Home Values Rising in Sydney & Melbourne
Home values rose to a record high last month led by strong growth in Sydney and Melbourne reports Simon Johanson, property editor for The Age newspaper. Figures released on 1st October by RP Data Rismark show capital city values peaked during September but fears of a property boom were tempered by Tim Lawless, RP Data research director, describing the growth as a ‘‘technical’’ recovery in the housing market. He commented ‘We haven’t seen market conditions this strong since April 2009 for Sydney and May 2010 for Melbourne.” The growth seems confined to Sydney and Melbourne with Canberra, Darwin and Hobart’s home values falling during September and other capital cities experienced little over 1% growth during the month. The report also quoted Westpac economist Andrew Hanlan’s statement that Investors, attracted by interest rates at historic lows, were returning to the housing market in greater numbers.
Buyer Demand High
The Press is also reporting that Sydney is experiencing a huge demand from buyers with twenty people at a time vying for one property. The real estate market in Merimbula is pretty hot too with high buyer demand and strong property sales over the last few months. The strongest demand in Merimbula is for properties under $500,000 and buyers are looking for a mix of investment, residential and holiday homes.
Perfect Time To Upsize
At its meeting on 1st October, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5 %. With the continuing low interest rate it makes sense to purchase property now and lock in the interest rate on loans. David Dwyer, Sales Controller at Fisk & Nagle, Merimbula office advises that If you are planning on upsizing your property, it’s the perfect time, taking advantage of the strong demand for properties under $500,000 and locking in a low interest rate when purchasing a larger property. There is a big demand from the Canberra region for coastal properties in Merimbula. This is a market that is growing with Canberra buyers looking for holiday homes and properties they can retire to in a few year’s time, renting them out for income in the interim. These buyers are looking for quality and lifestyle. Merimbula has a great lifestyle, so make the effort to present your property at it’s best and strike whilst the iron is hot.