Charles Tarbey: Australian property market isn’t in a boom

 

Century 21 believes recent speculation that the property market is in a boom phase is unfounded and the market could be seen more as in a recovery, and only in selected areas.

“Despite the combined capital city index recording its fastest rate of annual growth since October 2010, Sydney and Perth are the only markets where values now sit higher than they were at their previous peak,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.

“Claims that the Australian property market is in a boom or a bubble will likely prove to be incorrect.”

The recently released RP Data-Rismark Hedonic Home Value Index results saw capital city dwelling values increase by 0.1 per cent during November and 8.3 per cent so far this year, slowing after a period of rapid growth.

“The recovery has been driven by sellers who are listing their properties at high prices and buyers who appear to be willing to meeting their marks,” said Charles Tarbey.

“The recovery that the market has experienced over spring is just that – a recovery, not a boom,” concluded Charles Tarbey.

Posted by Charles Tarbey on 21/12/2013 at 12:00 AM | Categories:

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