residential Property MARKET OVERVIEW AND OUTLOOK
publication 10 / 2014
DECEMBER 2014
Residential Market Update
Over the month of November 2014, Sydney yet again posted a +1% rise in home values as the combined capital city home values increased by 8.5% over the 12 months to November 2014, although the market is now showing signs of slowing into the Christmas / Summer period after a peak in growth of 11.5% in April 2014.
Residential property in Australia is the nation’s single largest and most valuable asset class with a total estimated value of $5.6 trillion as at October 2014. The value of residential property is significantly larger than the value of listed equities ($1.6 trillion), Australian superannuation ($1.8 trillion) and commercial real estate ($0.7 trillion). Over the 12 months to June 2014, Australian gross domestic product (GDP) was recorded at $1.57 trillion indicating that the value of residential property is more than three times larger than the annual output of the Australian economy. Historically speaking, mortgages have generally performed well with low arrears, strong return on equity, consistent earnings, risk transfer benefits from higher risk loans generally insured via lender’s mortgage insurance (LMI), general upward trend in home values and that Australians tend to prioritise repayments of their mortgage. Of course, the high level of mortgage lending has contributed to the bidding up of property values and the subsequent high level of housing debt. Over the past two and a half years, combined capital city home values have been rising. The level of value growth experienced has been mixed across capitals, however, the two largest capitals Sydney and Melbourne, both recorded the strongest capital growth conditions of all capital cities. According to RP Data, home dwelling values across Australia’s capital cities fell by -0.3% over the month of November 2014, however, the majority of capital cities experienced modest growth (Sydney +1.0%, Brisbane +0.4%, Perth +0.9% and Hobart +0.2%). Over the last quarter, home values rose on average 0.8% nationally, suggesting the rate of growth is slowing. Over the last year, home values rose on average 8.5%, and whilst healthy, is lower than the peak growth of 11.5% observed in April 2014. All capital cities are now experiencing lower growth than their recent peak, apart from Hobart. Sydney and Melbourne still remain the dominant players in the property market, where
2
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
annual value growth peaked at 16.7% in April 2014 and at 11.9% in January 2014 respectively. The two states continue to remain the main driver of value growth over the past 12 months. The Sydney residential market has continued to be strong over the past 12 months. Over the past year, Sydney and Melbourne home values increased by 13.2% and 8.3% respectively, however, Melbourne’s growth remains higher than the third strongest performing city for capital growth, Brisbane. Brisbane recorded a 6.2% increase over the same timeframe and Hobart (+5.2%) was the only other capital city to record annual value growth in excess of 5%.
We have seen residential property prices go from strength to strength with market demand far exceeding supply. Investor activity continues to be at strong levels, taking advantage of record low interest rates which have been ‘on hold’ for a record 15th consecutive month.
Western Sydney has seen consistent growth showing little sign of slowing and demand is continuing to outstrip supply. The main drivers for growth this year have been low interest rates, limited stock and high demand. The suburb of Seven Hills as an example has seen 24% growth in home values in the 12 months to July 2014 according to Australian Property Monitors. However, according to RP Data ,Sydney in recent months has experienced lower rental returns suggesting that investors are chasing capital growth. Investors who purchased two years ago have enjoyed strong value growth, however, investment is now spiking and at a time when the growth cycle is very mature and rental yields are around historic lows. Over the past five years, Sydney has experienced the greatest total housing value growth of the four largest capital cities.
Major interest in Melbourne’s inner north from developers and investors.
