I would agree for properties priced over $700 to $800k in some inner suburbs, price ranges under this are selling strongly almost everywhere. Even some inner city suburbs are doing very well.
I have noticed a very slight increase in listings for sale in areas I have checked out in the past week.
Keeping a close eye on sales, so far no noticeable slow down.
Yeah
I'm not going to be buying for a while ....I'm in a good position now & there comes a time when enough is enough.i will certainly be developing on some projects ..but it's going to taking lots more time than previously..
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
Perth set a new all time high this week as per RP data. Reaching $594,700. This is an increase of almost $60,000 in the Perth median price since September 2011. This puts the market up over 10% from its low point.
APM reported Perth prices have increased by 3.2% in the June Quarter. Up 7.5% YoY. theaustralian.com.au/business/property/capitals-race-ahead-in-the-house-price-stakes/story-fn9656lz-1226684584153
Quote:
THE housing market has recorded its best result in more than three years, with most cities at or near record price highs in the June quarter, the latest Australian Property Moniters data shows.
National house prices rose over the quarter by 2.8 per cent to a median of $564,325 - the third consecutive quarterly rise and a level of growth not seen since March 2010.
APM's quarterly housing report showed Sydney, Perth and Canberra all posted record-high median house prices, with Melbourne just 1.4 per cent below its previous price peak. Unit prices also rose, up 2 per cent nationally to a median of $427,573.
Andrew Wilson, APM senior economist, said buyer activity would accelerate through the rest of the year, with market momentum and prices rising.
"Buyer activity in most capital city markets is now charging towards record levels, with the fastest price growth since the government-stimulated house boom of 2009 and 2010," Dr Wilson said.
"The patchiness that has characterised market activity over 2012 is diminishing."
Dr Wilson said that the performance was propelled by investors who were attracted by low interest rates, rising confidence and a generally solid economic performance.
Melbourne recorded the strongest growth result, with median house prices increasing by 5 per cent to $553,447 and median unit prices up 3.7 per cent to $411,714.
Perth continued to surge, with house prices up by 3.2 per cent to $584,487 and units up 2.5 per cent to $386,798 over the quarter. Perth has been the best-performing market over the year, with house prices up 7.5 per cent and units up 9.3 per cent.
"High levels of immigration and a still strong local economy continues to be the local catalyst for house price in Perth," Dr Wilson said. Sydney median house prices increased over June by 2.7 per cent to $690,064, with median unit prices rising by 2.4 per cent $491,845 - both all-time highs.
Houses in Brisbane (up 0.3 per cent), Canberra (up 1.8 per cent) and Adelaide (up 0.8 per cent) grew more steadily over the quarter, although unit prices in Brisbane were down 2.4 per cent to $346,964.
Darwin (-2.1 per cent) and Hobart (0 per cent) were the only capital cities to not record house price growth over the June quarter. Units in Hobart decreased in value by 7.3 per cent, to $252,050.
Yes Mike I've noticed your highlighted points....ha how dare you do that!! Gosh lowest interest rates ever, FHb Activity how dare that happen when there should be bear despair..
Am querying the immigration comment..
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
My wife and I could put about 30% down on a three bed house in a more than decent suburb in Perth, yet when everything is taken into account, my rent on a property similar to that which I would buy is only about half of what I’d pay in interest to the bank (rents coming down too). Money all ends up in the same place, seems like buying is just cutting out the middleman (the landlord) and paying twice as much. Can’t see capital gains balancing out the equation any time soon, particularly in Perth where people appear to be leaving in droves.
Nevertheless, I totally agree the government will do everything they can to stop property prices falling significantly (and will probably succeed), so waiting for a US style crash will likely be futile. Other thing to consider is that I’m in plenty of good company, just going by the number of contributors to this thread, so any rapid drop in prices would be somewhat limited by people like us buying in. Lots of debt floating around but it seems also a few (intelligent) people in their mid 20s to early 30s with cash sitting on the sidelines. Should be interesting. Happy to rent in the meantime.
Perth smashes through another all time high, knocking on the door of $600,000.
Have you bought into this bubble yourself Mike?
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?
The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly. Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
I have not bought land or a house in 2013. I bought in 2011/12 as my personal view was the market would increase in subsequent years.
I am certainly building at present on land I secured in recent years, will sell a few of those upon completion and likely keep one to replace an older property I have on the market now which is currently under offer.
I have another development I hope to commence in the next few months on a block of land purchased in early 2012.
So I am not buying as why would I pay higher prices when I bought prior to the rises that I expected to come, I am now in a selling and profit mode. I intend to make money and locking in my gains for correctly seeing which direction the market was going. When this current bull market runs Its course over the next few years I will look to buy again. I would buy now but land has increased further and faster then expected, hopefully a flood of land will be released in later 2013 and early 2014.
My honest opinion is the current bull market will run through 2014 and 2015 and we will see some stagnation or consolidation in late 2015 or some time 2016.
So if you are not prepared to buy now keep working and saving that deposit until around then, although it may take a number of years beyond 2016 for stagnation, inflation or any price declines to make any meaningful dent into prices. So you may have to wait to 2018/19 to get similar affordability or prices as we had in 2011.
Perth smashes through another all time high, knocking on the door of $600,000.
Have you bought into this bubble yourself Mike?
The patented RP Data-Rismark Daily Home Value Index is part of the suite of housing market indices produced by RP Data
Very funny mike. What happened, did a couple of million dollar sales go through today to bump the index up to that level? Why don't you be a little more realistic and post a quaterly figure. Or better yet yearly.
I have not bought land or a house in 2013. I bought in 2011/12 as my personal view was the market would increase in subsequent years.
I am certainly building at present on land I secured in recent years, will sell a few of those upon completion and likely keep one to replace an older property I have on the market now which is currently under offer.
I have another development I hope to commence in the next few months on a block of land purchased in early 2012.
So I am not buying as why would I pay higher prices when I bought prior to the rises that I expected to come, I am now in a selling and profit mode. I intend to make money and locking in my gains for correctly seeing which direction the market was going. When this current bull market runs Its course over the next few years I will look to buy again. I would buy now but land has increased further and faster then expected, hopefully a flood of land will be released in later 2013 and early 2014.
My honest opinion is the current bull market will run through 2014 and 2015 and we will see some stagnation or consolidation in late 2015 or some time 2016.
So if you are not prepared to buy now keep working and saving that deposit until around then, although it may take a number of years beyond 2016 for stagnation, inflation or any price declines to make any meaningful dent into prices. So you may have to wait to 2018/19 to get similar affordability or prices as we had in 2011.
Serious question Mike - when you smile, does sunlight glint off your teeth?
What a guy!
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
The patented RP Data-Rismark Daily Home Value Index is part of the suite of housing market indices produced by RP Data
Very funny mike. What happened, did a couple of million dollar sales go through today to bump the index up to that level? Why don't you be a little more realistic and post a quaterly figure. Or better yet yearly.
You can use the raw data from landgate if you like. Have a look at September 2011 the official bottom of the market at $467,000. The median now is $527,000 as of February. Recent months data will show a figure close to or over $540,000 perhaps as high as $550,000. As of February this year median prices are up $60,000 from the bottom of the market, this represents a 13% increase in prices from the bottom of the market with the raw data.
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