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NATIONAL HOME VALUE INDEX RELEASE

Out today, the monthly RP Data-Rismark International, national Home Value

Index confirmed that home values in Australia continued to trend upwards

over the month of May to now reach a national median of $468,819; just 0.1

per cent, or $520, shy of their peak in February 2008.

 

The results reveal that apart from Perth, for the first five months of 2009

home values in every mainland capital city in Australia increased. Based on

Australia’s largest property database, which includes around 90,000 capital

city home sales in 2009 alone, the monthly RP Data-Rismark National Home

Value Index recorded an overall increase of 0.9 per cent in the month of

May, and a remarkable 3.9 per cent gain over the first five months of 2009.

During the 12 months to May 2009, Australian home values have increased by

1.6 per cent.

 

RP Data head of research Tim Lawless said, “These latest results herald a

national residential market recovery.”

 

“It’s important to note that it has taken just 15 months for values to

recover from the February ‘08 peak. I believe these results are encouraging,

especially when we take a closer look at other Western markets around the

world where prices are mostly in decline,” Mr Lawless said.

 

Rismark International managing director Christopher Joye concurred with Mr

Lawless’ comments and said, “The February RP Data-Rismark Index results were

the first clear signs of the so-called economic ‘green shoots’. All of the

subsequent evidence-housing finance approvals, auction clearance rates, and

other independent house price data-has affirmed this story of an incredibly

resilient housing market.”

 

Provided by RP Data

30^th June 2009

TASMANIA RECORDS HIGHEST PROPERTY SALES IN 18 MONTHS

REIT Media Release - Monday 25th April 2009

The Real Estate Institute of Tasmania (REIT) today released the April Property Report which shows house sales reached 982 for the month, the highest number of sales since November 2007. REIT President Peter Bushby said the increase in house sales across the State was a positive response in tough economic times.

“In Launceston sales were up by 23.1 per cent on the previous month and 54.7 per cent on the same time last year, while the North West reported a sales increase of 18.4 per cent on last month and 1.6 per cent on April last year,” Mr Bushby said. “In Hobart, while house sales were down .9 per cent on the previous month, it was an increase of 43.8 per cent on the same time last year. Statewide the number of First Home Buyers reduced by 8.3 per cent, butr sales continued to be strong with the second home buyers offsetting this drop with a 7.2 per cent increase.”

“The number of homes purchased by investors also increased during the month of April. The southern Tasmanian suburbs of Glenorchy, Kingston and Sandy Bay were the strongest performers for the month, while in the North West, Ulverstone recorded the highest number of sales. In the North of the State, the suburbs of Newnham, Invermay and Young Town recorded the highest number of sales”.

Mr Bushby said the statwide median house price increase to $285,000 for April, up 4.7 per cent from last month and up 4.4 per cent from the same time last year. “In southern Tasmania, Hobart recorded a healthy increase in its median house price, coming in at $334,500, up 6.1 per cent from March and up 6.6 per cent from the same time last year.

“This was due to a strong shift in the price distribution in the $300,000+ price range, particularly in the $500,000 - $600,000 price bracket. Launceston’s median house price was recorded at $272,000 for the month and North West’s median house price was $233,000.”

The REIT is a member organisation representing the views and the professional needs of its members - these being more than 165 real estate agents (and their staff) througout the State.