Each Tuesday, SQM Research updates its vendor asking prices index.
Louis Christopher says that so far he has been happy with the way the index has been tracking compared to the ABS house price series.
As you will hear in this interview with Louis, the Index at the capital city level has recorded a recovery in real estate prices this year and from what can be observed in this current December quarter, it appears the recovery is continuing onward.
In the last 90 days, SQM Research has recorded house prices up by 3.6% and units up by 1.7%.[sam id=36 codes=’true’]
As Louis says in this interview, when looking at Sydney, the current hottest market, asking prices continued to climb last week.
Upon speaking to some trusted agents on the ground in Sydney, quite a few are reporting that would be buyers are becoming increasingly disenchanted with the market with some walking away in frustration.
This is what happens in rising markets. Those who come to the upswing later on become angry they have missed out on the gains that have already taken place. In frustration they avoid the market in the hope and self-expectation that the market will soon return to their acceptable price. But often, it doesn’t.
It keeps going.
Watch the full interview with Louis including graphs on Sydney, Melbourne, Brisbane, Perth and the Gold Coast.