Days on Market (DoM) and Discounting are important metrics used by real estate professionals to gauge market demand. Over the last 3 months, our data analysts made good progress integrating additional data sources into our dataset, which enabled us to incorporate these 2 metrics into HtAG reports and dashboards.
Our dev team are now focusing on enabling this feature on the site, targeting an early December deadline. In this post, we are releasing the preliminary Q3 DoM/Discounting report for 3,342 suburbs to the public. The table below summarises these 2 metrics for house, townhouse, unit and land sales in Q3.
Please read till the end to see the top performing market in Australia right now. I also hope you can help me answer the questions in the last paragraph.
Mildura is a regional city of Victoria with a population of over 53,878. Mildura is located 475 kilometers north west of Melbourne, about half way between Adelaide and Melbourne. The city is famously known as a major horticultural centre notable for its grape production. It supplies 80% of Victoria’s grapes.
The key industries within the LGA are dryland farming, irrigated horticulture (table grapes, wine grapes, dried grapes, citrus and vegetables), tourism, food and beverage manufacturing, transport and logistics, retail, health and community services
In 2016, 61% of the working population worked full-time and 28% part-time.
More Mildura Rural City residents worked in retail, health care and social assistance than any other industry in 2016.
Mitchell Shire is located in central Victoria, about 30-90 kilometres north of the Melbourne CBD and is one of the fastest growing regional municipalities in Victoria.
The city had a population of 46,082 as of 2019 and is expected to reach 270,000 in the next 25-30 years. Most growth is expected in the southern townships of Beveridge, Kilmore, Kilmore East and Wallan.
18,407 people living in Mitchell Shire in 2016 were employed, of which 62% worked full-time and 36% part-time.
More Mitchell Shire residents worked in construction than any other industry in 2016 and features a large portion of technicians and trades workers.
In Mitchell Shire there were 452 residential buildings approved to be built in the financial year 2019-20 Feb FYTD.
Hume City is a part of the Melbourne metropolitan area and is one of the fastest-growing and culturally-diverse communities in Victoria. The city is situated on Melbourne’s north-west fringe, between 15 and 45 kilometres from the Melbourne CBD.
The city had a population of 233,471 as of 2019 and residents come from more than 160 different countries and speak approximately 140 languages.
It is made up of a mix of new and established residential areas, major industrial and commercial precincts and vast expanses of rural areas and parkland. The Melbourne International Airport accounts for 10 per cent of the total area of Hume City.
Wyndham City is located in the outer south-western suburbs of Melbourne and is one of the fastest growing areas in Victoria.
Compared to the national average, there is greater buyer demand for houses in Wyndham City compared to units.
Across Wyndham City, the greatest demand is for three and four bedroom houses, with two and three bedroom units making up only a small portion of the demand profile in the area. There is also some small demand for three bedroom semi-detached housing.
Four bedroom homes makeup the largest demand sector of the market in Wyndham City.
As of Q2 2020 the rental gross yield for houses and units is 3.66% and 4.55% respectively, with (gross) yields on houses rising by 1.22%…
In recent weeks several leading real estate bodies published detailed assessments of the COVID-19 impact on the Australian property market. The consensus is that, although the sales activity has significantly decreased, it is too early to conclude whether the property prices have been impacted. Based on current data, median prices remain steady despite the restrictions imposed on the real estate industry and the general recessional trends in the economy.
In this article, we will take a close look at the latest sales data in major Australian capital cities – Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra. We will establish the market trends before the spread of the pandemic early in the year and compare them to values reported in March, April and early May. These 3 months signify the introduction and subsequent easing of COVID-19 restrictions throughout the country. Therefore analysis of property market data during this period, will provide us with a valuable insight into the impact of the pandemic on the Australian real estate market…
This notion has always been the gold nugget of property investing. What it essentially means is that one realizes profit or capital gain upon purchasing the property because the value for which it was acquired was less than what the property is ‘actually’ worth.
However, the term is a little obscure because the real or ‘true’ market value of a property is realized upon the sale of that property; essentially we do not know how much a property is worth and what its ‘market value’ is before it is sold.
This means that buying ‘below market value’ is more a matter of opinion than it is a matter of fact—that fact that a property sold for less than it is worth cannot be objectively determined as one has no avenue of knowing and subsequently having a widespread consensus on the plausibility of the two figures (i.e. the actual worth of a property and the selling price).
In response to the above, at HtAG, we offer a little bit of a different take on the buying below market value notion. Firstly, by focusing on real time data used in highlighting investment quality of suburbs, one deals with what has been one of the major issues with the property advisory sector, namely the gaps in the subjective opinion of advisers and the advice given on the back of conflicting interests…