The metropolitan Sydney vacancy rate tightened by 0.1 percentage points to 1.7% in April, according to new figures compiled by the Real Estate Institute of New South Wales (REINSW).
For those interested in the Australian residential property market, below are a collection of figures illustrating long-term trends. Housing prices and land values are compared to a basket of fundamental metrics. Australians are fortunate because much data on real estate and financial markets are publicly available, going into depth not seen in other countries.
Brisbane was the top performing mainland property market over January with property values up 2% to a median of $432,250, according to RP Data-Rismark.
Mention of the Gold Coast residential market rarely raises an eyebrow these days, unless there’s a story about a megamillion-dollar sale, or word of more bad karma in the market.
The prices of Brisbane apartments increased by 2.3% over November to a median of $360,000, in contrast to a flat capital city housing market, according to the latest monthly update by RP Data-Rismark.
The forecast is for clear skies in many parts of the Australian residential land market – but if you’re in Melbourne or Adelaide, don’t pack a picnic just yet.
These are 10 of the traditionally pre-eminent guises of investment risk, but specifically as they apply to Australian property investors.
The confidence level amongst Australian consumers (as measured by the Westpac-Melbourne Institute Consumer Sentiment Index) has been on an upwards trend since April this year, and over November the Index recorded a sharp rise to reach the highest level since April 2011. An easy way to interpret the index is when the reading is over 100, optimists are outweighing pessimists and when the index is lower than 100 pessimists are outweighing optimists. In November 2012, the Consumer Sentiment Index was showing a value of 104.3.
This is the first in a series about the current state of play in each of our eight capital cities. Today we feature Sydney and Melbourne; in early December we will cover Brisbane and Adelaide, with the other four to follow soon after.
Most people who have any interest in the housing market will appreciate that the performance of home values can vary broadly based on a range of factors. Geographically, for example, we have seen Darwin values rise by more than 8% over the first eight months of the year, while Melbourne values have fallen by 2.6% over the same time frame. Across the broad housing types there are differences as well, with unit markets generally showing stronger conditions compared with the detached housing market.