June Market Update

The end of June marks the end of another financial year, and across the country the median home price stood at $794,000 up a respectable 8% year on year.  That’s according to the latest data released by CoreLogic.

Head of Research, Tim Lawless, said the result flew in the face of bad headlines as low supply continued to prop up the market.

“The persistent growth comes despite an array of downside risks including high rates, cost of living pressures, affordability challenges and tight credit policy.  The housing market resilience comes back to tight supply levels which are keeping upwards pressure on values,” Lawless said.

The 8% growth adds $59,000 of wealth to the bottom line of home owners.

 

 

 

 

 

  Where are house prices headed? 

Good question. PropTrack thinks that the market has another 2% to 5% in it between now and Christmas.

On 1 July, it seems natural to join the mugs game and hazard-a-guess about the direction of house prices for the rest of the calendar year. With prices proving resilient in the face of some very strong economic headwinds, inflation and interest rates have traditionally been the biggest determinants about the future of house prices.

That was until two other issues muddied the forecasting waters – supply and immigration. With the RBA still none-the-wiser about the direction of rates after the latest inflation figures (4%) whipped market forecasters in a lather, increased supply in some capital cities such as Brisbane still did nothing to muddy the waters.

Cameron Kush from PropTrack says, “Buyer demand remains strong despite interest rates sitting at 12-year highs, borrowing capacities falling and the volume of stock for sale increasing, leading property prices to rise at a faster rate than expected,” he said.

“The market is proving much more resilient to the sustained pause in interest rates and uplift in stock than we had anticipated.”

Domain believes that the market will finish the year up 5% to 7% over the full calendar year. Domain’s chief economist, Dr. Nicola Powell is still banking on a rate cut toward the end of the year.

“The interest rate cut is going to be one of those things that’ll probably help to change consumer sentiment,” she says. “Once we start to see interest rates being cut, it’ll feed into improved consumer sentiment, and once consumer sentiment starts to rise, we’ll likely see increased housing activity occur – and that is expected to happen in late 2024.”

To find out more about the value of your home, get in contact with Tim Bartlett.

 

 

 

  Port Kembla 

Port Kembla is one of the Illawarra’s most iconic suburbs and is home to over 5,000 people. It has had a rich place in Wollongong’s working class industrial history since the first smelter was installed in 1908 and Australian Iron and Steel (AIS) came into operation in 1927. In the post-war years, the steelworks, local coal mines and the port boomed, providing work for tens of thousands of locals and post-war European migrants.

Apart from his working class roots (Jimmy Barnes famously filmed part of Working Class Man film clip in front of one of its smelters), it is also known for Hill 60, the Five Islands and its gorgeous beaches. More recently, the main drag Wentworth St. has undergone somewhat of a transformation with its funky shops and cafes dotting the street. It is home to a proud community who just love what the suburb has to offer.

 

 

 

 

 Getting ready for the Olympics! 

Sports mad Illawarrians like us here at Bartlett and Co. are readying ourselves for a month of late nights and hot Milo as we cheer on Wollongong’s Olympians trying to cover themselves in sporting glory Paris beginning later this month in Paris.

Among them, are the Emma McKeon, our most decorated Olympian who will be leading the swim team to defend her 50m freestyle and 100m butterfly titles. And of course, there is The Matilda’s Caitlin Foord, who is featured in a new 14 metre mural behind Wollongong Central, and her team mates Mary Fowler and Michelle Heyman.

We are getting ready!

 

 

 

 

 

 

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