Vendor discounts have dropped considerably providing sellers with many reasons to laugh. Additionally, the property prices are on a rise, interest rates are pretty stable and Australia is looking at a very high auction clearance phase lately. Charlotte Cossar for Realestate.com.au says that this might just be the time for you to put up your house on sale.
Vendor discounting is the difference between list price and sales price. Over the last year, this discount has come down from -7.2 to -6.4
When buyers do not seek very high discounts, it augurs well for the selling climate. With higher volume of sales transactions, stable cash rates and steady median prices (relatively high), things could not look better for the property market. In fact, the auction clearance rates are giving very strong signals too. Only about a month ago, the Prestige Market had posted near record figures for Sydney. You can read the full article here.
Doomsday predictors are never short on work- after all, rumour mills work overtime. However, those who have predicted a crisis will only agree that the real estate market is going strong, quite strong. People are still borrowing amounts pretty close to what they borrowed in peak years to fetch properties in Australia. Annual borrowing for residential mortgage shows a steady picture. Michael Matusik from Property Update rightly points out that all three types; the first home buyers, second + buyers and investors are showing strong signals.
Home values for dwellings (attached and semi-attached homes) reported a leap of 2.8% over the March quarter. Michael Yardney for Property Update suggests how each area has done well, with Perth showing highest growth and every capital city, except Adelaide, contributing to the total sum. Middle-priced housing sector is exhibiting maximum response, posting a hike of 1.6% in value of home dwellings. Contrarily, the lowest-priced and the highest-priced end of the spectrum have displayed a fall of 0.9% and 0.6% respectively.
The Australian property market is currently in a very stable phase. While there is no recession or bust phase in sight, it will be fruitful to learn the right ways of making profits in today’s market. Pete Wargent for Property Update suggests how it may not be the best idea to buy property in your own backyard.
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