Australia’s best property performers of 2012 have been revealed by RP Data and while there were some standouts the property data provider says it was a weak year for the residential housing market. Data over the 12 months to November 2012 shows capital city home values dipped 0.1 per cent. House values were down 0.4 per cent after dropping 4 per cent the in 2011. Unit values however rose 1.6 per cent after falling 2.6 per cent in 2011.
Though the figures improved over the year RP Data has described the performance as lacklustre, fuelling hopes this year’s rate cuts from the Reserve Bank of Australia may have some positive flow on effects in 2013.
The best performers of 2012 The highest median values were found in Sydney: A home in Point Piper will set you back about $5.4 million.
A unit in Dawes Point cost an average of $2.5 million.
The most affordable houses within 10 kilometres of a capital city where found in Clarendon Vale, Greater Hobart.
The most affordable units were in Albion in Melbourne.
Houses in Moora in Midlands scored the greatest 12 month change in median sales price, rising 50 per cent over the year.
Units in Maylands in Adelaide rose 49 per cent.
Over a five year period the value of Lyons houses in Darwin have soared 211 per cent.
The values for units in South Hedland in the Pilbara have jumped 127 per cent.
Houses in Port Headland in the Pilbara posted the highest median advertised rent, fetching an average of $2,300 per week.
Units in The Rocks in Sydney set you back an average of $1,025 per week over 2013.
RP Data says housing markets are likely to remain relatively flat over the next year but to keep an eye out for improving conditions in markets which have corrected more than other capital cities such as Sydney, Brisbane, Perth and Darwin. However, the data provider says Melbourne has had a strong run of capital gains and could be in for weaker conditions in the year ahead.
Commentary FNN asked RP Data’s General Counsel and Head of Corporate Affairs, Craig MacKenzie, where sees strength and weakness in Australia’s property market:
"In terms of strength, certainly the Perth and Brisbane markets have rebounded quite strongly through 2012. In terms of property types, the unit market across the country has shown a lot of resilience through 2012 and yields on units are now over and above those on detached homes. In terms of weakness certainly markets like Hobart have seen significant weakness during 2012, and through the latter part of 2012 we did notice some weakness across the Melbourne market in particular. We saw home values come off 1 per cent in November 2012."
To watch more of the interview click
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Property forecasts Australian Property Monitors (APM) senior economist Dr Andrew Wilson says overall markets have stepped forward modestly into recovery in 2012 with the prospect of this trend continuing in most capital cities. Dr Wilson expects prices to rise between 3 and 5 per cent nationally over 2013 compared to 1 per cent in the 10 months to October 2012. APM has identified Perth and Darwin as poised for growth in 2013, forecasting property prices could grow by up to 7 per cent in 2013. APM predicts Sydney and Brisbane could see price rises of between 3 and 5 per cent but remains less hopeful for Melbourne, Adelaide and Hobart where prices are expected to stay relatively steady into the New Year.
Auction Results Sydney recorded a 57 per cent clearance rate from 403 properties for auction
Melbourne cleared 59 per cent from 480 properties
Brisbane had a 38 per cent clearance from 46 properties listed
Adelaide cleared 41 per cent from 25 reported auctions
Commercial Property Sector Diversified property group Australand Property Group
(ASX:ALZ) has rejected an offer for its commercial, industrial and investment property portfolio from fellow property company GPT Group
(ASX:GPT).
Australand Property Group
(ASX:ALZ) has also denied it has received a bid from Mirvac Group
(ASX:MGR) to establish a $7 billion listed property trust.
CFS Retail Property Trust’s
(ASX:CFX) asset values have eased 0.9 per cent to about $44 million, according to an independent valuation.
