Sale opportunities as capital city property prices soar
Anyone interested in selling their capital city property could be interested in the latest Australian Property Monitors (APM) Quarterly Housing report, which has recorded significant growth in the value of both houses and units across the nation during the June quarter. The overarching median price for capital city houses during the quarter rose by 1.9 per cent, while units saw their median price jump a huge 2.5 per cent.
This could prompt movements into the real estate market for sellers interested in securing a great return on their properties, especially ahead of the impending population boom heading towards the nation. APM Senior Economist Dr Andrew Wilson said these degrees of growth were expected to continue into the future, highlighting the success of low interest rates at spurring the markets growth.
"December 2013 was the high watermark for Sydney's current growth cycle, however, the market continues to perform. Sydney's median house price has smashed through the $800,000 barrier to a new record high. Over the 2014 financial year, the Sydney median house price increased by 17 per cent or just under $118,000," said Mr Wilson in a July 24 statement.
"Sydney, Melbourne and Perth have led the market over the past year, however, annual outcomes for these cities is likely to be around half of the exceptional 2013 results. Brisbane, Adelaide and Hobart are seeing confidence return to their local markets and are set to record stronger house price growth in 2014 compared to 2013.
"Darwin and Canberra remain the capital city underperformers although Darwin's strong economy and underlying shortage of housing will act to re-ignite house prices sooner rather than later."
Sydney's market saw the largest degrees of growth, with median house prices in the New South Wales capital jumping by 3.1 per cent in the June quarter alone - bringing the price to a new record of $811,837. Furthermore, unit prices in the city rose by 3.9 per cent over the same period. Melbourne saw the median house price jump by 1.7 per cent over the quarter, with units rising by 0.7 per cent as well.
With these prices expected to continue upwards, now could be a great time to consider putting your real estate on the market. Get in touch with a local real estate agent to discuss the property sale options available to you and your family, in order to get on your way to selling your capital city property today.