PROPERTY MARKET UPDATES | DECEMBER 2017

//PROPERTY MARKET UPDATES | DECEMBER 2017

PROPERTY MARKET UPDATES | DECEMBER 2017

Christmas is just around the corner and isn’t it a wonderful time of year? It’s a time for family and friends, a little self-indulgence, of recognising how hard you’ve worked all year and rewarding yourself for your efforts. If you’ve been contemplating a property purchase, why not make that dream a reality? We can help you secure the finance you need, so please get in touch!

Pine cones and Christmas ornaments

INTEREST RATE NEWS

Thankfully, there was no pre-Christmas surprise this month from the Reserve Bank of Australia. The board decided to leave the cash rate on hold at 1.5 per cent. The central bank’s board will next meet in February 2018.

PROPERTY MARKET NEWS

On the whole, national dwelling values were largely steady in November. Again, Melbourne seems to be proving more resilient than Sydney, with dwelling values up 0.52%. In contrast, Sydney’s housing market saw prices fall -0.72% in November. Canberra’s dwelling values rose by 0.86%, while Hobart experienced 0.64% growth. Things are looking up for property owners in Perth, where values rose by 0.21% in November. The city recorded the first rolling quarterly capital gain since late 2014 (up 0.3% in the three months to November). In Brisbane and Adelaide, there was less fluctuation (0.07% and 0.01% growth respectively). Darwin, like Sydney, experienced a fall in property values – the month-on-month change was -0.42%.

In the week ending December 3, there were 3,276 auctions held across the combined capital cities. According to CoreLogic, the preliminary clearance rate was 63.5% – up from the previous week’s clearance rate of 61.6%. Auction volumes remain in line with last year’s figures, but this time last year the clearance rate was much higher, at 72.3%.

Melbourne and Sydney’s clearance rates picked up compared to previous weeks. In Victoria, there were 1,800 scheduled auctions and a clearance rate of 67%. New South Wales held 1344 scheduled actions and cleared 62% of the stock. Meanwhile, the ACT had the highest clearance rate – 76% on 105 scheduled auctions. Tasmania only held 11 auctions and cleared 67% of stock, while South Australia had 148 scheduled auctions and 65% of properties sold. In Western Australia, 61 properties went to auction and 46% went under the hammer. Queensland held 395 auctions and the Northern Territory had 17. Both had clearance rates of 36%.

As the sun sets on 2017, we’d like to take the opportunity to wish you a safe and happy festive season. Remember, now is a great time to purchase a new property for the New Year, or to re-evaluate your mortgage. If you’d like advice about finding a mortgage that suits your financial circumstances and plans, we’d love to help! We’ll do the hard yards for you, so that you can concentrate on the fun stuff this summer, like playing beach cricket and being with the family. Here’s to an exciting 2018 – hopefully one that includes an exciting new property purchase!

Data Sources:

Auction Results: www.realestate.com.au/auction-results/

www.corelogic.com.au/

www.sbs.com.au/news/

ARTICLE SOURCE:

FINANCE FOCUS | DECEMBER 2017

The information provided in this page is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs. You should seek independent advice from your financial adviser before making any decisions.

AUSTRALIAN MORTGAGE AND FINANCIAL ADVISERS (AMAFA)

CONTACT INFORMATION

Phone: 07 3378 2056

Fax: 07 3378 2069

Email: info@amafa.com.au

2017-12-14T10:44:36+00:00