House Prices In Melbourne

[glen]

no worries sydney. hopefully i can bring a "half price houses in melbourne" storey soon! <img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/smile.gif' class='bbc_emoticon' alt='' />

[glen]

Economists also point out that the latest house price data is only to March 31. They are expecting that price data for April - when it becomes available - will show the market is cooling and they expect price growth will slow over the remainder of the year.

The chief economist at AMP Capital Investors, Shane Oliver, is expecting price rises to "slow right down" with an increase in prices of about 5 per cent during this year. He says the middle and upper end should continue to do better at about 10 per cent, with prices of lower-end properties flat or slightly down over the year.

[url="http://theage.domain.com.au/real-estate-news/property-still-hot-despite-cooling-factors-20100525-w9si.html"]http://theage.domain.com.au/real-estate-ne...00525-w9si.html[/url]

[glen]

Price growth to slow



For their part, real estate experts are already tipping a moderation in house prices growth after home loans fell for the sixth consecutive month in March.



RPdata analysts said yesterday that capital city auction clearance rates - which typically track home prices - had dropped to about 63 per cent last weekend. In the year and half before, they had hovered in the range of 70 and 80 per cent.

[url="http://www.theage.com.au/business/property/households-pull-back-spending-as-rates-bite-20100528-wiv6.html"]http://www.theage.com.au/business/property...00528-wiv6.html[/url]

[glen]

Australia’s capital city housing markets recorded virtually no capital gains in the month of April.

[url="http://twitter.com/rpdata/statuses/15749984481"]http://twitter.com/rpdata/statuses/15749984481[/url]

THE balance between supply and demand may finally be levelling but the scales are tipping in favour of buyers.

The weekend's clearance rate was 70 per cent, from a reported 855 auctions - a strong result considering the unseasonably high stock levels.

[url="http://www.theage.com.au/business/property/market-settles-as-milliondollar-houses-lag-20100606-xn53.html"]http://www.theage.com.au/business/property...00606-xn53.html[/url]

[glen]

Shrinking sales

JOHN COLLETT

June 16, 2010



Further confirmation that housing markets in Sydney and Melbourne are cooling came on Saturday, with auction clearance rates down. Even making allowances for the long weekend, the numbers were soft. According to Australian Property monitors, Sydney's clearance rate was 61.2 per cent compared with about 70 per cent a year ago. In Melbourne, the clearance rate was just under 60 per cent, compared with about 80 per cent a year ago.

[url="http://www.smh.com.au/money/planning/shrinking-sales-20100615-yb6y.html"]http://www.smh.com.au/money/planning/shrin...00615-yb6y.html[/url]

[glen]

Morrell says he was surprised at the market's volatility, as demand has slowed considerably compared to its performance over the past year.



"The market has had a train smash. The caution light is on, and for the first time in nine months we're not chasing vendor expectations. You've only got to look at the property that was passed in at the top end to see this, because it isn't going for as much at all."

[url="http://www.smartcompany.com.au/property/20100621-tips-for-property-bargain-hunters-as-market-continues-to-cool.html"]http://www.smartcompany.com.au/property/20...es-to-cool.html[/url]

[glen]

Melbourne’s auction clearance rate fell to an 18-month low, this weekend as the city also deals with record properties on sale. Of the 885 properties for sale this weekend, 67% of them were sold.

[url="http://au.ibtimes.com/articles/20100621/melbourne-sydney-clearance-rates-fall.htm"]http://au.ibtimes.com/articles/20100621/me...-rates-fall.htm[/url]

Posted 21 June 2010.

[glen]

This page is quite interesting re: auction clearance rates:



[url="http://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf"]http://www.homepriceguide.com.au/saturday_...s/Melbourne.pdf[/url]

[glen]

New home sales plunged the most in nearly two years in May amid higher interest rates and rising economic uncertainty.



The Housing Industry Association said the volume of new home sales dropped 6.4 per cent in May, falling more than 12 percentage points from its April increase of 6.2 per cent, as weak demand for houses weighs on the construction and lending markets. It was the weakest monthly result since July 2008.

[url="http://theage.domain.com.au/real-estate-news/new-home-sales-plunge-in-may-20100630-zkrg.html"]http://theage.domain.com.au/real-estate-ne...00630-zkrg.html[/url]

[glen]

For the first time this year, most investors surveyed are expecting house prices to remain flat or fall.



SENTIMENT among Australian property investors is turning increasingly bearish, according to the latest Investor Pulse poll of investors conducted by Colmar Brunton and BusinessDay.



For the first time this year, the number of investors expecting house prices to remain flat or fall outweighs those who see prices rising. The fundamental reason for the shift in sentiment is a dawning belief that Australian housing is in a ''bubble'' that at some point will burst and return to historic levels of affordability.

