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PRD Hobart director Tony Collidge. Picture: ROGER LOVELL

TASMANIA’S property market is holding up, despite the impacts of COVID-19, a market analyst and commentator says.

While there has been a significant drop in transaction numbers over the June Quarter — down 24.4 per cent on the March Quarter, per the latest REIT report — sale prices have not fallen.

With sales down, the total value of property sales has also retracted.

REIT numbers show nearly 860 million in sales in the quarter, down 21.7 per cent compared to the March quarter.

PRD Hobart director Tony Collidge said the June quarter saw decreases in median house prices in Hobart and Launceston but this can be “attributed to proportionately fewer sales” occurring in each city’s upper end of the market.

“Claims that COVID-19 would decimate real estate markets across the nation has not been witnessed to date,” he said.

The investor market has been hit hard, says PRD Hobart director Tony Collidge.

Tony said it was the investment market that had been most significantly impacted by COVID-19.

He said the new Real Estate Institute of Tasmania data showed a 47.3 per cent decrease in investors numbers over the quarter compared to the March results.

“Fortunately Airbnb owners moving back into the medium and long-term rental market enabled this sector to overcome any shortfall in rental supply and shore up consumer needs,” Tony said.

“The drop in investment activity within this state should be of concern to government over the long-term.”

Over the past three years interstate purchasers acquired 19.2 per cent of Tassie properties.

About 42 per cent of these mainland buyers were investors while the remaining 58 per cent were buying property to move in to.

“In the June quarter, only 82 interstate investors acquired property in this state down a whopping 57.9 per cent on the previous quarter,” Tony said.

“Those looking to move here was also down by 39.7 per cent.

“Our market is now being almost totally driven by local activity and interest.”

Tony believes the No.1 factor that has contributed to the stability of Tasmanian property prices is the scarcity of stock with buyer demand significantly outstripping supply for the past five years.

He said this lack of supply has contributed to the continued increase in real estate prices making Tassie one of the best performed real estate markets in Australia.

An example of the shortage, he said, can be seen in the Hobart where there were 57 properties for sale last month compared to 79 one year prior and 162 in 2012.

Throughout the state the story is the same with SQM Research figures showing a drop off in listings that stretches far and wide.

“Clarence receded from 330 eight years ago to 109 in June, Glenorchy from 214 to 70 and Launceston from 939 to 306,” Tony said.

“There remains a void of thousands of properties which the construction industry has been unable to fill and current red tape will ensure that this gap will continue to exist.”

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The “Rhythmic House” in Camperdown by architect Kitty Lee make the most of a tight site with a studio at the rear, Picture: The Palm Co

When a young family was looking to make the switch from a single-storey home to a double storey, they had one vital thing to consider.

The matriarch of the home was slightly vision-impaired, and while this wasn’t an issue ordinarily, it was something to take into consideration with the necessity of a staircase to take the renovation to the next level.

Architect Kitty Lee says the owners had bought the property about 10 years ago and had renovated the kitchen back then.

“The family was happy with house, but they needed extra room to accommodate guests and as their son is getting older, they wanted a play room for him,” says Kitty. “They also weren’t happy with their backyard which was a paved carport.

“It was not an effective use of space, but because they backed on to a laneway, there was potential to add a studio.”

The upper storey offers a views over the courtyard Picture: The Palm Co

The new design involved adding a first floor to allow for two new bedrooms, a bathroom and a study.

A critical part of the design brief was for a set of stairs that would be comfortable and well lit.

Well lit stairs were a key part of the brief, Picture: The Palm Co

The new solid blackbutt stair incorporates concealed LED lighting under each tread and the staircase is naturally lit from above by a large window and skylight. The existing single-storey house would be retained in full and the new staircase and laundry neatly slotted into the old study.

Kitchen joinery is simple but highyl functional Picture: The Palm Co

On the ground floor, only small changes were required to the existing living and dining rooms. The walls were thickened to conceal supports for the new first-floor structure, the timber floors were refinished, the wallpaper was removed and finished with a fresh coat of paint, and full-height sheer curtains replaced the impractical roller blinds covering the bi-fold doors.

The bathroom is light and bright Picture: The Palm Co

A new two-storey garage and studio to the rear was also constructed and balances the design of the new first-floor addition to the house. Kitty says the building now boldly addresses its prominent position at the junction of two laneways with an impressive artwork on the garage door by artist Nico Nicoson.

