Hi! Welcome to the latest MTLH eMagazine. In this edition Michael Marquette in his regular column gives an insight into the state of the current Australian real estate market. There's also articles on Asia's most expensive luxury apartment, the value of The White House in Washington DC, plus auction results, eating chocolate whilst dieting and much more. Enjoy reading and have a great weekend. All the best, Michael Marquette & Simon Turner .
The quickest way to double your money is to fold it in half and put it back in your pocket.” - Anonymous “
“View from the Bridge”: The State of the Australian Real Estate Market Michael Marquette’s “View from the Bridge” There is a confusing array of messages being conveyed by journalists, real estate brokers, economists and Government and sorting through it all is hard work to
say the least. Are prices going up? Are rental prices on the rise? Is the economy powering ahead? These are questions that need answering and by looking at some of the available evidence we can sort through the haze. Since peaking in the March quarter Australian weekly rental prices have dropped on average by 4%. Many people have used the First Home Owner’s Grant to purchase a home and that has relieved some of the pressure on rental prices. It’s also worth looking at the number of properties advertised for sale right now. There are 14% less properties on the market this October as compared to the same time last year. This decrease in stock levels is assisting to hold residential sale prices up, especially for homes below the $1 million level. The high-demand Coastal areas are selling for significant price reductions when compared to the same time last year, with the ever popular Gold Coast recording sales with an 8% price reduction (approximately). The activity has without doubt been at the lower end of the market, in line with the First Home Owner Grant.
So what other information might help us establish what is really happening out there? Australia’s second largest real estate Group, LJ Hooker, has made a net profit of $8 million in the last 12 months as compared to $14 million the previous year. In short, sales activity has decreased on the whole and sales have been at the lower end of the market, with fewer trophy sales. Average sales commissions are significantly lower than 12 months ago. Australians have purchased homes with the help of the big four banks over the last 12 months, especially at
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