24 July 2013
Median prices head upwards Newly released June quarter figures from the REIV show median prices are rising with a 2.4 per cent increase in house prices to $562,000. Apartments also experienced price growth with a median price of $464,500. The seasonally adjusted figures indicate that the 2011 dip in prices has now been recovered. Buyer demand continues to build and strong investor activity, including interest from offshore investors, have helped push prices upwards. Auction clearance rates are tracking 10 points higher than this time last year. With low interest rates contributing to a strong rise in the number of buyers in the marketplace, prices are expected to increase steadily as we head towards the traditionally busy spring quarter. Sellers who´ve been waiting for confirmation of price recovery are now in a position of greater confidence, and as a result we can expect to see the number of listings increase in the weeks leading up to spring. For a no obligation professional opinion of your property´s value in the current market, contact us today.
Greg Hocking