The mural by Nico Nicoson has been a hit with the neighbours Picture: The Palm Co

“Everyone’s garage gets vandalised, so to prevent that they commissioned a mural to deter that,” says Kitty. “It’s at a very prominent T-junction and since the work has been done, neighbours have said how much they love the colour and personality of the piece.”

Inside the studio is a simple open-plan space under a raked ceiling. A small kitchenette and wardrobe bridges the living and sleeping spaces while the windows take advantage of tree and sky views.

Pictures: The Palm Co, thepalmco.com.au

Owners

A couple with young son

Architect

Kitty Lee Architecture, klarch.com.au

The brief

To add a new first floor to accommodate two new bedrooms, a bathroom and study

The site

A tight 229sq m block in the inner west

Design solution

A critical part of the design brief was a set of stairs that are well lit for the owner who has slight vision impairment

How long did it take

Nine months

Builder Geometric Construction, geometriconstruction.com

Mural Nico Nicoson, artofnico.com Joiner Oz Kitchens, ozkitchens.com.au

Curtains Koolong Interiors, koolonginteriors.com.au

Electrician Gusto Electrical, gustoelectrical.com.au

Plumber A&G Plumbing, agpro.com.au

Vertical wall cladding, Lysaght Custom Orb, lysaght.com

The post A small house with a bright future appeared first on realestate.com.au.

Shingles and shrubs. Photo: Emma Cross

The roof was rusted out, the garden had taken over the rear, and some veranda stumps had ceased to function as a support structure.

Yet this Brunswick double-fronted Victorian caught the eye of would-be new owners, who were determined to save the home.

“So many of these cottages were bought, bulldozed and replaced with insensitive developments,” said Luke Rhodes of Zen Architects, who the owners commissioned to reinvigorate the abode.

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Timber tempter. Photo: Emma Cross

Textural. Photo: Emma Cross

“The owners wanted to break the cycle by showing something amazing can be achieved with these old houses.”

The cottage had been in the one family since the early 1900s, before being sold to the new owners a few years back.

It had three bedrooms towards the front, with a lounge room and kitchen tacked on the back during a 1970s renovation. There was an outhouse and shed, too.

“We were able to save it,” Mr Rhodes said. “But in the wrong hands, it would not have been saved.”

Lofty heights. Photo: Emma Cross

Total overhaul

Mr Rhodes spruced up and repainted the old weatherboards, remilled replacement veranda posts and added a new deck to the veranda.

He also kept the facade’s sash windows.

“We reconditioned the windows entirely and added new glazing,” he said.

The first two original rooms were restored, including their ornamental fireplaces, while a smaller bedroom was transformed into a modern bathroom with a rain shower.

“We did reintroduce some Victorian-era cornices and ceiling roses into those front rooms, too,” Mr Rhodes said.

The floors and ceilings were replastered and insulated, with about half the former home kept as part of the new modern incarnation.

The south-facing front door opens on to a dark hallway. So Mr Rhodes introduced natural light by lifting the ceiling line up to the roof line and adding a high window above the archway for northerly sunshine.

Shrubbery provides a sense of privacy. Photo: Emma Cross

All style. Photo: Emma Cross

Out of the box

When it came to the new section of the house, Mr Rhodes said his ethos was to retain and restore anything that was original, but to remove much of what was added in the ’70s renovation.

“The owners didn’t want it to be a clear contemporary box on the rear of the house. They wanted it to be respectful to the original forms of the cottage,” he said.

“That is why you cannot see the new addition from the street — it is very unobtrusive.”

A second storey was added, featuring a first-floor internal courtyard, a study and a north-facing main bedroom.

Sun-drenched conversation. Photo: Emma Cross

Stylish shelves and staircase. Photo: Emma Cross

Downstairs, the open-plan living space features a sunken timber living area, a modest kitchen and a dining zone.

“The new sunken lounge area was designed so the owners could look straight out on to the yard from the kitchen zone without furniture obstructing their view,” he said.

“They wanted to maintain as much garden as possible, and for it to be an oasis within inner-city living.”

Outside, the timber deck and its slatted open roof make great use of passive solar design.

“On the north side of the deck, the slatting is much more open and transparent to get full access to the winter sun,” Mr Rhodes said.

“Whereas the timber veil roof is much denser on the western side to block the hot afternoon sun in summer.”

Sunken lounges are back in vogue. Photo: Emma Cross

Bright spaces. Photo: Emma Cross

A burst of green hanging in the kitchen. Photo: Emma Cross

L
ocal knowledge

A strong focus on sustainability also underpins the home.