The property price point in excess of $1million is a different story - most areas have experienced between 10% to 15% growth in the past 12 months with most properties under $2 million moving ahead in leaps and bounds as investors are now making up a record percentage of buyers. City fringe suburbs continue to undergo further urban renewal project development capitalizing on zoning changes from industrial to residential, especially high density suburbs such as Botony, Alexandria and Hillsdale, which represent great investment opportunities for first time and seasoned property investors. We have also noticed increased auction clearance rate activity and overall sales closures in the prestige market. The year 2014 has been red hot in the residential sector of Melbourne. When comparing current median house prices to those in 2013, the results are a staggering $91,000 increase in the median housing price, with an annual growth of 16.34% for the year to date based on recent results released by REIV. Although the Melbourne market is considered second only to Sydney in terms of housing price growth, the results have shaped a well-supported and firming market. For example, the demand in the prestigious suburb of Hawthorn, with an average price of $1.4m was just as strong with 83.3% of properties being sold at auction. Closely following this year was Balwyn North with a median house price of $1.35 million, an annual increase of
27%. There has been major interest in the inner north attracting many developers and investors. With the infrastructure surrounding the universities, these areas are becoming a hot spot for the student markets and young renters. Northcote for example is evident of this trend, with 38% of people living in the suburb aged between 20 and 39. Over the past five years, Melbourne has experienced total value growth of 28%, according to RP Data. Interest rates have been at a 60-year low of 2.5% for 15 consecutive months, the longest steady sequence since 2003. New dwelling approvals increased 11.4% over the months, driven by an increase in unit approvals partially offset by a reduction in the level of new home approvals. ABS’s preliminary estimates show that the price index for residential properties for the weighted average of the eight capital cities rose 1.5% in the September quarter 2014 and the index rose 9.1% through the year to the September quarter 2014. The capital city residential property price indexes rose in Sydney (+2.7%), Melbourne (+1.0%), Brisbane (+1.0%), Adelaide (+1.0%), Hobart (+1.0%), Canberra (+0.3%) and Darwin (+0.3%) and fell in Perth (-0.1%). Annually, residential property prices rose in Sydney (+14.6%), Melbourne (+6.9%), Brisbane (+6.7%), Adelaide (+5.6%), Hobart (+4.3%), Perth (+3.7), Darwin (+3.4%), and Canberra (+2.4%).
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
3
Residential Market Update
Key statistics NOVEMBER 2014*
ECONOMIC GROWTH WORLDWIDE 2014 US, EUROPE & JAPAN 2013 AUS annual to SEPTEMBER 2014 AUSTRALIAN 3rd quarter 2014
Consumer Sentiment Index
AUD BUYS
0.8274 USD
3.1% 2.2% 2.7% 0.3%
Westpac - Melbourne institute
UPDATED on 12th DECEMber 2014
96.6
1.9%
in OCTOber
GDP growth
2014
Australian Employment UNEMPLOYMENT 6.1%
RBA STATS 0% 0%
PARTICIPATION NOVEMber 2014
$ 29,201
-0.3%
1%
135 pts
10.8%
Difference from previous Peak Dwelling Value
Dwelling Values
Median House Price
$ 587,500
Median Unit Price
$ 490,000
New Home Sales
3%
Weekly House Rent $ 418 Rental Yield 3.7% Weekly Unit Rent $ 424 Rental Yield 4.5%
4
monthly
8.5% adjusted value of total dwelling commitments
annual
Property Council/ ANZ Property Industry Confidence Index
housing finance
0.8%
Australia wide snapshot
HIA-COMMBANK HOUSING AFFORDABILITY INDEX
77.2
64.6%
in 1 MONTH
quarterly
CASH RATE 2.5% INFLATION 2.3%
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
New Dwelling Approvals
11.4%
Source: ABS, RP DATA, HIA, RBA, Westpac - Melbourne Institute, REIA * As at 30 November
Future estate capital city rating summary - NOVEMBER 2014
STATE
CAPITAL CITY
FUTURE ESTATE SCORE
OVERVIEW
NSW
SYDNEY
VIC
MELBOURNE
Decline in the Asking Price result lead to a decline in Melbourne overall score by -12%. However, all indicators look healthy to excellent
QLD
BRISBANE
Brisbane score is slightly down on last month with a reduction in the Asking Price as a direct result
WA
PERTH
SA
ADELAIDE
Adelaide's score remained unchanged this month
ACT
CANBERRA
Canberra's score remained unchanged this month with little to minimal movement in overall results
NT
DARWIN
A spike in the Auction Clearance rate and Asking Price this month lead to an increase in the score rating by more than 20%
TAS
HOBART
A reduction in Tasmania's Vacancy Rate help elevate the state's overall score this month
Sydney's score declined this month as a result of a weaker than expected Asking Price. All indicators are positive
Perth’s score remains unchanged this month with all lead indicators looking healthy to positive
* Score is out of 5 as indicated by out of 5: Higher score indicates a stronger property market with positive outlook, whereas a lower score indicates a softer market with lower growth prospects.
