Markets

New analysis of all residential properties across Australia’s three largest capitals has identified more than 655,000 sites suitable for the construction of a granny flat, offering a solution to help ease the housing shortage.

For the first time since the June 2021 quarter, houses and units across inner, middle, and outer Melbourne all recorded growth according to the Real Estate Institute of Victoria’s quarterly median data for September 2023.

Scheduled auction activity across the combined capitals is expected to ease slightly this week, with 2,371 homes set for auction, according to CoreLogic.

CoreLogic’s Cordell Construction Cost Index (CCCI), which tracks the cost to build a typical new dwelling, returned a quarterly growth rate of 0.5% for the September quarter, the smallest lift since the three months to June 2019 and half the pre-COVID decade average of 1.0% per quarter.