Buyer demand drives upward trend in home prices
There’s no sign hot property markets will cool anytime soon
2 min
An unexpected rebound in home prices across Australia’s biggest cities in the past few months shows no signs of slowing, with intense buyer demand driving another bumper weekend of auction activity.
An early start to the traditionally busy spring selling season has continued to strengthen and auction volumes on Saturday were up 12 percent on the previous week, according to data house CoreLogic.
“The volume of auctions has been rising through the second half of winter, with activity at the weekend up 27.8 percent from a month ago, and 22.1 percent higher than this time last year,” CoreLogic research team lead Duane Kaak said.
Even so, new for-sale listings remain well down on previous years, forcing a large pool of hopeful buyers to part with more cash to secure a home.
In Sydney, the weekend’s preliminary auction clearance rate is sitting at 73 per cent, with 305 successful sales from 419 results reported so far.
In Enmore in the city’s inner west, a pair of run-down neighbouring terraces on one title sparked a feeding frenzy among prospective buyers.
The successful bidder for 43 and 43a Edgeware Rd was 15 minutes late to the action but quickly made up for lost time, paying $1.918 million for the deceased estate. The sale price was well above the reserve of $1.4 million.
Meanwhile, a five-bedroom house at 4 Alsace Ave in Bardwell Valley in Sydney’s southwest fetched $2.15 million – some $550,000 above reserve, with five bidders battling it out.
Melbourne’s preliminary auction clearance rate of 68 per cent is based on 346 reported results from 704 scheduled sales.
A three-bedroom cottage at 10 Mckeon Ave at Pascoe Vale South in the northern suburbs drew strong interest, selling for $1.64 million – $190,000 above reserve.
It was the first time the retro wonder had come to market in 70 years.
Brisbane’s preliminary clearance rate of 59 per cent represents 17 sales from 29 reported results of a total 64 scheduled auctions on Saturday.
A prestige property at 41 Mayfield St in affluent Ascot fetched a whopping $4.03 million after swift bidding from nine parties.
Despite economic uncertainty, high interest rates and a cost-of-living crisis, high demand and low supply are putting upward pressure on property prices across the major capitals.
Home values across the country have recovered much of the declines seen throughout 2022, with a 2.79 per cent increase since December, according to the latest PropTrack Home Price Index.
“Interest rates were the primary driver of home price falls seen for much of 2022, but there are other factors – like the supply of properties for sale, labour market conditions, rate of immigration, home building, state of rental markets and interstate and regional migration –that also affect price growth, as well as how it is distributed across the country,” PropTracksenior economist Eleanor Creagh said.
In July, Sydney’s median home price rose 0.28 percent to $1.04 million and is 3.16 percent higher year-on-year.
Melbourne values remain flat, with a modest 0.01 per cent lift last month taking the median to $805,000, while in Brisbane, the median of $742,000 increased 0.37 per cent, up 1.98 per cent on July 2022.
“Although total stock on market has increased slightly, the flow of new listings has remained soft in recent months, leading to increased buyer competition and solid selling conditions with prices continuing to lift.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
2 min
Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