Source: Future Estate Research
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
5
Residential Market Update
Capital City House and Unit Median Prices as at 30 NOVEMber 2014 State
Capital City
Median House Price ($)
Median Unit Price ($)
Dwelling Trend YTD* (%)
New South Wales
Sydney
$825,000
$605,000
12.4%
Victoria
Melbourne
$633,000
$475,000
5.9%
Queensland
Brisbane
$487,500
$365,000
4.1%
South Australia
Adelaide
$421,000
$336,800
2.5%
Western Australia
Perth
$530,000
$445,000
0.2%
Tasmania
Hobart
$335,500
$247,000
0.8%
Northern Territory
Darwin
$564,500
$530,000
2.2%
Australian Capital Territory
Canberra
$560,500
$410,800
0.1%
Source: RP DATA
Sydney posted a +1% rise in home values in November
6
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
Dwelling trend year on year 14%
Dwelling Trend YoY (%)
13.2%
12% 10% 8.3%
8% 6.2%
6%
5.2%
4% 2.8% 1.7%
2% 0
Sydney ( NSW )
Melbourne ( VIC )
Brisbane ( QLD )
Hobart ( TAS )
Adelaide ( SA )
Canberra ( ACT )
1.4%
1.4%
Perth ( WA )
Darwin ( NT )
Source: RP DATA 30 November 2014
Although combined capital city home values were up 8.5% over the past 12months to November 2014, this growth rate has started to slow since the peak growth of 11.5% was recorded over the month of April 2014. Most capital cities recorded positive results including Sydney (1%), Brisbane (+0.4%), Perth (+0.9%) and Hobart (+0.2%)
DWELLING TREND CHANGE FROM PREVIOUS PEAK and TROUGH (%) Change from Previous Peak and Trough (%) 31.2
32% 28%
24.6
24% 20%
12% 8%
17.5
15.5
16%
Change (%)
28%
17.6
5.2
28.2
24%
Sydney (NSW)
Change (%)
4.6
5.2
21.8
-4%
16%
-8%
12% 17.6
-12% 15.5
8%
0.0
0
20%
Melbourne (VIC)
0.0
-0.7
17.58.9
7.9 Perth
Adelaide (SA)
(WA)
10.6 2.2
7.4 Source: RP DATA as at 30 November 2014 4.8 -2.9
9.4
Melbourne (VIC)
Perth (WA)
Melbourne (VIC) Adelaide (SA)
Perth (WA)
Canberra (ACT)
Canberra (ACT) Brisbane (QLD)
Canberra (ACT)
7.6 Brisbane (QLD)
1.4
-5.7
Change from Previous Peak (%)
5.2 -11.3 -3.9
-8% Sydney (NSW)
-5.7
-11.3
Change from Previous Peak (%) Change from Previous Trough* (%)
14.5
Sydney 6.0 (NSW)
-4%
-2.9 18.8
2.9 3.8
-0.7
18.5
4% 0
5.2
4.8
3.8
4% Change from Previous Peak and Trough (%) 31.2
10.6
Change from Previous Peak and 7.4Trough (%)
-4.6
Darwin Hobart (NT) Change (TAS) from Previous Peak (%)
Change from Previous Trough* (%)
Change from Previous Trough* (%) -9.2
Adelaide FUTURE BrisbaneESTATE Darwin Hobart PROPERTY MARKET UPDATE RESIDENTIAL (SA) (QLD) (NT) (TAS) Darwin (NT)
Hobart (TAS)
– DECEMBER 2014
7
Residential Market Update
auction clearance rates
CAPITAL CITIES
In Sydney, a preliminary clearance rate of 71.2% was recorded, compared to 66.1% last week (7th December 2014), and 72.2% the same week last year. The Sydney auction market has delivered good outcomes to date this year for sellers with a higher clearance rate and number of sales. The clearance rate for 2014 is likely to be close to 74.4% according to RP Data, higher than 72.7% last year.