Much of the internal timber work, from the sunken lounge to the floors and timber stairwell, is 100 per cent recycled messmate and blackbutt.

The original Baltic-pine floors were de-nailed and reused, while hydroponic heating was installed alongside ceiling fans for extreme temperatures.

Local furniture makers designed and installed the shelving that runs through the home, serving as a showpiece for the owners’ curios and treasured objects.

The hanging plant shelf in the kitchen was locally made, as were the custom brass components in the bathroom and kitchen.

“Even the splashback tiles and the bathroom tiles are all custom designed and handmade (in Melbourne),” Mr Rhodes said.

“One hundred years ago, local builders built the homes of their neighbourhoods — no one ever really sourced outside their community — and that is what we tried to replicate here.”

Patterns in the sun. Photo: Emma Cross

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Templestowe tempter a private resort among the gum trees

zenarchitects.com

The post Brunswick Victorian house becomes modern masterpiece appeared first on realestate.com.au.

Rooster’s nest – 55 Countess St, Mosman.

Sydney Roosters star Jared Waerea-Hargreaves has listed the stunning lower north shore home he renovated with wife Chelsea, but the couple have no plans to move far.

The couple bought the classic Mosman design at 55 Countess St a few years ago and spent about eight months renovating it with the plan to make it their forever home

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But Mrs Waerea-Hargreaves said the renovation bug had bitten her hard and she was keen to try her hand at it again.

The couple are hoping to find their next project in the area, especially with their eldest of two daughters due to start school next year.

Jared and Chelsea Waerea-Hargreaves with their two daughters. Source: Instagram.

Chelsea and Jared Waerea-Hargreaves at the 2017 Dally M Awards.

Jared Waerea-Hargreaves in action.

For Mrs Waerea-Hargreaves, the leap from a career in finance to home renovator wasn’t that great – she said her father was a builder and developer and her mum very talented when it comes to interior design.

“We bought this as our family home and we created a beautiful family home which we love,” she said.

“But I would also love to sell and do it again, I really enjoyed it.”

The couple’s renovated home at 55 Countess St, Mosman.

The street view.

Prime location.

Michael Coombs and Anthony Godson are planning to take the property to auction on August 29 with a guide of $4.85 million.

Mr Coombs said the couple had put their hearts and souls into the renovation.

“They have done an amazing job with it,” he said.

The property is a clever mix of classic architectural styles that make the most of the light-filled interiors and extensive outdoor spaces.

Classic style.

All-seasons outdoor living.

Cosy up.

The skylit all-seasons deck has an outdoor kitchen that is perfect for the family whatever the season, and the living areas are kept cosy in winter with a dual sided fireplace,

Other features include a stone kitchen with Miele appliances, impressive main bedroom with

deck, ensuite, walk-through wardrobes, zoned ducted reverse cycle airconditioning, and state-of-the-art home security system including video intercom.

The manicured rear garden and lawns are low-maintenance thanks to an integrated irrigation system, and there is a gas-heated pool.

The kitchen.

Formal dining.

Easy indoor-outdoor flow.

Mrs Waerea-Hargreaves said she and her husband had thought carefully about listing their home in the middle of the COVID-19 pandemic.

“We did question it, but this seems like a long-term thing and I don’t think it’s going to go away overnight,” she said.

“We always planned to sell it later this year so we’ll see how we go.”

And with the current shortage of prestige property for sale in the lower north shore, buyers are almost certain to be lining up this Saturday at 1pm to take a look.

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73A Victoria Rd, Bellevue Hill, goes to auction on August 22.

What a joy it would be to own this Bellevue Hill masterpiece — a house like no other. Its name, ‘Oculus’ — which means “a round or eye-like opening or design” — is a hint of what’s in store.

But apart from the circular design and the partly domed room that fills the interiors with natural light, it was the bespoke finishes that really bowled me over.

The six-bedroom, five-bathroom home with six-car garage at 73A Victoria Rd is now up for August 22 auction via the Sotheby’s International managing director Michael Pallier with a $13m price guide.

That’s a $2m saving on the $15m guide it had in an expressions of interest campaign last year, indicating its owners are now serious about selling.

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The dining room opens to a north-facing terrace.

The terrace overlooks Will Dangar-designed gardens.

The Sotheby’s managing director, Michael Pallier, says: “Architecturally, this house is world class, with phenomenal attention to detail and bespoke workmanship to a high standard.”

Some brilliant minds have collaborated on this house. It’s originally the work of architect Frank Fox in the 1960s. But Tzannes Associates have been brought in to update it.

