RP Data Quarterly Review

RP Data has released its quarterly review of the residential property market and the Australian economy. The 30 page document reviews the market with positive outlooks and realistic projections and below is the summary snapshot for the Brisbane punters:

• The average selling time for a house in Brisbane has increased to 60 days, while units are taking on average 55 days
• Houses and units have been performing on par with each other with values over the last 12 months increasing 4.6% for houses compared to unit values increasing at 4.8%
• There are fewer first time buyers in the market and more up-graders
• Over the past 5 years median weekly rents in Brisbane have increase by 5.1% for houses and 8% for units
• Rental yields are returning to growth with Houses showing an increase to 4.3% while units are performing at 5.3%
• Unit rents are at an all time high
• Of the Brisbane property sold during the last year vendors had on average owned houses for 8.1 years and units for 6.4 years
• Brisbane’s population has grown at 2.7% over the last 12 months, or by an estimated 52,104 persons

Overall for 2011 RP Data is projecting growth as the market continues to transition and recover, however, it is likely that buyers will be in the drivers seat for a while!

Article source: http://mypropertypulse.wordpress.com/2011/03/07/rp-data-quarterly-review/