The Federal Budget 2013 has been released and despite a few helpful hints, there may not be much to cheer about for the property market.
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Median house prices spike across Australia
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.
More Success in Selling Property in Winter
Selling property in winter is more successful according to Larry Schlesinger from Property Observer. In his recent article, Schlesinger points out that while many vendors wait until spring to start selling property, there are those who take advantage of less competition in the cold months and have more success.
These vendors say that they get almost the same amount of money if they sell in spring.
They believe that property owners should sell when it’s convenient and do not have to wait for a specific season. Why wait when you can sell now?
Read the full article here.
Increase of House Sales in March for NSW
February may have seen relatively low sales in housing but it seems that it has come to an end. In an article by Alistair Walsh for the Property Observer, the month of March saw a 4.2% increase of house sales. The figures that were seen in March were the same figures that were seen 12 months ago.
Although the sales are still relatively low, people are quite satisfied to see that it is on the rise again. If you are in the real estate market, this is very good news for you.
You can read the full article here.
Both Sydney and Melbourne throw up high auction clearance rates
Sydney and Melbourne both threw up very high success rates for the weekend auction clearance. While Sydney’s rate stood at 78.1%, Melbourne held itself in good stead with a figure of 71%. Jonathan Chancellor for the Property Observer writes that the Prestige Market has picked up considerable momentum when compared to the same time last year. Sydney’s auction clearance rate was rallying somewhere near the 60 % mark while Melbourne cut a sorry figure of 57% same time last year.
Some facts for this weekend:
- Sydney’s highest grosser- The Tamarama Duplex for 3 million.
- Melbourne’s highest grosser- The Henham Street property for 2.64 million
- For Melbourne, a few sales like the ones on Grace Street, Albert Park and Malvern may have brought more money than the Henham Street sale; however, they remain unreported till now.
- For Sydney, Maroubra listed 8 properties while Condell Park listed 7 of them.
You can read the whole article here.
Will the Melbourne Auction clearance rate close in on Sydney in recent future?
Sydney Home Values Surpass Their Previous Peak
In his latest article, Cameron Kusher, senior research analyst at RP Data, states that home values of mid-range suburbs across Australia’s capital cities have increased this year.
In Sydney, housing prices for both the mid-priced and the most affordable segment have risen above their previous peak this year. On the other hand, home values of the most expensive suburbs are decreasing.
Home values have risen above their previous peak by 2.8% across the most affordable Sydney suburbs and by 2.4% in the middle priced suburbs. The most expensive Sydney suburbs have been noticeably weaker by losing about 3.9% compared to their previous peak.
You can read the full article here.