They’re responsible for curved glass, which wasn’t available when the house was built, and the cantilevered steel terrace with a 270-degree north-easterly view of the gardens on the 942 sqm block.

The pool is a pondlike extension of the garden. William Danger did the landscaping.

The lower level media room.

The recycled blackbutt timber screening snaking around the living and dining room.

An internal lift has been added, travelling from the basement garage to the two levels above.

Juliette Arent and Sarah-Jane Pyke of Arent & Pyke did the interiors. The recycled blackbutt timber screening snaking around the living and dining room — with a study and cloak room behind — is extravagantly beautiful.

Another of my favourite features is the timber bath in the master suite. Who do you know has a timber bathtub?

The timber bath in the master suite is a rare find.

The view from the air.

The timber and stone island kitchen has all the best appliances, with a walk-in pantry and butler’s pantry.

A lower level, flowing onto the lawn, pool and gardens, contains a huge media room, wet bar/kitchenette, and the fourth and fifth bedrooms, both with ensuites.

There’s also a gym or sixth bedroom and another bathroom.

The post Inside Oculus: Bellevue Hill house runs circles around anything else appeared first on realestate.com.au.

Developments like Pace of Sunshine North aimed at Melburnians rather than international buyers are tipped to be increasingly common due to COVID-19.

Melbourne homebuyers will be the winners as the city’s new-housing industry looks for ways to fill a gap left by international buyers.

Speaking at an Urban Development Institute of Australia Victorian chapter event last week, ANZ economist Daniel Gradwell said the bank believed Australia’s borders could remain shut for long enough to force developers to embrace local buyers like never before.

It exacerbates a trend of falling international sales in recent years.

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“(But) there is huge demand for inner-ring townhouses or low-density units,” Mr Gradwell said.

“(And it’s coming from) domestic buyers, not international buyers. That will be a growth area for the overall housing mix for a long time.”

He also noted without an extension to the federal government’s $25,000 HomeBuilder grants, surging land sales would be short lived and demand for inner city lifestyles would lead to more developers pursuing that space in the coming 18 months.

Rose & Bird in Maribyrnong has also been popular with local buyers.

Almost 2000 blocks of land sold in Victoria in June, with a similar number forecast for July, according to RPM Real Estate. Director Luke Kelly backed Mr Gradwell’s forecast and said RPM was seeing estate developers considering urban infill sites for townhouses.

Marshall White Projects director Leonard Teplin said strong sales to locals in June helped show developers international sales were “artificial”.

“Consumers will win out here,” Mr Teplin said. “There will be a fight to capture their imagination and attention.”

He said developments like Central Park in Malvern East, 835 High Street, Armadale, and Rose and Bird in Maribyrnong had largely sold out during COVID-19, with the developers providing exhaustive detail to buyers. And more would follow suit.

Multimillion-dollar apartments at 835 High at 835 High St, Armadale, attracted high-end buyers with exhaustive detail on every aspect shared by the developer.

Pace Development Group sales and marketing director Ashley Bramich said demand was driven by first-home buyers seeking affordability at the bottom of the market, and downsizers embracing apartment living at the top.

Mr Bramich said there were also signs demand, for townhouses at least, was spreading into the city’s middle ring. His firm’s Pace of Sunshine North project has attracted inquiry from dozens of buyers every week, despite the pandemic.

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The post Local buyers to be winners as COVID-19 cuts international market appeared first on realestate.com.au.

1-10/32 Pacific Avenue, Bushland Beach, is listed at $3.1m negotiable.

Ten homes with 30 bedrooms all up have hit the market in a beach suburb, priced at just over $3m for the lot, in one of the most amazing listings this year.

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The Bushland Beach complex is one street back from the ocean.

The homes are one street back from the beach and the owners – from a local family business – will let the lot go in a single deal priced at $3.1m negotiable.

All up the property has a whopping 30 bedrooms, 20 bathrooms, 17 car spaces and is on a 2,622sq m piece of land.

The townhouses have been tenanted at up to $350 a week each.

Agents Sibby and Lucy Di Bartolo of John Gribbin Realty listed 1-10/32 Pacific Avenue in Bushland Beach, just north of Townsville City, as “an outstanding and rare opportunity to secure an entire block of townhouses in a popular beach suburb”.

In their 17 years in the business, the pair has not seen anything like this deal hit the market.

“Not in that location,” Mr Di Bartolo said. “Six of those units do face the ocean, there are houses in front of them, and the other four face the other side of the complex. But they are one street away from the ocean.”

