In this week’s 2 minute property investment news video the annualised house price results for 2012/2013 show that prices rose 3.8 percent for urban Australia.
According to Michael Matusik, the annualised house price results for 2012/13 are in and they show for urban Australia – the eight capital cities – that prices rose 3.8 per cent. They actually fell, as an aggregate, across regional Australia last year, down by .4 per cent.
The winners were Darwin, up 6.1 per cent; Perth up 6.0 per cent & Sydney up 5.6 per cent. Melbourne enjoyed a 3.4 per cent rise.
The other capitals didn’t do much at all. Brisbane values were flat at 0.6 per cent. Hobart’s fell by -1.8 per cent.
Economic forecasters BIS Shrapnel have forecast some pretty encouraging figures, in terms of price growth, for the next three years.
[sam id=31 codes=’true’]Between now and the end of fiscal 2016 BIS Shrapnel think that Sydney’s average values will lift by 19 per cent; Brisbane’s by 17 per cent & Perth’s by 15 per cent. Melbourne’s prices are expected to rise by just 5 per cent over that three year period.
In other news and as we have reported previously, Sydney’s recovery is well underway. Demand is on the increase & strong prices are being achieved for properties priced under $2 million.
Weekend clearance rates are well over 70 per cent; loan applications are rising & almost half the buyers are investors.
There is evidence from the past that would indicate that “peaks head north”, with Brisbane, then both the Gold and Sunshine coasts seeing a lot more inquiry from later this year.
It is just starting to happen in Brisbane with Sydney investors starting to buy. While we are looking at the markets – the Gold & Sunshine Coasts were in the past oversold but that has now corrected and both coasts are now being touted as ‘great buying’ as this cycle improves.