2016 Property Market Update
Welcome to The Market in a Minute.
Today we are going to take a quick look at how markets performed over 2016.
Nationally, property prices have increased by just under 10% over the course of this year.
This unexpectedly strong result has been driven by strong levels of buyer demand and a distinct lack of properties for sale.
However, this year has really been a tale of two market types; those on the up and those on the down.
On the up side; Sydney and Melbourne were again the two standout performers. With the median sales price in Sydney rising by almost 15% and Melbourne just over 10%.
This result was driven by strong levels of investor and owner occupier demand and a real shortage of properties on the market for sale.
On the other side of the coin, Perth and Darwin again saw prices decline.
This was due to the economic headwinds faced by each city which in has in-turn led to more properties being listed for sale and buyer demand easing off.
The two surprise performers of the year have been Canberra and Hobart. With both cities seeing their median sales price rise by more than 8%.
This was due an increase in interstate buyers coming in and taking advantage of the affordability which both cities have to offer. In addition, both cites also saw a lack of properties on the market for sale.
That’s it for this edition of The Market in a Minute.
For more information on the performance of your state or region check out the latest LJ Hooker Open Market report here
And for more information on the property market in your suburb simply contact your local LJ Hooker real estate specialist.