Weekly Property News 23rd Edition 2021
“This New Financial Year Is Different”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 23rd edition of the Property News for 2021 where real estate information is on the house.
This time last year Victorians were in a very different situation, we were on the verge of lockdown 2.0 with Covid-19 cases within Victoria spiking to 723 in one day by the 30th of July. Thankfully, today we are reporting a much more positive outlook. In fact, household wealth is up 15.3 percent a year ago the strongest annual gain in 11 years as reported by the Australian Bureau of Statistics. Property prices contributed 8.5 percentage points to the growth and superannuation balances 4.1 percentage points. Average household wealth per capita rose by just under $20,000 in the March quarter to reach just over $492,000.
Realestate.com.au this week released it data on national searches on Monday for residential real estate sales and you’ll see the trend in the sales demand has dropped considerably but the curve has turned a little so perhaps the trend is stabilising. What is for sure is the market heat is still up 14% on last year but down from the highs of earlier this year.
The Numbers – Victoria experienced a Super Winter Saturday last weekend with over 1,512 auctions scheduled there were only 1,017 auction results reported, with 882 clearing with sold stickers and 130 passing in, and 5 withdrawals giving us a clearance rate of 87%. Private sales across the state reached 1347. Across the OBrien network for the week we achieved 111 new listings hitting the market with 105 properties going under offer and 113 sales transacting. Our highest price achieved for the week was $3.52 million for a residential property in Cowes on Phillip Island, a new record for the island.
That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.