APM: Capital city property markets continue strengthening during 2014 first quarter
The latest release from Australian Property Monitors (APM) has illustrated the continued strength of the nation's capital city markets during the first quarter of the year, with low interest rates being highlighted as an essential aspect of the ongoing buyer and seller growth across the country.
In fact, buying activity is at the highest level in four years across most capital city centres. With these positive increases occurring across the market, now could be a great time to consider entering into the real estate landscape and buying a property for your future.
APM's Senior Economist Andrew Wilson said Sydney was the "super-star" of the nation, highlighting the record auction clearance rates occurring across the city during the last few months - including an all time high set during September last year and a strong result during February.
"Weekend auction clearance rates have consistently exceeded 80 percent over February and into March with sales levels unprecedented for this time of the year. Auction listings are considerably higher than over the same period in 2013 indicating high levels of confidence from sellers," said Dr Wilson in a March 10 article.
Furthermore, Dr Wilson said he remained confident the housing market in the New South Wales capital city would continue to move from strength to strength during 2014, with no sign of slowing down as investors continue to be an essential component of the market's development.
Moving down the country, Melbourne has also been performing extremely well during the last few months, as buyer and seller activity continues to remain higher than last year. An interesting aspect of the Melbourne market is the growth of the prestige property market.
During February last year, there were only 261 properties that sold for more than $1 million across the Victorian capital. However, this year the figure rose to 399 and continues to rise. With high value residential property growing in demand, this could present a number of real estate investment opportunities in the coming months.
"Higher auction listing numbers are also a feature of the Melbourne market this year with 4,400 properties scheduled to go under the hammer over March compared to just 3,052 over March last year," said Dr Wilson.
With similar growth occurring across the nation's capital cities, now could be a great time to consider property investment over the coming months.