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Market Update – September 2014

10 Sep 2014 coolangatta 0 Comment

Well the market is still running hot with realistically priced properties for sale turning over very quickly. In fact, the last two months, of July and August, have seen strong increases in numbers of sales occurring over the last twelve months. This reflects a 50% increase in volume over the previous financial year.

Highlighting this statement is the following summary I have analysed, from RP Data, which is reasonably accurate given the nature of data sourcing.

Timeline                                                                  No of Sales                        Avg Sale Price                     Totals (rounded)

 

01/07/2007       to        30/06/2008                        2377                                     $449,500                             $1,068 m

01/07/2008       to       30/06/2009                        1738                                     $438,500                              $179 m

01/07/2009       to       30/06/2010                         2152                                     $468,375                              $981 m

01/07/2010       to       30/06/2011                          1274                                     $458,550                              $629 m

01/07/2011       to       30/06/2012                          989                                      $414,061                               $408 m

01/07/2012       to      30/06/2013                         908                                    $452,027                                  $409 m

01/07/2013       to      30/06/2014                        1370                                    $408,105                                 $556 m

 

While the last financial year has seen a big increase in numbers the market has a long road to travel to get back to the 2007, 2008 and 2009 financial years.

The average sales in Coolangatta in August ranged from $200,000 to $500,000.

Michael Matuzik, in his opinion piece of 1 July, titled “Why We Are Moving Less” said:

“The song at this stage of the residential property cycle could normally sound something like this … higher prices & price growth, coupled with lower rental returns in both Sydney & Melbourne will see more people move interstate to cheaper & sunnier SEQ.

Well, that doesn’t seem to be happening. The more optimistic would end this sentence, with a “yet”. But I wonder. Yes, investors are crossing the Tweed & current level investor interest from the southern states reminds me of the early 2000’s, but unlike back then, net interstate migration to QLD still remains low, close to an all-time low in fact.

One of the biggest killers of housing movements is stamp duties. This cost—determined as percentage of the end price—stops many local moves & a lot of interstate moves as well. It should be a flat fee; the same for all residential property transactions regardless of location & be say, $1,000 per sale, and not the exorbitant amount that is currently incurred.”

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