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Postive signs for property

Positive indicators continue to appear that point to the early stages of recovery in a number of property markets

Capital prices up

House price levels across the eight capital cities are 4% higher than a year ago, according to the latest edition of Market Facts from the Real Estate Institute of Australia. This is despite a marginal decline in the weighted average median house price in the March Quarter. Median house prices are higher than 12 months ago in all cities except Canberra. The weighted average median price for apartments is 1.7% higher than last year

 

Increase in home lending
Australian Bureau of Statistics figures show that housing loans rose for the fourth consecutive month in April.

Investors coming back
A recent survey of 1000 Australian home owners showed that 26% are considering buying an investment property, with 56% of these indicating they intend to make the purchase in the next two years.

Unemployment
Australia’s unemployment rate remains stubbornly low falling to 5.5% in May, down from 5.6% in April

Low interest rates
Rates are at historic lows and the RBA has left the door open for further cuts. A number of economists still believe the cash rate may be cut by further 75 basis points to 2% over the next 12 – 18 months.

Many fixed rates currently available are below 5% indicating the market feels rates will remain low for some time.