Perth’s luxury residential property market is expected to continue strengthening over the coming year now the city has reopened to the world.
Knight Frank’s Wealth Report for 2022 shows Perth came in at number 31 on the Prime International Residential Index (PIRI 100) in 2021, which tracks movements in luxury prices across the world’s top residential markets.
[Mack Hall of Mack Hall Real Estate said] “The wealthy are attracted to Perth due to the city’s relative affordability to east coast cities, especially for living near the water, as well as outstanding lifestyle, including its balmy climate.”
Living with his wife and small child in a rented two-bedroom apartment in a small walk-up block in Sydney, lawyer-turned-real-estate-agent Glenn McMillan felt, as COVID descended, that there must be a better way.
Shortly afterwards, he found it: a move back to his home city of Adelaide, where he’s now in a beautiful five-bedroom house on 900 square metres of land and paying less for his mortgage than he was in rent.
“I’ve lived in London, New York, Sao Paulo and then Sydney for eight years and really loved them all,” says McMillan, 39. “But at different stages in your life other things become important and Adelaide has so much to offer families.
“We’re now seeing lots of international professionals, just like us, coming here.
House prices have slumped over the past quarter with the biggest falls on record in Sydney, Melbourne, Brisbane and Canberra, leaving prices across all the capitals around $53,000 lower than they were in March this year.
The Queensland city of Townsville* has been crowned back-to-back as “S**t Town Of The Year”.
The town topped the list in this year’s poll run by satirical Facebook page S**t Towns of Australia, repeating its ‘win’ from last year.
The suburb received the most votes from the group’s 589,746 followers, with many blaming high levels of crime.
Around 30 per cent of the voters listed Townsville as the nation’s worst city, ahead of Sydney suburb Mount Druitt, which came second, Alice Springs and South Australia’s Port Pirie.
Domain’s Housing affordability: The Price Per Square Metre report revealed – together with Canberra’s median house price of $1,095,587 – that the capital holds the third most expensive price of houses per square metre, averaging $1517 for every square metre.
The rise in house prices over the pandemic has shifted Canberra further away from the lower-priced group of capital cities, and closer to cities like Sydney and Melbourne, according to the report.
Neighbours are set to be blocked from lodging local government planning objections against medium-density housing projects, provided that developers agree to include a proportion of affordable homes in their proposals.
The proportion of affordable housing required to qualify for the exemption was not disclosed.
‘A big milestone’: Gold Coast’s median house price cracks $1 million
House prices on the Gold Coast have cracked the $1 million mark, making it the second Queensland city ever to reach a seven-figure median sale price.
The Sunshine Coast is the only other Queensland city to have surpassed a $1 million median, reaching the milestone in early 2022 before prices tumbled back to six figures a few months later. It’s now just shy of seven figures, having increased 5.1 per cent last year to a median of $998,000.