A buoyant stock market and purposeful government spending will ensure that the Prestige market does well from here. The signs are already robust and Sydney and Melbourne have come up with near-peak level Auction clearance rates over the last few months.
An exuberant economy has triggered enough buyer confidence to push median house prices close to peak levels. For the record, the median prices are trading one percent short of the peak point. Barring a few cities, the trend is visible around Australia’s spectrum. For the March Quarter, National Median house prices have risen by 1.7% from $542,463 to $551,685. The price rise is attributable to various factors.
Houses in Sydney might be a tad expensive but they are nowhere close to being unaffordable. Over a relatively long time period, such prices only mean a stable economy. The housing affordability data can be quite suggestive, based on the December quarter Reserve Bank of Australia bulletin (pages 13 to 22).
Australian expatriates should look for properties in their own backyard
Many Australian residents and expatriates who had looked into safe property havens elsewhere are feeling the heat now. Some of them who had invested in US property have suffered a major whitewash of capital gains due to devaluation of US dollars.
Enjoy the season!
I just wanted to take a moment to wish you a very happy and safe holiday season.
With only a week to go until Christmas, the year has ended with great news having the RBA issuing yet another rate cut this month.
The NSW State Budget for 2012 has been announced. Here are the most important changes concerning home buyers and property investors, together with my thoughts. The news is, as always, not all good…