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House prices continue to rise
Monday, February 01, 2010
As real estate agents we are occasionally accused of talking the market up and being very enthusiastic with how well things are going.
With this in mind I thought it would be a good idea to share with you some information recently published by the Commonwealth Bank in their economic update.
The following are exerts directly from their report which can be found at www.research.commbank.com.au
The trend in the ABS measure of House Prices is in line with the other house prices measures. It rose by 5.2% in the December quarter to be 13.6% higher in 2009. It was the third consecutive quarterly rise with all the capitals recording increases.
The house price data has a mixed message. The significant rise in most of the Australian house prices measures over 2009 will be welcomed by the 65% of households that are buying or already own a dwelling. Their wealth is rising. But it is rather unwelcome news for those on the verge of buying. Housing affordability is sliding as the prices of houses rise and mortgage rates edge higher.
Australia's very positive house price performance is in marked contrast to the large falls experienced in most of the advanced economies over 2009. US house prices were 20% lower in mid 2009, while the UK's were down 15%pa.
What will happen in 2010? In our view, further house price rises of 6 to 10% in the capital cities appear to be on the cards.
It is interesting to note that returns on dwelling ownership have completely outstripped share ownership since March 2005 and provided less of a wild ride. There is regular discussion in the media about how much Australian house prices are overvalued. But possibly there could be more attention on the superior relative returns of property investment over the last 5 years.
Source: Commonwealth Bank (view full article at www.research.commbank.com.au)
Robinson Property & Winning Holidays - Now At Salamander Bay!
Robinson Property and Winning Holidays have recently purchased the business of Cheryl Newton First National at Salamander Bay. The business premises will continue trading under the Robinson Property and Winning Holidays banners. Cheryl Newton, who has been involved in real estate for 30 years, is taking a 12 month break from the industry.
Deb O'Neill, the local manager of offices already established at Nelson Bay & Shoal Bay, sees the addition of this new location as providing the best possible service coverage for anyone wanting to buy, sell, lease or holiday let a residential property on the Tomaree Peninsula.
Robinson Property and Winning Holidays have won a sway of local business awards over the last few years, the most recent being announced the winner of the REI NSW Awards for Excellence best holiday business, a prestigious award measured against the best businesses in the state of NSW.
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