Australian House prices Outlook

Discussion in 'Australia Property' started by Damian George, Jul 30, 2010.

  1. Damian George

    Damian George New Member

    Australian House prices Outlook

    RP Data-Rismark data for June show Australian house prices fell for the first time in 17 months, with national median prices decreasing 0.7% (seasonally adjusted) in June to be up 10.5% over the past year. Price growth continues to be following a clear trend decline to more sustainable single-digit annualised growth.
    Home prices fell across all capital cities. While Melbourne home price growth continues to outperform in annual terms (+16.0%), only Perth showed a larger monthly fall in June. Sydney home prices fared best in June, remaining largely unchanged (down 0.1% for the month +10.4% over the past year).*After recording negative monthly growth in May, both Brisbane and Perth home prices fell again in June to be down 0.8% (+4.5% over the past year) and 1.5% (+5.1% over the past year) respectively. *
    *
    Signalling that the recent round of RBA rate hikes is impacting housing affordability and demand, house price growth and expectations have shifted closer to sustainable levels. The times of last years strong double digit growth in home prices experienced across most capital cities are now behind us. While we expect higher official interest rates into late-2010 and 2011, continued strength in employment and income growth should ease the pressure on housing affordability.

    With expectations that the Australian economy will benefit from a renewed China-led commodity price boom and a continued underlying shortage of Australian housing, we do not expect this months fall in house prices to continue. We do expect that house price growth in annual terms will continue to slow to low single digit rates over the year ahead.


    For the full story please visit ANZ - Personal - Online Banking
     
  2. EPI_Den

    EPI_Den New Member

    Great stuff Damian.

    It seems that the entire market is softening a bit now - Melbourne, which led the way earlier this year seems to leading the way by dropping off first.

    What do you see for 2011? Everything is in cycles and I can't help but think that there might be a little more strength in the Qld market next year... Your opinion?

    Cheers,
    Den
     
  3. Damian George

    Damian George New Member

    I have a property on the sunshine coast that wont shift unless i drop the price by 10%

    buyers want bargins especially as the rba keeps hiking rates
     
  4. EPI_Den

    EPI_Den New Member

    I notice that September figures show Sydney, Brisbane and Melbourne all up (by 0.9%, 0.7% and 0.5% respectively). Not such great news for other capital cities.
    I think property values are consolidating a bit but we have to remember that figures like this don't show how particular types of properties, or particular areas are performing... I have a just listed an apartment in Melbourne and the agent has been swamped...
    :)
    Den
     
  5. Wendell Zuchs

    Wendell Zuchs New Member

    Let's see how those figures will take effect on the sightings of real estate buyers.
     
  6. TKline

    TKline New Member

    Well, since this thread was started things have deteriorated rapidly in Australia. The housing market crash/collapse is well underway!
     
  7. pencilpusher

    pencilpusher Banned

    Yep wondering when will this crash take place... I've seen people buying houses and even investors doing some work. I must say I hope this is all just in the news....
    cheers
     
  8. kaz101

    kaz101 New Member

    Well that first post was interesting considering now that China is trying to slow down their own growth which I assume will have an affect on us in Australia.

    Unfortunately I don't think it's just all in the news.
     
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