focusing on high-rise residential, office, hotel and mixed-use development projects.</p>
<p>Hines Property is also the largest owner of hotel accommodation in Adelaide, with more than 600 hotel rooms in its portfolio, including the Pullman Adelaide Hotel and the Ibis Adelaide Hotel.</p>
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j.ballantyne1990-6AQqhLzZaK

World's tallest student-only accommodation tower proposed in Adelaide

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<p>REIV President Leah Calnan says the Victorian Property Market achieved record-breaking growth prior to the outbreak of Coronavirus.</p>
<p>During the March Quarter metropolitan, houses soared to a new record height, eclipsing $890,000 for the first time, a 3.7 % growth on the previous December 2019 quarter.</p>
<p>Metropolitan Units followed this strong trend reaching over $640,000.</p>
<p>Records were smashed in the Outter Melbourne region with both Houses and units reaching new high values.</p>
<p>While Inner and Middle Melbourne, the price of units grew to new heights and even outperformed the growth of houses in those regions.</p>
<p>Growth continued evenly across regional Victoria with gains in both units and houses. Greater Bendigo has fared very well featuring five suburbs in the list of top 20 suburbs for quarterly growth for regional Victoria.</p>
<p><img src="https://www.urban.com.au/images/2020/4/24/Melb%201.JPG" alt=""></p>
<p>REIV President Leah Calnan said the March Quarterly Medians shows that the Victorian property juggernaut was in peak form before the outbreak of Covid-19</p>
<p>“2020 has been an amazing year for real estate; property values have reached new heights across the state during January, February and March.” Ms Calnan said.</p>
<p>“Investors in the Victorian property will be thrilled with these figures, units and houses have soared in value; our market is in red hot form.”</p>
<p>“Our local market is strong and resilient; buyers from across the globe are have shown great interest in Victoria.”</p>
<p>“Everybody wants to get in on the action; we were regularly getting over 1000 homes sold at auction over a weekend, competition for houses in Victoria remains strong.”</p>
<p>“In chaotic times such as we are battling now, it is a much welcome relief to be able to see some good news, Victorian real estate is in great condition.”</p>
<p>“Our industry is strong, and we will survive Coronavirus, the desire for Victorian real estate is high when this over we look forward to more fantastic results,” she concluded.</p>
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Victorian property market was in peak form pre-coronavirus: REIV

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<p>Lender loans.com.au has introduced a record low discounted variable rate of 1.99%, available for one year before it reverts to 2.57%.</p>
<p>The move comes less than one month after <a href="https://www.urban.com.au/expert-insights/finance/114932-home-loan-at-1-99-comes-with-a-catch" target="_blank">Tasmanian customer owned bank, Bank of Us introduced fixed rates of 1.99%</a>.</p>
<p>With loans.com.au’s new lowest variable rate of 1.99% only available for one year, Canstar has compared the interest paid over the 30 year life of the loan between the new offer and the current lowest variable rate of 2.19%.</p>
<p>The analysis reveals that taking out the introductory offer of 1.99% would see borrowers with lower monthly repayments for 12 months though it will cost $25,517 more in interest over the life of the loan (assuming the rate differential stays the same). </p>
<p><img src="https://www.urban.com.au/images/2020/7/23/Canstar%20July%2023.JPG" alt=""></p>
<p>Canstar's finance expert, Steve Mickenbecker said,“just last month we saw fixed rates crack the 2% barrier, with variable rates now following suit, albeit with an introductory rate that moves higher after 12 months.”</p>
<p>“The four minute mile of home loans, a rate below 2%, was broken last month and with the barrier broken we are now seeing fast followers.</p>
<p>“We saw how quickly the competition moved below 3% once that record fell, so a rate below 2% could soon become the qualifying rate to be competitive.</p>
<p>“A rate below 2% could make a big difference to homeowners’ hip pockets each month, but borrowers have to be prepared for a higher monthly repayment when the 12 month introductory period expires, even though the ongoing rate is competitive.</p>
<p>“Switching from the average variable rate of 3.44% to a rate of 1.99% on an average $400,000 loan could put $307 per month or over $3,600 back into borrowers wallets in just the first year,” he concluded.</p>
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A second record low 1.99% home loan has arrived

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<p>The Newtown residential house price record has been smashed with only the inner west suburb's second sale over $5 million.</p>
<p>The <a href="https://www.realestate.com.au/sold/property-house-nsw-newtown-131115386" target="_blank">Australia Street warehouse conversion</a> had been on the market for around two and a half years, having initially sought $7.5 million back in April 2018.</p>
<p>Property Observer understands the mystery buyer, who engaged their solicitor to handle the purchase, will be gutting the home.</p>
<p>Set behind its original facade, the Roman redesigned warehouse spans two levels with almost 900 sqm of internal and external living space.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/Newtown%203.jpg" alt=""></p>
<p>It was originally built as a baker in the early 20th century.</p>
<p>The focal point of the home is the central courtyard and swimming pool, which opens from the six metre gourmet kitchen, dining and living space.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/Newtown%202.jpg" alt=""></p>
<p>There are six bedrooms upstairs, including a king-size master suite with walk in wardrobe and ensuite, as well as a second living area and a library.</p>
<p>The Agency's Brad Gillespie secured the sale on behalf of longtime owners Bob Miller and his wife Gay, who paid $650,000 for the home on 510 sqm in 1994. </p>
<p>It topples the previous record, set by The Agency's Ben Collier last year.</p>
<p>He sold <a href="https://www.urban.com.au/news/110009-artist-tom-arthur-downsizes-to-balmain-after-record-5-05-million-newtown-sale" target="_blank">the former Masonic Hall on Station Street</a> for artist Tom Arthur and wife Sandra for $5.05 million.</p>
<p>It was bought WiseTech Global exec Brett Shearer.</p>
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jrobinson-rf4aSBido9

