Prestige property prices drop in these Aussie capitals
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Buyers in the market for a prestige property may do well to monitor auction results in coming weeks with modest falls recorded in Australia’s two largest capital cities at the top end of the price range.
Chief economist for Ray White, Nerida Conisbee says both Sydney and Melbourne have seen downward pressure at the higher end of the market in the 12 months to June, according to Ray White Research.
Sydney experienced a 2.8 percent drop for properties more than $3 million, while in Melbourne, it’s 12.5 per cent in the same price range. However, this was tempered by steady prices in other sectors of the market, with Sydney and Melbourne seeing a total decline in property prices of 1.2 percent and 2.5 percent respectively.
The top end capital Darwin, experienced the greatest overall drop across all price points, recording a 5.3 percent fall.
For investors looking for properties less than $1 million, Ms Conisbee said there has been a modest 1.5 per cent fall in Sydney, perhaps reflecting the consecutive interest rate hikes of recent months. Prices for mid range properties (between $1 million and $3 million) have remained steady.
Ms Conisbee said price increases are set to continue to slow over the remainder of the year, making for a calmer market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
