Quarterly Report – Real Estate Market
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December 2011Re: December 2011 Quarterly Report – Real Estate Market – “Market Softens”I am writing to continue with my quarterly update on the property market and to advise that Blandfordia Real Estate continues to offer quality sales, property management and strata management services. We are also pleased to announce that we were finalists in the REIACT Property Manager of the year for 2011, for the second year in a row. I hope that the information below may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found over leaf and is taken from the Real Estate Institute of Australia ( REIA) September 2011 Quarterly report (the latest release). In summary, the REIA states that over the year all Australian capital cities recorded decreases in median house prices, with the exception of Melbourne which increased by 1.4%. Canberra saw a small decline of 1.9% in house prices and a 2.3% decline in apartment prices for the year. The REIA welcomed the Reserve Bank’s decision to decrease rates in both November and December for a total .5% decrease. It anticipates this will bring positive results for the residential property market by improving the level of activity in the market, in particular, the level of first home buyers entering the market. Rental markets were mostly static in the capital cities with Canberra rents for homes unchanged and apartment rents down by 2.3% in the quarter. The vacancy rate in Canberra has increased slightly to 2.1%. I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time. Yours sincerely, John Whiting B.A. (Hons), F. Fin.
Source: Real Estate Institute of Australia Summary of Median Weekly Rents, September Quarter 2011
Source: Real Estate Institute of Australia September 2011Quarterly Report – Real Estate Market – “Quieter Times”I am writing to continue with my quarterly update on the property market and to advise that Blandfordia Real Estate continues to offer quality sales, property management and strata management services. The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found over leaf and is taken from the REIA’s June 2011 Quarterly report (the latest release). In summary, the REIA states that house prices were mixed in the quarter with Sydney, Melbourne , Adelaide and Hobart up and Brisbane, Perth Canberra and Darwin down. Canberra saw a small decline of 0.6% in house prices and a 2.3% decline in apartment prices for the quarter. Rental markets were mixed in the capital cities with Canberra rents for homes static and apartment rents up by over 2% in the quarter. The vacancy rate in Canberra has tightened slightly to 1.6%. Interestingly Canberra is currently the 2nd most expensive for bioth house and apartments rents after Darwin and Sydney respectively. I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time.
Yours sincerely,
John Whiting B.A. (Hons), F. Fin.
Source: Real Estate Institute of Australia June 2011March 11 Quarterly Report – Real Estate Market – “A Retreat”I am writing to continue with my quarterly update on the property market and to advise that Blandfordia Real Estate continues to offer quality sales, property management and strata management services. The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found below and is taken from the REIA’s March 2011 quarterly report (the latest release). In summary, the REIA states that house and apartment prices decreased in Australia over the quarter by 2.5% and 1.8% respectively; these are the largest falls since June 2008. Canberra saw one of the largest declines in median house prices for the quarter with a 5.7% drop, just below Melbourne’s decline of 6%. The REIA observed that we are witnessing the impact on prices of the increases in the cash rates during the second half of last year, the rise in the cost of living and the natural disasters in Queensland. The REIA is of the opinion that the softness in the market is explained by the economic conditions and is not a bubble that is about to burst. I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time.
Source: Real Estate Institute of Australia
September Quarter Re: September 2010 Quarterly Report – Real Estate Market – “A Decline” I am writing with my quarterly update on the property market and to advise that Blandfordia Real Estate continues to offer quality sales and property management services. The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found below and is taken from the REIA’s September Quarterly report (the latest release). In summary, the REIA states that the property market declined in the quarter with the exception of Sydney, Melbourne and Hobart. Canberra saw a modest decline of 1.9% for the quarter but still is showing an annualized increase of 15.6% from September 2009. The REIA observed that although cash rates remained unchanged over the September quarter, housing affordability levels were declining putting upward pressure on household finances. This was not only affecting current house purchasers but also new buyers trying to enter the property market. On the brighter side there seems to be a noticeable loosening of lending criteria as lender competition returns. I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time.
