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.”