The latest research from RP data is indicating that the stock market volatility and interest rate rises have not affected the sentiment of property buyers.
We have been reporting a lift in activity for the past 5 months and the national figures reflect what we are seeing here in Noosa.
The average growth in housing prices across the country has been close to 10% in 2007.
Brisbane and Adelaide have had sensational increases of close to 17%, with Melbourne and Canberra seeing over 11% price growth. Sydney has struggled to pull out of the doldrums with an average of just 4%, but forecasts are extremely positive for the coming months ahead. It all bodes well for our local region as we are traditionally fairly closely tied to activity in Brisbane and the southern states due to our high desirability factor. With Sydney now starting to lift we are perfectly positioned to enjoy the flow on effect.
The other sector to watch in property is the apartment market.
With demographics pointing to both an aging population and a shift for maximum lifestyle benefits in low maintenance properties, the median prices on apartments are flourishing. We are lucky to have both some exquisite newer offerings and some older renovators in unbeatable locations, particularly the Noosaville precinct. The first six months of this year alone saw 184 sales, a huge increase on half that amount turning over for the entire 12 months before.
Having five offices across such diverse regions promises our customers a huge range of choice in price range and style of property. It is worth chatting to any of our agents on current stock, or if you are selling because the entire market is currently gaining momentum.
Till next week
Olivier