A preliminary weighted average clearance rate of 65.2% accordingly to RP Data was recorded the week ending 12th December 2014 across capital cities compared to 63.7% last week and 65.1% this time last year.
A clearance rate of 70% was recorded by REIV across Melbourne for the week ending 13th December 2014 compared to 66% the weekend before and 68% this weekend last year. There were 1266 auctions reported to the REIV, with 881 selling and 385 being passed in, 192 of those on a vendor bid. The inner Melbourne region has had the highest clearance rate so far this year resulting in a high 73% and the top auction suburbs so far this year are the suburbs of Reservoir, Richmond, South Yarra and St Kilda - with over 450 auctions held in each suburb.
The market has shown signs of cooling off since the later parts of spring, but this hasn’t prevented the overall clearance rate for 2014 exceeding last year’s result. In 2013 the capital cities clearance rate was 66.2% and with one week to go this year it is 67.9%. With the exception of Melbourne and Perth, the clearance rate has risen in each capital city.
Property auction clearance rates: week ending 13th DECEMBER Auction Clearance Rates The most recent auction clearance rates in both Sydney (~70%) and Melbourne (~70%) are broadly constant to that experienced the same time last year
80%
75% 71%
71.2%
70%
66%
70% 60% 50%
*Not available
40% 30% 20% 10% 0
Australian Property Monitors
RP Data
REINSW*/REIV Sydney
8
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
Melbourne
quarterly capital city house and unit price trend 4%
House Price Trend Over Quarter (%)
3.4%
3% 2%
Unit Price Trend Over Quarter (%) 2.0% 1.5%
1%
0.6% -0.2%
0
-1.6%
-0.4% -1.2%
-1.7% -0.9%
-2.0% -2.4%
-2.2% -5.7%
-3.4% -1.1%
Adelaide ( SA )
Melbourne ( VIC )
Darwin ( NT )
Hobart ( TAS )
Canberra ( ACT )
-1%
Median dwelling price is $559,000 as at November 2014, with Sydney the most expensive capital city ($705,000) and Hobart the most affordable ($315,000)
-2% -3% -4% -5% -6%
Sydney ( NSW )
Brisbane ( QLD )
Perth ( WA )
Source: RP DATA as at 30 November 2014
capital city house and unit gross rental yields Gross Rental Yields
Gross Rental Yields
7% 6%
7% 6.0% 5.9% 6%
5.7% 6.0% 5.4% 5.9% 5.4%
5%
4.5%
5%
4%
4%
3%
3%
2%
2%
5.4% 5.7% 5.4%
5.0%
4.9%
4.5%4.2%
4.2%
4.2%
4.7%
5.0%
4.9% 4.2%
4.1%
4.7%
4.4%
4.2%
4.4%
4.2%
4.1%
3.5%3.5%
3.3% 3.3%
1%
1%
Highest gross rental yields for November 2014 were recorded in Darwin for houses (6%) and units (5.9%), while Melbourne recorded the lowest across both houses and units (3.3% and 4.2% respectively)
0
0 Darwin ( NT )
Darwin ( NT )
Hobart ( TAS )
Hobart ( TAS )
Brisbane ( QLD )
Brisbane ( QLD )
Adelaide ( SA )
Source: RP DATA as at 30 November 2014
Adelaide ( SA )
Canberra ( ACT )
Canberra ( ACT )
Perth ( WA )
Perth ( WA )
Sydney ( NSW )
Sydney ( NSW )
House Gross Rental Yield (%)
House Gross Rental Yield (%)
Melbourne ( VIC )
Melbourne ( VIC )
Units Gross Rental Yield (%)
Units Gross Rental Yield (%)
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
9
Residential Market Update
Key Investment Themes Theme
Summary
Key growth opportunities
§§ Ongoing
Key value opportunities
§§ Discounts to
Yield Growth
§§ Rental
capital growth cycle
comparable properties; new areas to demonstrate growth
income and sustainable above market yield
10
Future Estate View
Comments
§§ Capital cities set to drive the growth
§§ Population growth likely to be one
this year, supported by the larger regional centres especially in Queensland emerging from the dip in activity in early 2013 §§ Sydney offering continued abovetrend growth in the Inner Western and Eastern Suburbs §§ Melbourne market continues to grow steadily
of the key drivers of property market growth §§ Dwelling undersupply is a subsequent factor with critical influence; state building restrictions play a role §§ Long term affordability; cash rate set to expansionary setting on record lows §§ International investor interest with lower AUD and overseas restrictions
§§ Melbourne offers greater affordability
§§ Value continues to be when compared to Sydney demonstrated at the asset level, rather than capital city level §§ Adelaide and Hobart continue to demonstrate high affordability and §§ Pockets of opportunities as lifestyle potential of longer term growth trends emerge – i.e. inner city former industrial suburbs emerging §§ Outer South and North Western as residential growth hubs Sydney seeing strong fundamentals; infrastructure upgrades will drive growth §§ Darwin, Brisbane and Perth, along