Because they were built on a corner block, each townhouse has its own private access off the road straight into a courtyard.

“The thing too is those houses along the beach are big homes and good quality homes, so it’s very unusual to find a complex like that built in that location with those quality of homes.”

The townhouses are about 11 years old, he said, and had been freshened up for sale with rentals managed by his firm since they were built.

“John Gribbin has been managing the properties since they were new. They’ve always been tenanted because of the location and really there’s nothing around there that’s like it.”

Each of the townhouses fetch rent of up to $350 a week.

“For the astute investor looking for a great residential investment in a popular location, this could be one of the best opportunities you will see this year,” was how the firm listed the property on realestate.com.au.

“We’ve had quite a bit of interest,” Mr Di Bartolo said, “but most of that interest has been out of town or interstate. It’s been on the market for a little while but we had some local investors that have had a look at it but most of the interest has been down south.”

He said there was a lot to the property considering the price tag.

“The family who built them put Smeg appliances, the quality of fittings are very good and the other thing is they are a good-sized townhouse at about 166sq m each.”

The townhouses follow an open plan for living space.

“The good thing about them is they are on a corner block and they have two access points into the complex. Each unit has their own private courtyard and so you can enter from the road as well.”

“Some of the visitor carparks are under cover. It does offer a lot. They did put a lot of thought into them. I really do like them.”

The kitchens have Smeg appliances and illuminated display cupboards.

Each townhouse has three bedrooms, with open plan living, timber louvres, modern colour schemes, high quality kitchen with Smeg appliances and illuminated display case, tiled outdoor area off the living space, carpeted bedrooms, and a generous master bedroom with walk-in robe and ensuite.

The property has Crimsafe on doors and windows and there’s also a pool in the complex for residents to use.

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The ACT moratorium has been extended for three months until 22 October. Picture: NCA NewsWire / Gary Ramage

Residential tenants experiencing financial hardship in the wake of COVID-19 have been granted a reprieve, with the ACT government extending its moratorium on evictions.

Under the announcement, the ACT moratorium has been extended for three months until 22 October and households affected by pandemic-related job losses can now terminate their fixed-term tenancy agreements early without penalty.

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The extension is in line with the decision by National Cabinet in late March for a moratorium on residential evictions for at least six months.

The new measures will provide support to COVID-19 impacted tenants. iStock.

“In addition to the moratorium on evictions for rental arrears, a COVID-19 impacted household can now terminate their agreement by providing their landlord with three weeks’ notice and evidence that they have been impacted by COVID-19,” ACT Attorney-General Gordon Ramsay said.

“In these circumstances, tenants will not be charged a ‘break-lease’ fee or be required to pay additional compensation. However, if they have fallen into rent arrears during the tenancy this money would still be owed as a debt to their landlord.

“This new measure will provide additional support to COVID-19-impacted tenants by removing the need for them to make an application to the ACT Civil and Administrative Tribunal (ACAT) to terminate their tenancy due to hardship.”

Joel Dignam, executive director for ACT tenant advocacy group, Better Renting, welcomed the extension saying it would give renters more “breathing space” in the wake of COVID-19.

“It’s great that the moratorium has been extended,” Mr Dignam said. “A lot of tenants have lost income, either a permanent loss or a period where they were without income for several weeks.

In April, the ACT government announced $214 million towards a COVID-19 economic recovery. iStock

“People are doing what they can to stay on top of their rent, but particularly with a lot of landlords not giving rent reductions and the fact that there are people facing rental debt because of that, the moratorium has given people a bit of breathing space. This extension will help with that.”

In April, the ACT government announced $214 million towards a COVID-19 economic recovery, including support for renters suffering rental stress due to lost income.

The government also encouraged landlords to reduce rents by at least 25% for tenants under rental stress by sharing the cost reduction of the rental on a 50/50 basis, capped at $1,300 per quarter (around $100 a week).

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The Hyde sub-penthouse at 2902/157 Liverpool St, Sydney, goes to auction on August 20 with a price guide of $7.5m.

This luxury sub-penthouse on the 29th floor of The Hyde — owned by a famous art collector and publisher — offers a New York lifestyle and view.

Ask Durva Gandhi, the owner, what she loves about her apartment in the 34-storey tower and she waxes lyrical.

“I love the WOHA architecture, the floor-to-ceiling glass, and the open-frontage,” the author of Secrets of The Art Millionaires exclaims over the phone.

