Inspiring Confidence

STRONG RESULTS IN REAL ESTATE MARKET INSPIRES CONFIDENCE

Australian Real Estate Market up 13 percent for the final quarter of 2013 and with interest rates expected to stay low in 2014, an influx of interest reflected in our local Sunshine Coast Real Estate market is very positive...

The Real Estate Institute of Australia says that Australia’s housing market is in a growth phase and 2014 is looking positive for the sector, according to the latest Bendigo Bank/REIA Real Estate Market Facts publication.

Real Estate Institute of Australia (REIA) President Peter Bushby says, “The weighted average, capital city, median price increased by 5.7% for houses and 4.5% for other dwellings.”

“The weighted average, median house price for the eight capital cities is now $598,044. All capitals contributed to the increase, with the largest rise in Melbourne, up by 7.3% .”

“At $763,169, Sydney’s median house price is the highest among the capitals. Hobart remains the lowest at $370,000, which is 38.1% below the national weighted average.”

“Compared to the same time last year, the weighted average median house price rose 13.1%.”

“The weighted average, median price for other dwellings for the eight capital cities was $482,584. Over the quarter, with the exception of Darwin, all Australian capitals had increases. While Melbourne had a 6.1% rise, the median price in Darwin fell by 5.2%.”

“There was mixed news for investors over the December quarter. The median house rent for three bedroom houses increased in Sydney, Melbourne, Adelaide and Hobart. Rents remained unchanged in Brisbane while Perth, Darwin and Canberra had falls of 2.1%, 5.2% and 1.1% respectively.”

Mr Bushby concluded that interest rates were expected to stay low and that we should expect a generally positive 2014, with steady improvement in activity across most markets.

The Brisbane Real Estate market is really taking off with Sunshine Coast Real Estate following close behind. We are experiencing record inquiries from local, interstate and overseas buyers. February & March have seen an influx of buyers literally walking into our Mooloolaba office with cash in their pockets and they are ready to buy.

Our only concern is that we need more properties, many vendors are holding off from selling their homes hoping to time their house sale for just the right moment to get the best possible price. The risk in holding on too long of course, is that the market can then become saturated with sellers all listing their properties at once.