CoreLogic’s inaugural Million Dollar Markets report has identified 218 markets where either house or unit median values in a suburb reached the million[1]dollar-mark in May 2021 compared to May 2020. They include 11 suburbs on the Gold Coast. The report also highlights how the current housing market upswing has happened nationwide, with each capital city market and ‘rest of state’ region recording an increase in values over the last 12 months. There are now 51 suburbs across Brisbane with a median house value above $1 million, compared to 46 house and unit markets in regional Queensland, driven by the popularity of the Gold Coast and the Sunshine Coast. Million-dollar newcomers on the Gold Coast include Burleigh Heads, Palm Beach, Tallebudgera, Burleigh Waters, Miami, Tallai, Coolangatta, Benowa, Bonogin, Mt Nathan and Currumbin Waters.
Brisbane Makes Global Top 10
Brisbane has risen up the rankings of the most liveable cities in the world and broken into the top 10, boosted higher by its Covid-19 response. Australia and New Zealand cities captured six of the top 10 places in the latest The Economist Intelligence Unit’s Global Liveability Index 2021. The report ranks 140 cities across stability, healthcare, education, culture and environment, and infrastructure. It says the cities that were sheltered by strong border closures, managed their ability to handle the pandemic and the pace of their vaccination campaigns have benefited in the rankings. Property Council Queensland executive director Jen Williams says it is welcome recognition of what a great place Brisbane is to live, work and play. “With a potential Olympics on the horizon in 2032, this recognition will help build the narrative around the decade of opportunity that lie,” she says.
Quote of the Week
“The level of first-home buyer activity has been like nothing we’ve seen in a generation. Government incentives continue to support demand and it’s been great to hear stories of some customers purchasing their first home earlier than expected.”
NAB executive for home ownership Andy Kerr
Govt Extends Support Schemes
An extra 30,000 places are to be released to eligible applicants under the Federal Government’s housing support programs. Housing Minister Michael Sukkar says the First Home Loan Deposit Scheme, New Home Guarantee program and Family Home Guarantee will be expanded from July 1. Sukkar says 30,000 buyers have already been helped into the market via government initiatives. The current Budget will also support market access for single parents with dependants, subject to the passage of Family Home Guarantee legislation, he says. From next month, an extra 10,000 guarantees will be made available to eligible single parent families under the scheme to build a new home or purchase an existing one with a deposit of as little as 2%. “We know how difficult it can be to buy a new home or re-enter the housing market and that saving a deposit is the hardest part of getting into home ownership,” Sukkar says.The New Home Guarantee was launched last October as a temporary expansion of the First Home Loan Deposit Scheme
