The number of days it takes to sell a property and the reduction needed from the initial asking price is an excellent indicator of market health. First National members are reporting that the market is moving faster and that buyers are becoming more decisive.
While much has been made of rising rents and limited vacancies, the rate of growth in weekly rents is certainly slowing.
Queensland’s property market is on the rebound, having reached, the bottom of the property cycle and 2013 is looking to be a good year according to the First National Real Estate 2013 Property Market Outlook.
First National Real Estate’s agents are working hard, all over Australia, dealing with renewed enthusiasm for property this spring. Since the most recent Reserve Bank cut to official interest rates, there has been a sharp rise in consumer confidence.
Following the release of RP Data figures yesterday, the Australian housing market has revealed a strong performance over the past quarter – largely the result of increased confidence and lower official interest rates.
Vendors were able to sell their properties in July without discounting as steeply as they did in June in most capitals, according to data released by Australian Property Monitors last week.
First National Real Estate has again surveyed its 400+ member network to provide its 2012 Property Market Outlook – Mid Year Update.
Across Australia, investor activity is anticipated to increase as this market sector capitalises on great buying opportunities, particularly in Melbourne and Brisbane – which historically over the long term, have both been consistent growth performers. South Australia is also predicting strong growth in investor activity.
Despite a more stable start to 2012, national home values declined cumulatively, by 2.2%, for the first five months of the year – bringing overall values down by 5.3% over the 12-month perio
In the light of the doom and gloom in global economies and the effect on the market here in Australia, the domestic property market is holding up quite well and the second half of 2012 should see things stabilise further, if not slightly improve.