Source: Real Estate Institute of Australia Summary of Median Weekly Rents, September Quarter 2010
Source: Real Estate Institute of Australia Yours sincerely,
John Whiting B.A.(Hons), F.Fin. 0413 999646 June Quarter "A Rebound” I am writing to continue with my quarterly update on the property market and to advise that Blandfordia Real Estate continues to offer quality sales and property management services. The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found over leaf and is taken from the REIA’s June Quarterly report (the latest release). In summary, the REIA states that the property market rebounded in the quarter with median house prices and apartment prices in Australian capital cities increasing by 3.2% and 3.1% respectively. This was mainly due to robust growth in Sydney and Melbourne with Canberra nearly static. Since September 2009, the value and number of dwelling finance commitments have shown a downward trend which is attributable to decreases in the number and value of loans to purchase existing dwellings and construction of dwellings, coupled with first home buyers exiting the market. Recent economic data suggests continued growth of the economy with the high terms of trade increasing income and private demand recovering from the GFC. According the REIA expects a healthy property market for the rest of the year with an increase in activity in the medium to long term. Rental markets have been little changed over the quarter although the median rent for apartments dropped in Canberra by 10% from a large upward move in the previous quarter. The tightest rental markets based on vacancy factors are Canberra (1.1%) , Adelaide (1.1%) and Sydney (1.3%). I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time. Summary of Median House Prices ($, 000), June Quarter 2010
Source: Real Estate Institute of Australia Summary of Median Weekly Rents, June Quarter 2010
Source: Real Estate Institute of Australia
John Whiting
March Quarter “Market Slowing”
The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property.
The main body of statistics is found below and is taken from the REIA’s March Quarterly report (the latest release). In summary, the REIA states that the property market price growth slowed over this quarter after the previous quarter was the strongest in over a decade. The cessation of the First Home Owners Grant Boost and the increases in mortgage rates has contributed to the more moderate growth in median prices.
Adelaide and Perth led the way this quarter with increases of 4.5% and 3.1% in median house prices respectively with Melbourne showing a 2% fall as did Canberra with a minus .2%. Interestingly even with prices slowing this quarter the annualized rate of price growth in Australian cities was 18.7%, the highest since 2003. Canberra saw the highest price increase for other dwellings (units etc) of 8.5% for the quarter.
Rental markets have been solid with slight increases in rents with the exception of Darwin where rents for 3 bedroom homes dropped 12.6%. The vacancy factor in Canberra for the quarter was static at 1.0% and still remains the lowest in the nation, just below Sydney. The industry benchmark vacancy rate is considered to be 3%; vacancy rates lower than 3% indicate strong demand for rental accommodation. Rents for 2 bedroom other dwelling in Canberra jumped by 8.5 % this quarter to $445 per week, a rate greater than that for 3 bedroom houses.
I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time.
Source: Real Estate Institute of Australia
Summary of Median Weekly Rents, Mar. Quarter 2010
Source: Real Estate Institute of Australia Yours sincerely,
John Whiting B.A. (Hons), F.Fin. 0413 999646
12 July 2010
December Quarter The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found below and is taken from the REIA’s September Quarterly report (the latest release). In summary, the REIA states that the property market continued to climb over the quarter and this is the third successive quarter that has recorded increases in median prices across all Australian capital cities. The Australian median price of $481,310 is the highest since the December quarter 2007. Darwin continues to see dramatic price increases with a jump of 15.4% for the quarter (up 42.5% for the year) followed by Melbourne up 6.7 %( or 11.6% for the year). All other capitals saw price increases but at less than 5% (Canberra was up 3.3% for the quarter and is now up 6.9% for the year to date). Interestingly property prices in the Inner South, Inner North, Woden and Weston Creek were up over 15% for the year with only single figure increases in the Tuggeranong, Belconnen and Gungahlin areas. Rental markets have been solid and Canberra remains the second highest capital city behind Darwin for both houses and flats. The vacancy factor in Canberra for the quarter was 1.0% and is the lowest in the nation. It would not be surprising therefore to see rents stronger in the December quarter statistics. I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time.
