The Victorian property market is sluggish, and the survey agencies have large data discrepancies
Sydney Today, April 4th, Australian Eastern Time, a study by the Victorian Property Market Research Institute showed that: affected by the economic downturn and negative market news, the demand for real estate decreased and Melbourne's auction market suffered another setback the day before yesterday. The clearance rate of 16 auctions was 356%, and the results of 55 auctions are unknown.
This is the worst week this year, especially since the number of properties for sale this week is relatively small. The clearance rate of 1016 auctions on the "Super Saturday" before Easter was 58%. Robert Larocca, spokesperson for the Victorian Real Estate Institute, said: ANZ Bank’s decision to raise interest rates is an important reason for the poor auction results this week.
Robert Larocca said: "ANZ Bank's move to raise interest rates sends a clear signal to the market, indicating that the market has to adapt to the reality that several other banks will also raise interest rates." Although ANZ only raised interest rates by 6 points-meaning A$30 The loan was repaid by 12 Australian dollars a month, but the bank decided to be independent of the central bank, regardless of the government’s opposition, regardless of the loss of customers’ interests, which frustrated consumers’ already low confidence.
Buyers’ brokers have been advertising this year’s increase in consumer activity. Although it may seem a bit exaggerated, the Australian Bureau of Statistics figures partially confirm this assertion. Victoria approved nearly 1 home mortgage loans in January and February, which is 2% higher than the same period last year and only 25000% lower than the 1.6-year average.
The number of first-time home buyers returning to the housing market has increased from 2011, but it is still relatively low compared to the 10-year average. However, the moderate increase in demand is considered by many analysts to be affected by the "domestic factor that has the greatest impact on the housing market"-rising unemployment.
Victoria’s unemployment rate rose to 3%, the highest level in two and a half years, in March. It has risen by 2% in the past two months and is currently only slightly lower than during the financial crisis. Andrew Wilson, senior economist at the Australian Property Supervision Centre, said: "This is definitely not a good thing for Victoria. This is not only a headline for the major media to compete for clicks, but it has also affected the state of Victoria's economy."
The average property price data for the first quarter released by the Victorian Real Estate Institute differs greatly from the data of other institutions, which makes the real estate market more complicated. The average house price in the first quarter rose 0.9% from the previous quarter and 0.9% from the same period last year; the unit fell 1.1% from the previous quarter and fell 2.2% from the same period last year.
RP data shows that the first quarter of the house (house) fell 1% from the previous quarter, down 5.8% from the same period last year; the first quarter of the unit increased 1.4% from the previous quarter, but fell 3% from the same period last year. (Wendy)
English version: http://smh.domain.com.au/real-estate-news/feeling-weak-20120414-1x0g2.html