Property values rise in September - Is now the time to sell?
Now could be the perfect time to consider selling a house as new data has shown the fourth ...
Now could be the perfect time to consider selling a house as new data has shown the fourth consecutive rise in house prices during the September quarter.
According to the latest Australian Property Monitors (APM) report, the Australian housing market saw a rise of 2.2 per cent in property values nationwide.
While this figure is down from the previous quarter's results, the general upward trend is a sign of encouragement for anyone wishing to sell their home.
For example, Sydney saw a house price increase of 4.2 per cent over September quarter, following a 3.7 per cent rise during the previous quarter. This has placed owners of property in the New South Wales capital in good stead to earn great returns if they choose to sell.
Furthermore, the median house price in Sydney has breached the $700,000 mark, reaching a new high of $722,718. Units in the city also broke new ground, surpassing the $500,000 threshold to attain a median price of $515,035.
It wasn't only Sydney that experienced impressive growth over the period, however. Melbourne also saw a moderate 2.2 per cent increase in median house prices, bringing the annual price rises in the city up to 7 per cent.
Perth is also sitting in a significantly strong position. While there were no changes in house values during the September quarter, the Western Australian capital has undergone six consecutive months of growth previously - increasing by 8.6 per cent over the last year alone.
Units in the city have also grown by 6.6 per cent over the last year, highlighting an overall increase in property value rather than being limited to detached housing.
The expectation for the market is one of continued growth, with the report projecting the remainder of 2013 will be populated with similar price growths, bringing the market conditions to their highest points since the strong real estate period of 2009/10.
Regardless of whether you're the owner of investment properties, or an owner-occupier hoping to sell your property and either up or downgrade, these statistics could be interesting to you and your interests.
Now could be the perfect time to investigate your local market conditions and take those first steps towards selling your property, in order to take advantage of the current market conditions.