Less available, more enquiry…good for prices?

The number of new properties listed for sale has trended even lower again this week with just 6,398 new properties listed for sale across mainland Australia.

This result represents the fewest number of new properties listed for sale across any week since the start of 2007.Total listings have plateaued during the most recent week, suggesting that whilst fewer new properties are being advertised for sale, existing stock is not selling particularly quickly.

This is to be expected during the Christmas / New Year period as there are generally few buyers at this time of the year as people are still on their summer holidays and not yet thinking about property purchases.

Over the last week there has been some interesting news with unemployment data to December 2008 showing that the total number of person’s unemployed increased by 2,600 and full time employment numbers fell by 43,000 persons between November and December 2008.

This week has also seen BHP announce that it will cut 6% of its workforce globally, David Jones will also cut some of their workforce and Australian Discount Retail has gone into receivership putting 2,700 jobs in jeopardy.

Rising unemployment is a big threat to the economy and the Australian housing market however, to put unemployment in to perspective, since 1980 and across each month the average Australian unemployment rate has been recorded at 7.2%, the unemployment rate currently sits at 4.4%. Whilst it appears inevitable that unemployment rates will increase, Australia still has unemployment rates which are well below the long-term average and which are the envy of the rest of the world.

While a lot of commentators are talking the market down, we are seeing a large amount of enquiry on well priced properties under $300,000. I find most “experts” are talking doom and gloom, whilst the Australian economy is travelling OK. Sure things are a bit tough at the moment, but there are still loads of jobs on the net and in the papers. Dont let all the experts talk you into recession. Property has not lost value, it is just a case of property selling below asking price, and a lot of agents are now starting to list property closer to their actual value without loading up the value.

To see some well priced properties go to www.nobullrealestate.com.au/properties.php

To see our rental properties go to www.nobullrealestate.com.au/rentals.php

Less available, more enquiry…good for prices?

The number of new properties listed for sale has trended even lower again this week with just 6,398 new properties listed for sale across mainland Australia.

This result represents the fewest number of new properties listed for sale across any week since the start of 2007.Total listings have plateaued during the most recent week, suggesting that whilst fewer new properties are being advertised for sale, existing stock is not selling particularly quickly.

This is to be expected during the Christmas / New Year period as there are generally few buyers at this time of the year as people are still on their summer holidays and not yet thinking about property purchases.

Over the last week there has been some interesting news with unemployment data to December 2008 showing that the total number of person’s unemployed increased by 2,600 and full time employment numbers fell by 43,000 persons between November and December 2008.

This week has also seen BHP announce that it will cut 6% of its workforce globally, David Jones will also cut some of their workforce and Australian Discount Retail has gone into receivership putting 2,700 jobs in jeopardy.

Rising unemployment is a big threat to the economy and the Australian housing market however, to put unemployment in to perspective, since 1980 and across each month the average Australian unemployment rate has been recorded at 7.2%, the unemployment rate currently sits at 4.4%. Whilst it appears inevitable that unemployment rates will increase, Australia still has unemployment rates which are well below the long-term average and which are the envy of the rest of the world.

While a lot of commentators are talking the market down, we are seeing a large amount of enquiry on well priced properties under $300,000. I find most “experts” are talking doom and gloom, whilst the Australian economy is travelling OK. Sure things are a bit tough at the moment, but there are still loads of jobs on the net and in the papers. Dont let all the experts talk you into recession. Property has not lost value, it is just a case of property selling below asking price, and a lot of agents are now starting to list property closer to their actual value without loading up the value.

To see some well priced properties go to www.nobullrealestate.com.au/properties.php

To see our rental properties go to www.nobullrealestate.com.au/rentals.php

An explosion of first home buyers

As the new year begins an exposion of enquiry is starting to flow. Many enquiries are in the majority from first home buyers. As people are starting to realise that the extra grant that the Rudd government has made available is only in place until the end of this financial year.

Any property priced under $300,000 is attracting many enquiries. Many buyers are still making offers $50,000 under the asking prices set, but vendors are also realising that demand is returning. Well priced properties will acheive asking price, if not something very close to it, as long as the price set is reasonable.

On the rental side of things, there is still high demand for vacant property and the vacancy rate is still very low. 3 bedroom homes with single lock up garage in the West Wallsend area are acheiving $300 per week and more. well presented properties with update kitchens and bathrooms with air conditioning are getiing close to $400 per week.

Now is a great time to buy that investment property. Returns of over 8% are being acheived by some landlords.

Financial experts are predicting a further 0.5% drop in interest rates by April this year. What a great time to secure a loan for a property. pay 7% interest on the load and get back 8% on the investment. Positive geared properties are on the way back.

to view some well priced properties go to www.nobullrealestate.com.au/properties.php

An explosion of first home buyers

As the new year begins an exposion of enquiry is starting to flow. Many enquiries are in the majority from first home buyers. As people are starting to realise that the extra grant that the Rudd government has made available is only in place until the end of this financial year.

Any property priced under $300,000 is attracting many enquiries. Many buyers are still making offers $50,000 under the asking prices set, but vendors are also realising that demand is returning. Well priced properties will acheive asking price, if not something very close to it, as long as the price set is reasonable.

On the rental side of things, there is still high demand for vacant property and the vacancy rate is still very low. 3 bedroom homes with single lock up garage in the West Wallsend area are acheiving $300 per week and more. well presented properties with update kitchens and bathrooms with air conditioning are getiing close to $400 per week.

Now is a great time to buy that investment property. Returns of over 8% are being acheived by some landlords.

Financial experts are predicting a further 0.5% drop in interest rates by April this year. What a great time to secure a loan for a property. pay 7% interest on the load and get back 8% on the investment. Positive geared properties are on the way back.

to view some well priced properties go to www.nobullrealestate.com.au/properties.php

Has the grant helped stimulate housing

The close of year / brand-new year slow up is in full action, with brand-new listings at their lowliest level off seen across the last year with barely 6,459 fresh listings registered during the latest calendar week.

The amount of fresh listings too represents the fewest weekly amount of fresh listings during any calendar week across the last 24 months.Total listings have too come down once again during the latest calendar week and sit at their lowliest level since early February 2008.

Both new listings and total listings are not expected to see an upward swing till some time in late January or early February once most folks have got back from holidays and are back at work.There was some good news this week with statistics showing that the Government’s Financial Stimulus Package has brought in a booming start.

During November 2008, the first full calendar month in which the bigger bonuses for first home buyers were offered, the number of first home buyer loans expanded by 17.8% whilst compared to October. During November a total of 11,665 homes were financed for first home purchase purposes which made up the biggest amount of first home dwellings financed since November 2007 (12,903).

These results paint a picture that the Stimulus Package is delivering the wanted effect, alluring first home buyers in to property purchase. These outcomes are confirmed by anecdotal evidence which indicates there has been a rush in enquiry for properties priced at and below $500,000.