Manly Conveyancing

https://www.domain.com.au/news/how-long-does-it-take-to-sell-a-house-in-the-current-property-market-faster-than-you-think-1169415/

How long does it take to sell a house in the current property market? Faster than you think Houses are taking longer to sell in every capital city in Australia, except for Adelaide – but they’re still selling much faster than they were pre-pandemic, despite the downturn.

https://tasmaniantimes.com/2022/09/market-moves-mixed-for-house-prices-rent

Market Moves Mixed for House Prices, Rent
ByTasmanian TimesPosted on September 21, 2022
Media release – Real Estate Institute of Australia (REIA) President, 21 September 2022

HOUSE PRICES DEFY RESERVE BANK’S BIG CALL: REIA
The Real Estate Institute of Australia (REIA) President, Mr Hayden Groves said their latest Real Estate Market Facts, powered by Managed, has found that Australian housing prices fell over the June quarter as rising interest rates and inflation impacted affordability but not all cities and regions are experiencing price contractions.

“Combined, the June quarter of 2022 saw a decline in the weighted average capital city median price for both houses and other dwellings across the Australian residential property market. The weighted average capital city median price decreased by 1.8% for houses and 0.6% for other dwellings.

“The weighted average median house price for the eight capital cities fell to $1,012,230 over the quarter. The median house price increased in Brisbane, Adelaide and Darwin remained stable in Perth and declined in Sydney, Melbourne, Canberra and Hobart. Increases ranged from 0.4% in Darwin to 2.6% in Adelaide.

“This defies the Reserve Bank’s recent comments on potential house price falls and simply demonstrates 2022 market conditions are the adjustment ‘we had to have’.

“At a median sale price of $1,552,015, Sydney’s median house price continues to be the highest amongst the capital cities, 53.3% above the national median.

“At $530,000, Perth offers great value with the lowest median house price across Australian capital cities, 47.6% lower than the national median. Over the 12 months to the June quarter, the weighted average capital city median house price increased by 9.2%. Whilst a significant gain, this is the lowest annual increase since the December quarter 2020.”

According to Mr Groves, the weighted average median price for other dwellings for the eight capital cities dipped to $651,142, a quarterly fall of 0.6%. Over the quarter, the median price for other dwellings rose in Brisbane, remained stable in Adelaide, Canberra and Darwin and declined in Sydney, Perth, Melbourne and Hobart.

“At $790,983, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 21.5% higher than the national median. At $410,000 Perth has the lowest median price for other dwellings across Australian capital cities, 37.0% lower than the national median.

“Over the 12 months to the end of June, 2022 the weighted average capital city median price for other dwellings increased by one percentage point.” he said.

Mr Groves said rents increased sharply after a period of relative stability with the weighted average median rent for 3-bedroom houses in the eight capital cities inflating to $506 per week, a quarterly rise of 3.6%.

Market Moves Mixed for House Prices, Rent - Tasmanian Times Media release – Real Estate Institute of Australia (REIA) President, 21 September 2022 HOUSE PRICES DEFY RESERVE BANK’S BIG CALL: REIA The Real Estate Institute of Australia (REIA) President, Mr Hayden Groves said their latest Real Estate Market Facts, powered by Managed, has found that Australi...

https://thepropertytribune.com.au/market-insights/what-is-going-to-happen-to-the-sydney-property-market-during-september-2022/

Home Market Insights What is Going to Happen to the Sydney Property Market during September 2022?
• Market Insights

What is Going to Happen to the Sydney Property Market during September 2022?

The Property Tribune
[email protected]
05 September 2022, 12:10 pm
Image – Canva
• Comes as interest rates are expected to increase tomorrow
• Although prices have declined, affordability remains a concern
• The NSW government received close to $1 billion in stamp duty in July alone, figures show
With interest rates expected to rise again tomorrow, what is going to happen to the property market in Sydney this month?
The Reserve Bank (RBA) is poised to lift the cash rate again tomorrow for the fifth consecutive month. This is despite just a year ago the central bank was adamant the cash rate wouldn’t rise from the record-low level of 0.1% until 2024.
Now, the cash rate is 1.85%, and is expected to rise by 50 basis points tomorrow.
“There remains a desire among consumers for greater certainty around the current rate rise cycle,” said Tim McKibbin, the Real Estate Institute of New South Wales (REINSW) CEO.
After peaking at around $1.7 million earlier this year, asking house prices have been on the decline, according to SQM Research.
Sydney

What is Going to Happen to the Sydney Property Market during September 2022? Comes as the Reserve Bank is expected to lift the cash rate tomorrow, to as high as 2.35%