The housing market is ever-changing. Prices can, and do, go up and down. This is why it is vital that home buyers and investors keep their finger on the pulse and watch market changes. Otherwise, prospective buyers may find themselves out of pocket.
The Housing Market
According to the Australian Bureau of Statistics (ABS) home prices in the capital cities have risen 1.9 percent in the December quarter, and 6.8 percent when compared to last year. In fact, the total value of residential properties in Australia is now valued at $5.4 trillion. This is an increase of over $124,000 million from the June quarter 2014.
Mean Property Prices
The mean price of property across Australia rose by $10,900 to $571,000 for the year to December 2014. Australian capital cities recorded the following quarter and yearly rises respectively:
Sydney had the largest growth by 3.4 percent during the December 2014 quarter and 12.2 percent for the year.
Brisbane rose 1.4 percent (quarter), and by 5.3 percent (year).
Melbourne increased by 1.3 percent (quarter) and 4.5 percent (year).
Hobart rose by 1.0 percent (quarter) and 2.2 percent (year).
Adelaide increased by 0.8 percent (quarter) and 2.5 percent (year).
Perth grew by 0.3 percent (quarter) and by 1.2 percent (year).
Canberra rose by 0.2 percent (quarter) and by 1.7 percent (year).
Darwin was the only Australian city to record property price decreases. Darwin recorded a 0.6 percent loss for the quarter, and a 0.8 percent loss over the year.
Experts suggest that the housing market is at sustainable levels as after inflation-adjusted terms, the rate of home price growth is now approximately 5 percent.
Are you interested in buying a home or investment property? If so, then contact eChoice and find the right home loan for YOU today.
Written by eChoice