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Sellers yet to “wake up” to the fact property market has cooled: Experts
SmartCompany.com.au However, Real Estate Institute of Australia president David Airey says investors need to be cautious. Watching clearance rates alone doesn't provide a good … |
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Real Estate Report – 28/06/10
Finance News Network (press release) Real Estate Institute of Australia president David Airey thinks the property market could be adversely affected by the Rudd Government's resource … |
Sydney, Melbourne and Adelaide all recorded solid auction clearance rates over the weekend, with Brisbane – where private treaty sales are far more prevalent than auctions – the only exception.
In Sydney, 60.7 per cent of the 549 homes listed were sold at auction, down slightly on last week’s 61.9 per cent.
Melbourne was a similar story, with 63.3 per cent of the 960 homes sold, compared with last week’s 61.8 per cent.
According to Australian Property Monitors, total weekend auction revenue for Sydney, Melbourne, Brisbane and Adelaide was up $97 million on last weekend, and down $34m on the same weekend last year.
The top-priced sale was a six-bedroom home at Waverley, in Sydney’s eastern suburbs, which sold for $4.7m.
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Behind it was a seven-bedroom home in Melbourne’s Caulfield North that went for $3.7m.
Co-principal of Melbourne’s Gary Peer Real Estate, Phillip Kingston, said the property market was still performing but was “much more normal” than it was just a few months ago.
“The reality is we were living in an unsustainable market,” Mr Kingston said.
“Real estate agents were having a lovely time selling everything but it was flat-chat hard work.”
Mr Kingston said despite the levelling, sellers could still expect a good sale price.
“As long as vendors are realistic, buyers are more than happy to perform,” he said.
However, Real Estate Institute of Australia president David Airey disagreed.
“This is not a market going to offer premium price for property being sold,” he said yesterday.
Mr Airey said while things were normalising, the sector could be in for a bumpy ride in the not-too-distant future.
“I think if the resource super-profits tax is made reality it will have quite a negative impact on the housing market,” Mr Airey said.
“The impact on employment and investment in the mining sector will ultimately filter back to the economy and filter back to property and how willing people are to invest.
“Australians need to think about that very carefully . . . it will not be good.”
In Brisbane, 42.3 per cent of the 59 properties listed were sold at auction this weekend, compared with a 10.8 per cent clearance rate last week.
The clearance rate for Adelaide stood at 50 per cent.
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Interest rates bleeding the property market
Switzer Financial News (blog) David Airey, president of the Real Estate Institute of Australia, has the answers. He joins Peter Switzer on Sky Business' SWITZER to discuss the outlook … |
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Australia's real estate agents under threat from lack of training: '90% doomed …
NewsMaker (press release) … never earn a living wage from selling real estate, says one of Australia's leading real estate trainers. Adelaide-based national trainer David Ferrier, … |
In its Residential Property Prospects, 2010 to 2013 report, BIS Shrapnel predicts a median house price of $410,000 in June – an increase of 14 per cent for the year.
The median metropolitan price reached a record in the March quarter when it hit $405,000, Valuer General figures show.
BIS Shrapnel senior project manager Angie Zigomanis said because Adelaide had the lowest median of the mainland capitals, it did not experience the same interest rate and GFC-induced decline in prices compared to some of the other capitals.
Real Estate Institute of SA president Michael Brock said prices could even exceed rises of 20 per cent by 2013.
“A lot of Adelaide’s capital appreciation depends on the outcome of the mining super tax,” he said. “If the Federal Government compromises on that and the mining projects in SA are not put on hold, then I would predict an even higher return.
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Related Coverage Adelaide ranked highest in city survey
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“(But) South Australia is still one of the most affordable states.”
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Real Estate Report – 14/06/10
Finance News Network (press release) (subscription) This week our focus is Adelaide. First up we take a look at the unit market right in the heart of the city. The suburb of Adelaide's population in the last … |
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Housing still just in reach
Standard Messenger Real Estate Institute of SA figures show the median house price in Holden Hill over the past year was $310000, followed by Gilles Plains, $312000, Enfield, … |
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Top deq apartment living
Messenger News The foundations haven't been laid and the building won't be finished until the end of 2011, but real estate agency Toop & Toop has just released the … |
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Homes to become even more expensive
Adelaidenow Real Estate Institute of SA president Michael Brock said prices could even exceed rises of 20 per cent by 2013. "A lot of Adelaide's capital appreciation … |