Homeowners in Adelaide, Brisbane, Hobart, and Melbourne had good prospects in the third quarter of 2017 for selling their properties, as home prices increased during that period, according to the Australian Bureau of Statistics (ABS).
On the contrary, home prices fell in Canberra, Darwin, and Perth, according to the Residential Property Price Index. Sydney, which is the most expensive market, became slightly more affordable with a 1.4% decline in prices.
ABS Chief Economist Bruce Hockman said that the drop in Sydney property prices aligned with ‘market indicators’. The decrease also represented the biggest drop in a three-month period since the last quarter of 2015, when the Australian Prudential Regulation Authority curbed lending to investors.
The RPPI data may provide mixed growth, but it has not stopped the overall value of the residential property market from reaching almost $6.8 trillion between July and September 2017. This figure marked a 53% growth from more than $4.4 trillion in 2011. According to the ABS, the current volume of residential properties nationwide reached over 9.9 million with an average price of $681,000 each.
Those who sold a home Brisbane during the third quarter enjoyed a 4.2% increase in prices, the RPPI noted. In the high-end market, the same period seemed to be one of the biggest yet, as interstate buyers and rich families drive demand for luxury homes.
If you plan to sell your house in 2018, an expected increase in the migrant population will further propel the demand for homes. Just Patios and other experts noted that this includes Brisbane homes with patio extensions. Ray White New Farm Principal Matt Lancashire, in addition, believes that more people will relocate to the city next year.
The profitability of Australian homeowners and prospective sellers’ plans to offload their properties will depend on which market they intend to find a buyer. If you’re planning to sell, now is a good time to do some additions, renovations, and repairs.