There are signs that the real estate market activity is steadying

Aireys Inlet Real Estate News

The Melbourne median house price weakened marginally over the July quarter, falling 0.9 per cent, according to the latest Australian Property Monitors data.

But although, over the past year, Melbourne’s median house price has fallen 2.9 per cent, the results are nonetheless encouraging for market stabilisation, as the median actually rose 30 per cent over the 18 months between January 2009 and June 2010.

And despite buyer activity in Melbourne remaining relatively subdued, there are indications that housing market activity over the remainder of 2011 is steadying.

The economy remains robust, with the ABS reporting a low unemployment rate of 4.8 per cent in July and private sector wages increasing 4.2 per cent over the year to June 2011. Continued low unemployment, rising incomes and stable interest rates should encourage increased buyer activity in Melbourne for the remainder
final results, with all four properties selling for within or above their estimated price ranges, provide some encouragement that the Melbourne market remains active, particularly for inner-city properties.

All other Australian capital city housing markets also recorded falls in median house prices over the July quarter.

This indicates the continuance of the subdued buyer activity evident in most housing markets so far in 2011.

Perth recorded the largest fall in house prices, down by 2.7 per cent, over the quarter. It was followed by Brisbane, down 2.1 per cent; and Darwin and Adelaide, each falling 1.9 per cent.

Melbourne and Sydney again proved to be the most resilient of the state capitals; Melbourne’s low fall of 0.9 per cent was followed by Sydney’s, down by 1.1 per cent.

Over the year ending July this year, Sydney and Melbourne median house prices have also fallen the least of all the major capitals, down 0.6 per cent and 2.9 per cent respectively.

Perth and Brisbane recorded the worst median house price falls, by 6.2 and 5.8 per cent respectively over the year.

Open houses this weekend

Saturday 3rd September
2:00pm – 2:30pm 51 Camp Road, Anglesea

Sunday 4th September
2:00pm – 2:30pm 51 Camp Road, Anglesea

See you in Our Backyard.

Aireys Inlet Real Estate Agent James Worssam
James Worssam
james@greatoceanroadrealestate.com.au
0418 585 815

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