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House Prices Surge in Melbourne, but Stabilize in Other States – ANZ Bank

In his latest property update Paul Braddick of ANZ Bank Research made the following comments on the strength of the Melbourne property market and has some positive forecasts for 2014:

While auction sales have taken a hiatus over the past month, private sales in recent weeks reveal Australian home prices have consolidated solid gains from the past year in all capital cities except Melbourne, where prices have increased a strong 3.2% in the past month.

In trend terms, Melbourne home price growth was strongest, to be up 1.8% m/m, followed by Sydney and Perth (+1.3% m/m respectively), Brisbane (+0.9% m/m) and Adelaide (+0.3% m/m).

We expect housing market momentum to remain positive in 2014, underpinned by a significant underlying housing shortage and buoyed by improved household confidence and an extended period of low interest rates.

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


'House Prices Surge in Melbourne, but Stabilize in Other States – ANZ Bank' have 2 comments

  1. Avatar for Property Update

    January 21, 2014 @ 8:23 pm Elizabeth Djokovic

    Dear Mr Yardney,

    I read a book you wrote on property investment and found it very interesting and informative. It is the best book I have read about real estate investment in Australia. I just finished reading your well thought out argument for keeping negative gearing and agree with it. A lot of people don’t realise that many property investors fill the gap our government leaves when it fails to provide public housing to the large numbers of people out there who need a place to live that is affordable. There is considerable expense involved in purchasing and maintaining an investment property, rates, insurance, body corporate fee, repairs and so on. The idea that negative gearing should be abolished is untenable. Why would anyone want to keep their investment property if they couldn’t receive a benefit commensurate with that received by other kinds of business owners? I would hate to see it removed by politicians ignorant of the social benefit provided by property investors . The consequences would be disastrous.

    Reply

    • Avatar for Property Update

      January 21, 2014 @ 9:43 pm Michael Yardney

      Thanks for your kind words Elizabeth
      I can’t see the goevrnment removing negative gearing. There are too many vested interests at play

      Reply


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