New index reveals markets on the move
New index reveals markets on the move
Posted on Wednesday, February 27 2013 at 1:23 PM
Results from a new property index indicate that many capital city markets are gaining momentum as vendors begin increasing their asking prices.
SQM
Research has released its first Weekly Vendor Sentiment Index and results show that,
on average, capital city asking prices have risen by 0.4 per
cent for units and 1.5 per cent for houses over the past 90 days.
The
results have prompted SQM to conclude the market has turned for some capitals.
“Perth, Darwin, Sydney and Adelaide are now all
recording increased asking prices, suggesting that the downturn is well and
truly over in these cities,” SQM says.
The
report also shows Sydney, Darwin and Perth are recording increased asking
prices compared to the same time last year for both units and houses.
Darwin’s
result was strongest, reflecting a 12.6 per cent increase on house asking
prices compared to 12 months ago.
Brisbane
and Melbourne results remained reasonably steady, while Hobart and Canberra experienced
falls in their asking prices for homes.
Louis Christopher, managing director of SQM
Research, says he’s pleased with the results and the release of the new data.
“I am actually surprised at how closely this new
index correlates with the ABS (Australian Bureau of Statistics) house price
series.”
Christopher believes the index will bring more
timely results to property participants.
The latest figures from the ABS House Price
Index indicate improvement in selling prices across all capitals except Hobart
for the 90 days to the end of December 2012.
A comparison of sale prices between the December
quarters of 2011 and 2012 show price rises in Sydney, Brisbane, Perth, Darwin
and Canberra, according to the ABS data.
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