While most research houses report selling prices to gauge the state of our property markets, SQM Research report Vendor Asking Prices.
As you can see from the table below, Melbourne, Perth and Sydney property owners seem to be confident as they’re pushing up the prices they’re asking for their properties.
Why Asking Prices – you may well ask?
According to SQM Research the answer is…
Timeliness – comprehensive data that does not need revision as the sample size is complete. Being able to assess where vendors sit with the market is also very useful.
Do they have the confidence to be lifting their asking prices, or are they keenly dropping their prices in order to get out?
They further comment:
In compiling SQM Research’s new market indexes, we have been surprised at how reactive vendors and landlords are to the market. It is clear vendors are very responsive when considering the whole market on aggregate. Indeed, there is some evidence to suggest that they at times, drive the market, especially when it enters into a new upswing.
Free Stats for your area
If you’d like to see what’s happening to property in your local area SQMResearch offer a bunch of interesting stats including asking prices, vacancy rates, demographics and stock on market. Just click here to access their real estate research.