According to research by Australian Property Monitor’s, investors are now completely filling the gap created by the first home buyers after the grant reductions at the end of last year.
APM’s most recent Quarterly Housing Report – Australia recorded solid house price growth over the June quarter as investor activity mitigated the fall in demand from owner occupiers and first home buyers.
APM’s economist Matthew Bell said the positive results came as a surprise, particularly given the six interest rates rises in recent months.
“Most markets around the country saw modest growth for the quarter, contributing to the continuing high year-on-year figures,” Mr Bell said.
In what was the fifth consecutive quarter of house price rises for Sydney, house prices increased by just over 2 per cent and unit prices were up by almost 3 per cent, pushing annual growth to over 13 per cent – well above the long-term trend.
The current Sydney median house price now sits above $625,000. A little different to Seaforth $1,320,000, Balgowlah $1,124,000, Balgowlah Heights $1,690,000, Clontarf $2,420,000, Fairlight $1,150,000, North Balgowlah $1,100,000.
“APM expects further price growth moderation in the next three to six months as the low levels of housing finance and the risk of further rate increases weigh on the market. However, the medium-to-long-term outlook for property prices remains strong, and we expect the 2010 annual rate of national house price growth to settle in the eight to 10 per cent range,” said Mr Bell.
On the local front we are continuing to sell through the traditionally quiet winter with Glen Wirth & Michael Buckley today selling 29 Ernest Street, Balgowlah Heights prior to its scheduled auction on the 7th of August.
Wishing you all the best in your property search,
The Team at Richardson & Wrench Seaforth Balgowlah.
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To keep an eye on this week’s reported Seaforth real estate, Clontarf real estate, Balgowlah real estate, Balgowlah Heights real estate and North Balgowlah real estate Click Here*
*Sales are as reported by Australian Property monitors on 30/7/2010