Australia’s Property Professor delivers both the The Good News and Bad News
The latest issue of Australian Property Investor magazine has hit the stands and in this issue it unveils its fifth Hot 100 list of suburbs set for property price growth in 2011 and beyond.
The Property Professor, Peter Koulizos, is also featured this month and he reports on the latest good news and bad news he has gleaned from RP Data Market Update. Peter is a property educator at UniSA and TAFE and the author of The Property Professor’s Top Australian Suburbs – a guide to Australia’s top suburbs for property investors and homebuyers
Read some of Peter’s article below
Reading some of the newspapers or watching the evening news, you’d most certainly be excused for thinking that Australia was in an economic recession. Much of what we hear in the media is doom and gloom; rarely is there a positive story about the property market nowadays. However, when you dig a little deeper, you can also find some very positive news, which can give us a little bit more confidence in the market. Yes, it may sound strange, but there definitely is positive news out there!
First, the bad news.
- Canberra was the only capital city in Australia where property prices increased
during the three months to April (and that was by a miserly 0.8 per cent).
- The number of properties selling is well below the five-year average.
The average time taken to sell a house has increased from 41 days last year to
- The average time taken to sell a unit has increased from 36 days last year to
51 days – that’s an increase of over 40 per cent!
- Vendors have to drop their asking prices for their houses more than they did last
year; from a discount of five per cent to 6.5 per cent.
- Vendors have to drop the asking prices for their units more than they did last
year; from a discount of 4.5 per cent to 6.5 per cent.
- Auction clearance rates have been trending downwards since the beginning
of the year.
- The number of properties currently on the market are at almost all-time highs –
there are 280,000 properties currently for sale!
Consumer confidence is dropping.
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To read Peter’s full article click here
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