The five best property stories of the week in Australia
From expert advice on navigating the property market to uncovering the suburbs where overpaying is on the rise, here’s the top Australian real estate news from last week.
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The suburbs in Australia where you are at most risk of overpaying, scammers using the housing crisis to fleece Australians and how you can purchase a home with as little as $25,000.
Welcome to our weekly roundup of the latest property news, where we look at last week’s top stories in real estate across Australia.
To compile this list, we gather the week’s most read stories and news that matters to you to deliver your need-to-know property report.
Here are the biggest Australian property news stories from last week.
TOP REAL ESTATE NEWS IN QUEENSLAND
Home prices: ‘$25k is all you need to buy a home’
Property millionaire Eddie Dillen broke into the market at 18 off two jobs earning $45,000 – something he says others can still do today with as little as $25,000 in savings.
“Someone starting off can do as little as a 5 per cent deposit. Technically the banks will lend you as much as 95 per cent if you really wish,” he said.
“What’s a 5 per cent deposit to come up with for that? Less than $14,000, plus stamp duty at about $8,000, pest and building inspection, so $25,000. Someone can buy a property with as little as $25,000.”
Dillen’s top tip for anyone buying their first property is learning how the market works. Read more here.
TOP REAL ESTATE NEWS IN SOUTH AUSTRALIA
The SA suburbs to be wary about buying in
Real estate experts are warning against buying a house in some South Australian suburbs for fear their prices may have peaked.
SuburbData analyst Jeremy Sheppard has singled out 20 SA suburbs buyers should be wary of purchasing in, believing they are either at or near the top of their market, and the likelihood of strong capital growth in the short term could be unlikely. Buyers were most at risk of overpaying in Maslin Beach, in Adelaide’s south. Read more here
TOP REAL ESTATE NEWS IN VICTORIA
The Victorian suburbs where home prices may have peaked
Homebuyers have been warned they risk “overpaying” in dozens of popular Victorian suburbs. Seven Melbounre suburbs made SuburbData’s caution list, with a strong chance of price falls or low growth in a few Mornington Peninsula pockets.
The warning from SuburbData is based on analysis including falling auction clearance rates, online engagement and even early signs of home prices dropping.
“If you buy now, you have to be cautious,” The firm’s data analyst Jeremy Sheppard said.
“If you were a buyer in these locations, you shouldn’t expect any capital growth in the short-term. It will be a while until you see any equity growth.”
TOP REAL ESTATE NEWS IN NEW SOUTH WALES
Rent scam: How scammers are using living crisis to fleece Aussies
Tenants in New South Wales are increasingly falling victim to rental scams, crippling accommodation shortages and record competition for housing.
Just 1.1 per cent of all Australian rental stock was vacant in February while tenant demand has been steadily picking up. It’s led to long queues outside many rental inspections and tenants often taking months to find new housing.
Long-term rental rights advocate and Tenants’ Union of NSW head Leo Patterson Ross said conditions were “ideal” for scammers because more renters were “desperate”.
“A common scam we see on Facebook is for properties to be listed for cheaper prices, like $100 less per week below anything else, to get more attention. That’s just the start,” he said.
Why cheap homes are the best buys
An unexpected change in the real estate market has meant that cheaper properties are now the best bet for homeseekers. Australian home values continue to trend higher this year, and despite an increase in the number of homes going to auction before the Easter holidays, the national preliminary clearance rate is holding up well at about 70 per cent.
If you’re house hunting, moving, selling or renovating we’ve got tips and guides to help you out. Check it out now.
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Originally published as The five best property stories of the week in Australia
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