ADELE FERGUSON

July 15, 2010

[url="http://theage.domain.com.au/real-estate-news/bubbleburst-fears-rise-20100715-10bod.html"]http://theage.domain.com.au/real-estate-ne...0715-10bod.html[/url]

[glen]

Australia’s median home price was 6.8 times gross yearly income last year, compared with 5.1 times in the U.K. and 2.9 times in the U.S., according to the annual Demographia International Housing Affordability Survey. The nation of 22 million people has six of the 10 most unaffordable cities among the U.S., U.K., Canada, Ireland, New Zealand and Australia, the survey showed.



The median home in Australian cities cost A$468,000 ($395,000) in May, figures from real estate monitoring company RP Data show. The median price of a new home sold in the U.S. in 2009 was $216,700, according to government data.

[url="http://www.bloomberg.com/news/2010-07-05/housing-shortage-defuses-australia-s-time-bomb-as-prices-top-u-s-by-82-.html"]http://www.bloomberg.com/news/2010-07-05/h...u-s-by-82-.html[/url]

[glen]

Real estate agents, developers, owners and fund managers see Melbourne prices rising only 0.7 per cent over the next 12 months, down from 5.8 per cent growth expected over the 12 months from March, the National Australia Bank quarterly property survey shows.

[url="http://www.theage.com.au/business/house-prices-still-rising-but-slowing-20100728-10w82.html"]http://www.theage.com.au/business/house-pr...0728-10w82.html[/url]

[syd4ne]

[quote name='glen' timestamp='1280369260' post='28382']

[url="http://www.theage.com.au/business/house-prices-still-rising-but-slowing-20100728-10w82.html"]http://www.theage.com.au/business/house-pr...0728-10w82.html[/url]

[/quote]

Hi Glen, do you know a good website or book to learn about buying property in australia?

[glen]

yeah i guess i would start with consumer affairs



http://www.consumer.vic.gov.au/CA256EB50...rty~&2=~&3=~

[syd4ne]

[quote name='glen' timestamp='1288443778' post='30751']

yeah i guess i would start with consumer affairs



[url="http://www.consumer.vic.gov.au/CA256EB5000644CE/page/Buying+and+selling+property?OpenDocument&1=50-Buying+and+selling+property~&2=~&3=~"]http://www.consumer....operty~&2=~&3=~[/url]

[/quote]

Thanks!!!

I end up ordering this book as well:

http://www.borders.com.au/book/your-mort...y/1221431/

[glen]

seems to promise a lot! let us know if its worth the cover price <img src='http://www.melbournechat.org/public/style_emoticons/<#EMO_DIR#>/smile.gif' class='bbc_emoticon' alt='' />

[BullionBaron]

Well, it looks like Melbourne housing is finally starting to cool... good timing for me as I'll be moving there soon!

[Lipstick]

great read...



MELBOURNE median house prices were stable over the June quarter, according to the latest Australian Property Monitors report.



National median house prices, however, fell over the quarter by 0.6 per cent.



Sydney was the only capital city to record growth in median house prices, rising by just 0.1 per cent.





Read more: [url="http://www.smh.com.au/business/property/melbourne-house-prices-remain-on-even-keel-20110731-1i6bk.html#ixzz1V4VeMdxR"]http://www.smh.com.a...l#ixzz1V4VeMdxR[/url]

[BullionBaron]

This page has a good list of property data to check out how the market is performing.....



http://www.australianpropertyportal.com/Research



House price stats, auction results, sales histories, vacancy rates etc etc

[Kaylene1]

House prices fell an average of almost 3 per cent - or $16,000 - in the three months to September.

The value of property sold in Victoria in the past financial year plummeted almost 20 per cent - the biggest drop in a decade.

Melbourne's median house price is now $551,000, down $50,000 from its peak last December.

Experts blame global economic uncertainty, saying it could be next year before spooked buyers return to the market.

Even so, a Commonwealth Bank-RP Data report reveals pockets of Melbourne have huge demand from buyers, making them a seller's dream.

Real Estate Institute of Victoria September quarter figures show the city's property slump has belted house prices in many suburbs: Elwood, Malvern, Blairgowrie and Box Hill were the worst hit.



But several areas have defied the slowdown: Hawthorn East, Balwyn and Eltham North were among those posting big gains.

Melbourne now has 28 suburbs with a median price of more than $1 million.

Hawthorn East, Albert Park and Alphington each hit record peaks in the three months to September.

But 12 suburbs have fallen out of the $1 million club, with house prices sliding below the magic mark in the past 18 months.

Outside Melbourne, house prices in Geelong rose 5.7 per cent while they were flat in Ballarat and fell 2.6 per cent in Bendigo.

REIV spokesman Robert Larocca said global economic uncertainty was playing havoc with the property market.