National Australia Bank (NAB) Quarterly Australian Residential Property Survey: June 2012:
"According to the survey, national house prices fell -2% in the June quarter, from -1.3% in Q1’12, with all states reporting price falls in the 3 months to June.
House price declines were most pronounced in Victoria, down -2.9% (-1.8% in Q1’12). Heavier falls were also seen in NSW (-2.3%), compared with -0.4% fall in Q1’12. Capital values held up best in WA, although they also fell -0.6% (-0.1% in Q1’12). Marginally slower price declines were recorded in Queensland (-1.7%) and SA/NT (-1.6%).
The housing sector is expected to remain under pressure in the next year, with property professionals expecting national prices to fall by -0.7% (-0.2% forecast in Q1’12). There is, however, wide variance between the states.
Prices are expected to continue falling in Victoria (-2.1%), NSW (-1.5%) and SA/NT (-0.5%), but grow in WA (1.6%) and Queensland (0.5%)."
ANZ Research is slightly more optimistic; "prices, capital values and property market confidence in NSW should edge gradually higher through the second half of 2012 in the absence of further deterioration in the global economy."
These reports might explain why First National Real Estate Yamba in its July 2012 property update flyer is stating “some vendors pricing does not reflect the current market” as contributing to the fact that only forty-five homes have been recorded as sold in Yamba in the last six months.
Apparently many of those million dollar plus waterfront ‘mansions’ are only worth a million dollars plus in the eyes of their owners at the moment. Which might explain why they have been very publicly languishing in online property listings representing around three hundred and twenty Yamba properties currently for sale.
No comments:
Post a Comment