Although this is only one month's data, it shows that the real estate market is currently showing a clear appreciation trend. Residex data for February will be released this week. Market analysts will analyze this data to determine whether the trend of real estate market appreciation can continue. However, since the prices in the real estate market usually show different results, it may take a few months before we can see where the market is going.
At the same time, according to a survey by the Real Estate Institute of Victoria, as of last week, the auction clearance rate of the Melbourne property market was higher than 60% for the first time this year for two consecutive weeks. This has also become a milestone in the development of the property market. Although it is still far from the market recovery, there is no doubt that demand in the housing market is increasing. The clearance rate of 859 auctions last week was 61%, which illustrates this problem, because in the same period last year, the housing market was auctioned. The clearance rate is less than 50%.
Another manifestation of the steady development of the housing market is that the increase in homes for sale in Victoria has begun to slow down. The RP data survey showed that the number of new homes for sale last week was 15% lower than last year. However, these newly added homes for sale have entered a market that has expanded since before Christmas; therefore, there are now 70400 properties on the market to be sold, an increase of 2011% over the same period in 48.
The real estate economy predicts that these early "positive" performances of the market indicate that the market is rebounding. Scott Patterson, the general manager of Kay & Burton, has sold $10 million worth of homes in the past 6000 days; he told us: "I think home buyers are tired of waiting. They are now worried about missing the bottom of the property market. Time; it also shows that the market is recovering."
On the other hand, analysts are cautious about the recovery of the real estate market, at least in the first half of 2012. The Bank of Melbourne predicts that the price of Melbourne houses will fall by 5% this year. The reason is that although the housing market prices have fallen recently, the public's purchasing power has not increased.
Cautiousness will become commonplace, especially due to the unsatisfactory economic data released last week; Australia's economy, especially those of states that lack resources, is declining, and the Victorian government is also struggling to cope with the slowdown in economic development. Redican said, “Unemployment should be our biggest worry in the next 12 to 18 months. The rise in unemployment will make the current steadily declining property market a mess.” Last Saturday, there were 165 auctions in Melbourne. Affected by the Labor Day holiday, the auction clearance rate dropped to 58%. (Wendy)