Caveat Emptor.
BV said:
Australian house prices grew in all capital cities during the December 2003 quarter according to data released last week by the Australian Bureau of Statistics (ABS).
Between the September and December 2003 quarters house prices in Brisbane experienced the greatest price increase, rising by 12.0% while
Darwin and Canberra followed close behind with 6.7% and 6.6% respectively.
Adelaide house prices rose by 6.4% during the December quarter,
Sydney prices rose by 5.3% and
Perth house prices rose by 5.1%.
Melbourne and Hobart house prices rose by 3.8% and 3.2%
The above info was taken from
http://www.propertyinsider.com.au/e...e.cfm?clientid=30&fullstory=1064&periodid=154
Hi Bv,
Just clicked through on the link you provided, in the previous thread. Quartile Property Networks have what looks to be an interesting website - went to home page, had a look at the comments on future growth prospects for capital cities and had to laugh - alot - they are currently only recommending Brisbane & the Gold Coast for futher price growth this year - which co-incidently happens to flow in neatly to their "sell" as they are only selling Brisbane and Gold Coast developments at the moment.
Caveat Emptor.
Quartile Property Networks Comments on all majors cities copied below for your viewing pleasure.
Paulie
Gold Coast Comment:
The Gold Coast saw further price growth during the September quarter, a trend we expect to continue for another year or two. Construction levels finally appear to be matching demand from the growing population, however construction costs have escalated at a pace that is now equalling or exceeding price growth. This may well slow new building commencements, thereby placing further pressure on the available supply.
The key to successful long term investment on the Gold Coast is property that provides superb lifestyle features to the resident population. We strongly caution against investment in high-rise apartments that are subject to significant fluctuations evident in the tourism industry.
Brisbane Comment:
The Brisbane residential property market continued to move upwards through its growth cycle during the September quarter. The middle and outer ring suburbs continue to offer excellent opportunities with low vacancy rates and yields holding up at relatively good levels. Our research indicates there is still plenty of growth left to be achieved in this market due to strong population growth and relatively low levels of construction which will ensure pressure remains on the rental and owner-occupier markets for a few years yet.
Adelaide Comment:
Growth in Adelaide ’s residential property market continued up to September with price rises recorded across the board. Vacancy rates have tightened considerably which suggests a chronically undersupplied market, which will need to be monitored over the next 3-6 months as this may be a short term aberration. Yields are relatively low, however rents have increased indicating there may be some life left in this growth cycle. Over the longer term the static population will hinder growth prospects.
Canberra Comment:
Canberra’s residential market continued its to rise during the September quarter and has seen the highest growth of all the major mainland cities over the past 12 months. The loss of 500 houses to bushfires earlier this year and relatively low sales volumes has maintained pressure on the housing Market. Vacancy rates remain high at 3.5% which is indicative of a slightly oversupplied market, however relatively good yields are still achievable at the present time.
Melbourne Comment:
Signs of fragility are showing in Melbourne ’s unit Market with a small negative result in the September quarter. The apartment Market, particularly inner city, St Kilda, Docklands and Southbank appear to be well oversupplied, a factor which may bring some further downward movement in prices in the future. Vacancy rates are hovering in the 3.5% to 4.0% range which is an uncomfortable level for investors. Overall there is little to excite us about the Melbourne market for investment in the short term with far better prospects elsewhere.
Sydney Comment:
September quarter data confirms the slowing of the Sydney residential market, particularly in the unit market where prices fell for the first time in 2 years. Price falls of around 5% were recorded in the inner CBD area.
Vacancy rates, despite tightening over the last 12 months, are still on the high side and yields (houses 2.76% and units 3.97%) remain unattractive for investors at the current time. There is enough evidence to suggest this imbalance is finally in the process of correcting….so the next good buying opportunity may only be a year or two away.
PERTH Comment:
Perth continued to experience rising property prices during the September quarter. There is, however little good news for investors with low yields and high vacancy rates making investment relatively unattractive at the present time. The market is subject to factors such as slow population and employment growth and economic reliance on minerals and commodities, which are subject to broader economic fluctuations such as a rising $A. All reasons to avoid WA for investment purposes.