The three-bedroom, three-bathroom apartment with double garage at 2902/157 Liverpool St, Sydney is now listed with Ray White Double Bay’s Nic Krasnostein with a $7.5m guide ahead of an August 20 auction.

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Take a seat.

Even the kitchen has a sensational harbour view.

Says Gandhi, as I’m speaking to her to line up my Wentworth Courier Apartment of the Week tour: “I like to think of it as a glass box in the sky … I love that it’s sunny — it’s 25 degrees as we speak — it gets 10 to 12 degrees warmer in the winter on my sundeck,” she says.

And then, of course, there’s that view.

As Krasnostein says: “One of my favourite views in the world is Central Park. I didn’t know that could be replicated in Sydney until now.”

When I get to see it for myself, it’s nothing short of incredible.

Apart from Hyde Park, there’s the high-rise towers, Botanic Gardens, St Mary’s Cathedral, the Opera House and I can see the ocean beyond the heads.

I love the sliding wall that separates the living room from the master suite.

Stylish bathrooms.

The Hyde’s due-north aspect means the apartments are full of natural light most of the day.

Because of the aspect I think I prefer this apartment to many I’ve seen in The Residence, a block The Hyde is often compared to.

The Residence is home of one of my favourite singers and songwriters, Delta Goodrem. And although that block’s also very stylish, most of the apartments there are west-facing.

In terms of the design, I love the sliding wall that separates the living room from the master suite.

Having the ability to open it all up maximises the view when you’re enjoying it from the living area.

The dining room.

Take in the views while doing your laps.

And the covered balcony would be a great space to relax, particularly when the sun’s streaming in.

The Hyde was completed a decade ago but all the fixtures and finishes are of a high quality and timeless.

There’s a lap pool, sauna, spa, concierge, gym and library there, too.

I ask Durva where could she possibly go next?

“I’ve been here for seven years so I’m ready for my next adventure.” she says.

Durva’s got her eye on Crown Residences at Barangaroo. “I can get room service every day and head to the spa,” she laughs.

The inspection times are Saturdays, 1-1.30pm and Tuesdays 4.30-5.30pm.

The post Art collector and publisher Durva Gandhi lists Hyde sub-penthouse with $7.5m price guide for auction appeared first on realestate.com.au.

Demand for property is picking up. Picture: John Feder/The Australian.

The property market is recovering faster than expected following a number of stimulus measures implemented during the coronavirus pandemic.

New research released on Thursday has revealed government incentives along with record-low interest rates of 0.25 per cent has seen consumer demand for property in NSW return to pre-COVID-19 levels, with confidence up by 23.9% in June alone.

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PRD’s Australian Economic and Property Report showed renewed demand translated into Sydney property prices growing 10.8 per cent in the first six months of 2020, despite coronavirus affecting the market for half of that period. The median house price was now 1.4 per cent down from the peak in April.

Buyers are now returning to the market.

PRD chief economist Dr Diaswati Mardiasmo said despite COVID-19 throwing the Australian economy and property market into turmoil, things have stabilised quicker than expected.

“That doesn’t mean everything has returned to normal yet, but government stimulus has quickly helped prop up the property market and balance out some of the ill effects of the shutdown,” she said.

Dr Mardiasmo said the market is unlikely to have a crash that many predicted at the beginning of the pandemic.

“There is not going to be a doomsday crash that some predicted, as there will always be need for people to buy and for people to sell,” she said.

“Australians still hold onto buying a home very dearly, and we can clearly see evidence of this in the demand for property during.”

The report revealed national home loan approvals totalled $12 billion in May, which was slightly below the $12.5 billion recorded in February. Of this 42 per cent of loan approvals were from buyers looking to upsize, while first home buyers accounted for 21 per cent — the highest level since 2013.

“There has never been a better time for first home buyers to get into the market with all the support they are receiving,” Dr Mardiasmo said.

Home loan approvals are now around the same levels as recorded in February.

Dr Diaswati Mardiasmo said the market is showing signs of returning to normal.

Dr Mardiasmo said the market has remained stable unlike other G20 countries due to a strong focus on property.

“Other G20 countries have not focused on property like Australia, and the measures taken here, have helped keep the market afloat and assist with getting people into a home,” she said.

Despite interest returning to pre-coronavirus levels, positive buyer sentiment is now 97.8, which is 2.2 points below a positive market. Dr Mardiasmo said while there was still caution, quality buyers remain committed.

“While sellers might have fewer inquires as a result of coronavirus, the serious buyers are still active and are prepared to make good offers,” she said.

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