§§ Yield compression has not been
with Canberra remain high yield markets due to affordability constraints and dwelling undersupply §§ Regional centers and Gold Coast showing improving yields, which are generally a leading indicator to dwelling price increases
material in the major capitals however will occur if prices continue to trend above rental growth rates §§ Higher housing approval levels likely to mean less upward pressure on rents in some areas §§ Rental growth currently not likely to outstrip dwelling value growth
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
Key Cyclical Themes Cyclical Outlook
Summary
Future Estate View
Comments
Global economy and policy
§§ US Federal Reserve has plans
§§ Indirect impact on residential §§ Global negative impacts on
to curtail QE policy §§ Chinese growth is slower §§ US economy is growing at an estimated 2.5% p.a.
property market via local property markets are consumer confidence, access easing, given favourable to credit and changes to exchange rate and local cash price growth areas rate changes §§ No negative impacts §§ Weaker AUD is leading to currently, due to current international investor interest RBA policies
Domestic growth and policy
§§ Australian annualised GDP
§§ Lowered cash rate and
growth of 3.2% which is above trend §§ Economy remains healthy however the recent tough budget had a dampening effect
improved affordability is assisting in housing market growth §§ Unemployment, at 6% and a lower participation rate is starting to become an issue for the RBA
§§ Interest rates low and forecast to remain stable until the end of 2014 which is having a strong impact on property investment activity
§§ REIA reporting 28.5% (26% in §§ Lower interest rates have §§ Increasing house prices likely to Housing QLD) of household income is translated to strong auction be off-set by lower interest rates affordability spent on mortgage payments, clearance rates of over 80% §§ Housing price growth, besides lowest in a decade in the major capital cities, Sydney, remains at or below §§ The median house price/ areas with high employment trend, which when combined income ratio is about 5, which §§ Affordable inner city suburbs with low interest rates is not is low compared to Asia & are experiencing growth having a major impact on Europe affordability just yet Population growth
§§ 1.8% for 2013 and showing an accelerating trend §§ Over 400,000 people migrated to Australia in 2013 §§ Population growth is a major driver of demand for housing and is forecast to underpin a positive housing price outlook
§§ Below-trend dwelling Dwelling development continues construction §§ Recent spike in approvals still below demand levels
Consumer confidence
§§ Consumer confidence
Household savings / demand for credit
§§ Household savings ratio
emerging, with stronger market fundamentals §§ Investor confidence remains above long term trend levels remains elevated at ~10% of income – back to 1980’s levels §§ Demand for housing credit still comparatively low
§§ Population growth trends
§§ Impact on housing demand / are rising throughout 2014, supply imbalance substantial driven mainly by overseas – housing shortage too from skilled migration reduced construction activity §§ Migration to Australia and investment concentrated in the capital §§ Victoria is the largest cities Sydney and Melbourne, beneficiary of population which has resulted in home growth, with nationally the value growth capitals being major recipients of new migrants given greater employment prospects §§ Housing approvals have
§§ 25,000 fewer homes built in 2013
increased throughout 2014 §§ New Home Sales are increasing
§§ Higher construction levels has
§§ Consumer confidence
§§ RP Data is reporting 250 suburbs
subdued, however property investors confidence is high
§§ With confidence emerging, it is anticipated that demand for housing credit will emerge, especially given substantial buffer to mortgage repayments after recent savings
compared to a decade ago
not yet met underlying demand largely driven by very high net migration and population growth trends around Australia tipped to double property values in 10 years §§ HIA reports hotspots are emerging