Yours sincerely,
John Whiting B.A.(Hons), F.Fin. 0413 999646
Source: Real Estate Institute of Australia
Summary of Median Weekly Rents, Sep Quarter 2009
Source: Real Estate Institute of Australia September Quarter The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition, disposal or rental of property. The main body of statistics is found over leaf and is taken from the REIA’s June Quarterly report (the latest release). In summary, the REIA states that property prices have stopped falling and appear to be on the way up in all capital cities this quarter, with the Australian median house price up 5.1 %. Factors contributing to this change are increased investor activity and the revival of the second and third home buyers in the market. These buyers are selling established homes in many cases to first home buyers who prefer to buy established homes in 7 out of 10 cases. Annecdotal comments from Mortgage Choice suggest that investor enquiry is high and they are preparing to hit the ground running in 2010 particularly once competition from first homebuyers, active since last spring, dissipates. Darwin continues to see dramatic price increases with a jump of 19.3% for the quarter followed by Melbourne up 9% and Hobart up 6.7%. All other capitals saw price increases but at or less than 5% ( Canberra was up 2.2% for the quarter and now is down only 2.1% for the year to date). Rental markets appear to have come off the boil in most of the larger capital cities with some lessening of demand. Canberra in particular gave a lot of last quarter’s increase back with a drop of 4.8% for 3 bedrooms homes although it remains the second most expensive capital city at $400 per week and also second for 2 bedroom apartments at $395 per week. I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time.
Yours sincerely,
John Whiting B.A.(Hons), F.Fin. 0413 999646
P.S. If you would prefer to get this report electronically in future please let me know at john.whiting@blandfordia.com.au
Source: Real Estate Institute of Australia
Summary of Median Weekly Rents, June Quarter 2009
Source: Real Estate Institute of Australia June Quarter The summary below is based on just released information from our main industry source, the Real Estate Institute of Australia (REIA). I hope that this information may help you in making informed decisions with regards to the future acquisition or disposal of property. The main body of statistics is found over leaf and is taken from the REIA’s March Quarterly report (the latest release). In summary, the REIA states that the housing market has been relatively weaker in the last quarter with the national weighted median house price decreasing by 4.7%. Quarterly results were mixed with median house prices increasing in Brisbane, Perth, Canberra (+1%) and Darwin but decreasing in Sydney, Melbourne, Adelaide and Hobart. The annual statistics saw prices drop in all capital cities apart from Darwin and interestingly Canberra saw the smallest annual decline of 3.2%. This quarter has shown that with housing affordability increasing and rents continuing to rise or stabilize it is cheaper to own a home than to rent in Hobart, Darwin and Canberra when compared with average loan repayments. The largest increase for a 3 bedroom house rental occurred also in Canberra with a 6.3% increase. The quarter has also seen a substantial tightening in lending criteria and an overall increase in turnaround times for loan applications and this is impacting particularly on the first home buyer market. Sydney was the only capital city to see a decrease in vacancy rates for rental properties to 1.2% but no capital cities had vacancy rates greater than 3% with Canberra coming in at 2.5% I hope you find this information of interest and I am happy to discuss any aspect of the market with you in more detail at a convenient time. Yours sincerely, John Whiting B.A. (Hons), FFin john.whiting@blandfordia.com.au 0413 999646 |
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Summary of Median House Prices ($, 000), March Quarter 2009.
Source: Real Estate Institute of Australia
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Summary of Median Weekly Rents, March Quarter 2009
Source: Real Estate Institute of Australia |
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2/25 Murray Crescent Manuka ACT 2603 P 6239 5888 F 6239 5777 E info@blandfordia.com.au P O Box 3512 Manuka ACT 2603