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to the latest LJ Hooker
myMarket Report, brought
to you by myLJHooker.
Welcome
The first half of the year has seen a divergence in the performance of
property markets around the country. The relative strength of state and local
economies has produced a two-tier market. Property markets exposed to
the mining and resource sectors have contracted, while markets which are
attracting high levels of investor demand continue to grow.
The RBA cut interest rates by another 0.25 percentage points in May, taking
the official cash rate to its lowest level on record. This should provide a
positive boost to those markets which have had a bit of steam taken out of
them as a result of a softer economic environment.
Sydney and Melbourne continue to drive the majority of property market
interest and activity with auction clearance rates, sales volumes and price
growth all continuing to run strongly. Brisbane has begun to see enquiry
levels rise while the other capitals and regional markets continue to face
some headwinds.
Auctions have played a vital role in driving price growth in a number of capital
cities over the past 12 months. Auction clearance rates in Sydney have
remained above 80 per cent every week (Easter aside) since the RBA cut
interest rates in February, and Melbourne has seen elevated auction volumes.
Properties sold at auction in softer markets have also seen the benefits of
capturing all current demand for the property at that point in time.
To make sound real estate decisions you need high quality information.
Our LJ Hooker myMarket Report provides you with national and regional
overviews and a perspective on the state of the market. However, home
prices and activity in your neighbourhood are dependent on local market
conditions.
To best understand how your suburb is performing, we invite you to continue
the conversation with us, your local LJ Hooker real estate specialist.
Your local LJ Hooker office
ljhooker.com.au