11 April 2013

Rising values inspire confidence Newly released figures for the March quarter from RP Data confirm property prices are on the rise with Melbourne prices up 0.8 per cent for the month and dwelling values across the capital cities up 2.8 per cent. This brings the cumulative capital gain to 4.7 per cent which is the highest since May 2010. This is more evidence that the property market is back in an upward cycle. Sydney retains the title of holding Australia’s most expensive real estate with the median dwelling price sitting at $550,500 which is higher than the city’s previous peak in 2010. Melbourne continues to offer greater affordability with a median dwelling value of $475,000. The Reserve Bank’s decision to leave interest rates unchanged was more good news for property buyers, with the Bank noting moderate growth was underway in private consumption and that dwelling investment was increasing along with prices and rental yields. The end of the school holidays signals the next burst of activity for Melbourne’s property market. Buyer numbers are growing, giving sellers extra incentive to prepare their property for sale before the cooler weather sets in. For advice about launching your tailored autumn sales campaign call your local Greg Hocking office today.

Greg Hocking