Our property markets are moving: Chris Joye

Good news for property investors! Economist Chris Joye recently gave the Australian property markets the thumbs up in an article in the Australian Financial Review

With housing affordability at its best level in a decade or so and finance pre-approvals up compared to last year Joye concludes:

It is hard to imagine how these circumstances will not stimulate hearty asset price inflation.

APM, RPData and the Australian Bureau of Statistics all agree that the market moved in 2012:

According to APM’s monthly index, Sydney and Melbourne prices have appreciated at annual rates of 6 per cent and 7 per cent respectively since June 2012. RP Data offers a similar picture with monthly dwelling values in Sydney and Melbourne rising at a 7 and 6 per cent annualised clip from their depths in May 2012.

The Australian Bureau of Statistics index, which ignores the apartment market and is only calculated on a quarterly basis, shows that free-standing house prices in Sydney and Melbourne have inflated at more modest rates.

The bottom line, all three measures broadly tell the same story: home values were increasing in the second half of 2012.

Joye provides the following 2 graphs which show how the various state property markets have performed over the last 5 years and how housing affordability is the best it’s been in almost a decade.

In the article Joye explains how momentum is building and concludes “It is hard to imagine how these circumstances will not stimulate hearty asset price inflation.”

2013 is going to be a great year for those property investors who understand how to take advantage of the opportunities the markets will offer and avoid the pitfalls that occur at this early stage in the new property cycle. I’ll be explaining exactly what our research shows and exactly I’m doing about it at my National Property & Economic Updates around Australia in March and April. Click here now to get full details, find out all about the bonuses and reserve your place now.



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About

Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been once agin been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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