Newtown record smashed with $5.8 million sale

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<p>Harris Park secured a record price of $1,395,000 when the home at 15 Ruse Street sold last weekend through Ray White Parramatta.</p>
<p><a href="https://www.raywhite.com/nsw/harris-park/1308596/" target="_blank">The three bedroom property</a> had been held by the same family for over 40 years. There had been higher sales but not as single dwellings, rather developer sites.</p>
<p>Adjoining the Experiment Farm cottage estate, the price reinforced the growing status of Harris Park as an inner city suburb of Parramatta City.</p>
<p>"In recent times the suburb has come alive with a vibrant restaurant strip, shopping precinct and an upgraded railway station, in fact an easy walk to the Parramatta CBD is possible from most parts of the suburb," Ray White Parramatta agent Amit Nayak said.</p>
<p>The auction campaign had over 250 inspections and 45 bidding registrations on the day at the 627 square metre property. </p>
<p> </p>
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jchancellor-FAypfDUnLy

Harris Park record residential sale at $1,395,000

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<p><span>There is a new </span>suburb record in Chatswood following the $3.87 million sale of a single level home at 6 Tryon Stree<span>t</span>.</p>
<p>The five-bedroom house on 892sq m was<span> sold <span>through</span> Isabella Yan from Shead Property Chatswood.</span></p>
<p><span>The renovated period home be<span>t</span><span>tered <span>the</span></span></span><span> previous residential suburb record at 20 Tulip Stree<span>t</span>, which sold las<span>t year</span> for $3.7 million</span><span>.</span></p>
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Residential Chatswood record hits $3.87 million

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<p>The biggest sale of the week was a massive seven bedroom, seven bathroom <a href="https://www.realestate.com.au/property-house-nsw-cremorne-119896725" target="_blank">waterfront in Cremorne</a> which fetched a suburb record $16.5 million.</p>
<p>Sold through Simeon Manners Property Mosman, the home belonged to investment banker Campbell Lobb and wife Susie.</p>
<p>The 1113 sqm property last traded for $5.85 million in 2001 when Lobb bought with Napier Property Group's Peter McCormack and Meridan International Capital's Carl Peterson.</p>
<p>He bought the pair out in 2007 to become the sole owner of the home.</p>
<p>Spread over three levels, the home features a gym, sauna, steam room, temperature controlled wine cellar and customer fitted Len Wallis home theatre.</p>
<p>Of course a $16 million waterfront property wouldn't be complete without a gas heated infinity pool with spa and level lawns with adjoining jetty and pontoon.</p>
<p> </p>
<p>Top ten</p>
<p>1. 4 Shellbank Parade, Cremorne, NSW: Seven bed, seven bathroom, three bar house: Simeon Manners Property Mosman - $16.5 million</p>
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<p>2. 68 Avoca Street, South Yarra, VIC: Four bed, three bath, two car house: HockingStuart South Yarra - $7.15 million</p>
<p>3. 32 Newtown Road, Strathfield, NSW: Five bed, four bathroom, eight car house: Devine Real Estate Strathfield - $5.02 million</p>
<p>4. 3 Kulgoa Road, Bellevue Hill, NSW: Five bed, three bathroom, two car house: Biller Property Double Bay - $4.75 million</p>
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<p>5. 15 Waverton Avenue, Waverton, NSW: Four bed, three bathroom, two car house: BradfieldCleary Double Bay - $4.75 million </p>
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<p><span>6. 17 Gurney Crescent, Seaforth, NSW: Five</span><span> bed, four bathroom, three car house: </span>Clarke &amp; Humel Property Manly - $4.6 million</p>
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<p>7. 9 Olola Avenue, Vaucluse, NSW: Four bed, three bathroom, three car houseL: BradfieldCleary Double Bay - $4.53 million</p>
<p>8. 37 Roseville Avenue, Roseville, NSW: Five bed, three bathroom, three car house: McGrath - $4.12 million</p>
<p>9. 3/232 Campbell Parade, Bondi Beach, NSW: Three bed, two bathroom, two car unit: Laing + Simmons Double Bay - $4.1 million</p>
<p>10. 3 Scotney Place, Collaroy Plateau, NSW: Five bed, three bathroom, three car house: McGrath - $3.97 million</p>
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