§§ Demand for housing credit is still in line with greater investor interest §§ Investor credit demand is leading owner-occupier demand
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
11
Residential Market Update
Future Estate capital city rating
PERTH State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
BRISBANE
DARWIN State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
37.0% 85 6.1% -0.1% 2.4% 2.25
67.7% 134 5.6% 2.0% 2.1% 2.25
Future Estate Capital City Rating
Future Estate Capital City Rating
3.56
2.66
State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
36.8% 127 7.1% 1.3% 2.2% 2.85
Future Estate Capital City Rating
3.11
SYDNEY
DARWIN
State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
NT
71.3% 86 5.9% 0.8% 1.6% 4.05
Future Estate Capital City Rating
QLD
3.86 WA
BRISBANE
SA
CANBERRA
NSW SYDNEY
PERTH
ACT ADELAIDE
CANBERRA
VIC
MELBOURNE
State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
45.1% 86 5.1% 1.1% 1.8% 2.10
Future Estate Capital City Rating
3.23
TAS HOBART
ADELAIDE State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
MELBOURNE 53.7% 146 7.0% 0.2% 1.5% 2.55
Future Estate Capital City Rating
3.04
State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
HOBART 67.1% 103 6.8% -0.1% 2.5% 3.30
Future Estate Capital City Rating
3.23
* The State Property Market Score, which is out of 5, takes into account several factors, including demographic factors that indicate Future Growth, Quarterly House and Unit Median Price Growth Rates, Annual Dwelling Growth Rates and the Median Mortgage Payments as a proportion of the Median Household Income.
12
FUTURE ESTATE RESIDENTIAL PROPERTY MARKET UPDATE – DECEMBER 2014
State Auction Clearance Rate State Days on Market (days) State Discount Rate Asking Price Index Change City Vacancy Rate State Property Market Score*
20.8% 189 9.1% 0.9% 1.3% 2.40
Future Estate Capital City Rating
2.55 Sources: Australian Property Monitors, Domain.com.au and SQM Research.
Future Estate’s Research Team has developed an extensive quantitative modelling process to critically assess the Australian Residential Property Market. For the Capital City Rating, our team records, benchmarks, assigns weights to and scores various key property market lead indicators and descriptive statistics. Our Services Include: §§ Buyers’ agency §§ Research – suburb reports and due-diligence markets §§ Personalised advice and investment strategy §§ Panel of “Endorsed Projects”- over $1bn portfolio of “investment grade” projects nationally §§ Contact us to arrange a complimentary consultation to discuss your needs
Please contact our team at Future Estate for more information on our methodology and/or our range of other property investment advisory services.
(03) 9988 2900 info@futureestate.com.au www.futureestate.com.au @futureestate future.estate future estate
Copyright © Future Estate Group Pty Ltd 2014
This document contains general information and does not contain personal advice or financial product advice. This information has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on this information and making financial decisions, you should consider whether this information is appropriate for you and are recommended to seek independent financial, investment, tax and/or legal advice having regard to your own objectives, financial situation and needs. This information may contain material provided to Future Estate Group Pty Ltd by third parties. While such material is published with necessary permission, Future Estate Group Pty Ltd and its related entities accept no responsibility for the accuracy or completeness of this information, nor endorses it. To the maximum extent permitted by law, Future Estate Group Pty and its related entities disclaim all liability for any loss, costs or damage which arises in connection with the use or reliance on the information and material contained in this document. Any forward looking statements and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Furthermore, past performance is not a true indicator of future performance. Any past performance information this document has been given for illustrative purposesUPDATE only and should not be relied 2014 upon as an indication of future performance. FUTUREin ESTATE RESIDENTIAL PROPERTY MARKET – DECEMBER
13