How's The Market May 2010
In April across the Menai District just under $30,000,000 in property changed hands at an average sale price of about $680,000, amongst the 44 sales a 3 bedroom unit in Menai sold for $470,000, a 5 bedroom project home in Menai sold for $1,050,000 and a 3 bedroom villa sold for $680,000. There are now 80 properties for sale, this time last year there were 94 on the market.
The following article from today’s Sydney Morning Herald on growth to the end of March this year is sure to have the Reserve Bank leaning on the raise button at their monthly meeting tomorrow and it may be more than .25% this time.
“Capital city home prices rose by a record 20 per cent in the year to the end of March, giving the Reserve Bank more reason to lift interest rates tomorrow. For the quarter alone, home prices rose 4.8 per cent, easing from a revised 5.1 per cent recorded for the December quarter, the Australian Bureau of Statistics said today. The annual pace compared with the revised 13.5 per cent gain for all of 2009, indicating house price increases are accelerating. Among the capitals, Melbourne led gains both on a quarterly and annual basis, with prices rising 6.7 per cent and 27.7 per cent, respectively. In Sydney, prices rose 21 per cent for the year and 5.3 per cent for the quarter. Perth's annual prices jumped 15 per cent, and 3.5 per cent for the quarter. Brisbane's prices, meanwhile, rose 12.1 per cent for the year and 2 per cent in the quarter.”
Across the district there are 18 properties available to rent, which is the highest we have seen for some time, the cheapest is a 2 bedroom unit for $410 per week, the dearest is a house at Menai for $910 a week.
The following article from today’s Sydney Morning Herald on growth to the end of March this year is sure to have the Reserve Bank leaning on the raise button at their monthly meeting tomorrow and it may be more than .25% this time.
“Capital city home prices rose by a record 20 per cent in the year to the end of March, giving the Reserve Bank more reason to lift interest rates tomorrow. For the quarter alone, home prices rose 4.8 per cent, easing from a revised 5.1 per cent recorded for the December quarter, the Australian Bureau of Statistics said today. The annual pace compared with the revised 13.5 per cent gain for all of 2009, indicating house price increases are accelerating. Among the capitals, Melbourne led gains both on a quarterly and annual basis, with prices rising 6.7 per cent and 27.7 per cent, respectively. In Sydney, prices rose 21 per cent for the year and 5.3 per cent for the quarter. Perth's annual prices jumped 15 per cent, and 3.5 per cent for the quarter. Brisbane's prices, meanwhile, rose 12.1 per cent for the year and 2 per cent in the quarter.”
Across the district there are 18 properties available to rent, which is the highest we have seen for some time, the cheapest is a 2 bedroom unit for $410 per week, the dearest is a house at Menai for $910 a week.
The opinions expressed here are those of the individual and not those of Homely.com.au.
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