Melbourne Property Market Update – February 28th, 2015
By Peter Sarmas on 28 Feb 2015
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Are booming property prices becoming unaffordable?
Peter Sarmas discusses the growing trend of first home buyers forced to look at apartments, an investment property first or cheaper house and land packages in Melbourne’s outer suburbs.
Where are most of Melbourne’s million dollar homes sold?
Over the past year, the million-dollar list has changed and shows some interesting shifts in the market. Firstly, there are many more with 9,684 sales over a million. Secondly five of the top 10 are new. Robert Larocca of CoreLogic RP Data reveals where most of Melbourne’s million dollar homes are sold.
Australian Land Supply Pressure Growing
“During the September 2014 quarter the number of land market transactions fell, while price growth accelerated,” commented HIA Senior Economist, Shane Garrett. “These are the classic hallmarks of a market which is fast running into supply problems.” Sourceable Industries News points out that the latest HIA-RP Data Residential Land Report provided by the Housing Industry Association and CoreLogic RP Data, show that acute supply bottlenecks are affecting Australia’s residential land market.
Property Boom Pushes Aussies Into Flats
The dream of the quarter acre block with a dog or two and a barbeque is fading fast. Business Spectator reports that in the year to November, multi-unit dwellings accounted for 43 per cent of all home building approvals, well above the 20 year average rate of 33.7 per cent, according to the latest Bank West Housing Density report.
Big year set for Sydney and Melbourne
The February Residential Market Report, released by Propell National Valuers, predicts the Sydney and Melbourne housing markets would continue to grow by 10% and 7% respectively. Propell economist Linda Phillips said the continued fall in interest rates would reduce the cost of entry into the housing market. Read the full article at Your Investment Property.
Residential Building Hits Highest Numbers in Seven Years
Master Builders’ forecasts were more bullish in their outlook predicting a strengthening upturn and record highs, and we are now seeing the benefits for the wider economy begin to flow from the highest level of residential building starts on record. What other survey indicators have strengthened?
