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Residex November Update: Sydney median house price rises to $1.086M in October 2016; National median house values increased 3.05% over the quarter
Topic Started: 27 Nov 2016, 12:47 PM (1,035 Views)
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Residex November Market Update

Australian house and unit markets generally performed well over the October quarter, with the median house value increasing 3.05% over the quarter and unit growth of 1.06% in the same period, according to the Residex non-revised median valuation figures.

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Activity in NSW is generally strong. In the NSW market, capital growth, sales and development are still steady, though capital growth in Sydney is lower than the previous year. Western areas of Sydney in particular are being capitalised upon by developers. This may be because the land is more affordable, and available, making it appealing to developers and investors alike.

As NSW sees the exhaustion of its last pockets of growth, other east coast markets are following. Melbourne houses saw very strong growth of 5.02% in the October quarter. Melbourne units also had among the strongest performance in the same period, outperformed only by Hobart and ACT units. Residex data suggests that sales in Melbourne in the year to October accounted for 17.53% of the total sales across Australia in the market.

Another area proving to be a stand out performer towards the end of 2016 is the ACT. In the year to October, house sale volumes have increased 30.10%, and units 10.34%. Growth in ACT houses over the quarter followed Melbourne and Sydney as the third strongest performing market among the capital cities.

Red more: http://blog.residex.com.au/2016/11/25/november-market-update-2/
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Khaderbhai
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Wealthy Suburbanite

Looks like Corelogic was right about Sydney after all. The other indices are now catching up.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Trollie
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The Mighty Shadow wins again!
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