If you want to know what's going on out there in the big scary world of the housing market, read on.
Here's some dot points based on the information provided in the RP Data Property Capital Markets Report, Spring 2013, Housing Market Overview section.. enjoy!!
- Home values and sales of homes are generally increasing.
- A sharp reversal of the housing market's performance over the past year has been indicated, as home values across the eight capital cities of Australia, have increased by 3.8 per cent, versus a fall of 3.6 per cent the year before.
- There is less properties available for sale this year than last, they are selling faster, and auction clearance rates are higher than they have been in years.
- A slow down in mining investment is contributing to the forecasts of slow economic growth for Australia’s economy.
- Almost 40 per cent of all home sales occurred at a price point between $200,000 and$400,000.
- Sales of homes at a price point below $600,000 accounted for 77.2 per cent of all national sales.
- Home sales above $1 million only accounted for 5.8 per cent of all transactions over the past year and
- only 1.0per cent of sales were transacted for more than $2 million.
- Although Auction clearance rates were much higher in 2013, they typically only accounted for around 15 to 20 per cent of sales.
- Median house prices across the city are $80,000 higher than unit prices over the three months to June 2013.
- Of those Brisbane properties that sold over the past year, vendors had owned their houses for an average of 9.5years and units for 7.9years.
- It is taking a similar length of time to sell a Brisbane home to what it was a year ago. Houses and units are currently selling after an average of 62 days and 65 days respectively on the market.
- Over the three months to May 2013, 16.7per cent of Brisbane homes sold for less than their purchase price compared to 16.9 percent at the same time a year ago.
(Disclaimer - Please note, This publication provides general information only – it is not intended as advice or a professional property appraisal and should not be relied upon as such. The information provided has not been prepared by taking into account your investment objectives, financial situation or personal needs and may depend on statistical models and assumptions which maybe incomplete or wrong, negatively impacting the accuracy of this publication. You should make your own inquiries and if necessary take independent financial advice tailored to your specific circumstances before making anyinvestment decisions... )
(Image courtesy of http://www.macrobusiness.com.au/2013/11/rp-data-weekend-property-market-update-4/ 4th Novemeber 2013)