Hi, it’s Helen here.
We hope you all have had a relaxing break with family and friends over the Christmas and New Year period, and that you’ve had a chance to recharge and be ready for another exciting year of property investing and wealth creation.
So, what did happen last year in the property market?
According to RP Data, we had a major turnaround in our capital city housing values coming from a 0.4% fall in late 2012 to a 9% rise in 2013. The capital cities that had the highest rates of growth were Sydney, Melbourne and Perth.
Turning our focus into 2014, the outlook is for more moderate levels of growth compared to the levels of growth experienced last year. Here are the highlights over the three months to December, 2013 from RP Data:
Best performing capital city: Sydney, +4.1 per cent
Weakest performing capital city: Hobart, -1.3 per cent
Highest rental yields: Darwin houses with gross rental yield of 6.0 per cent and Darwin units at 6.2 per cent
Lowest rental yields: Melbourne houses with gross rental yield of 3.4 per cent and Melbourne units at 4.2 per cent
Most expensive city: Sydney with a median dwelling price of $655,250
Most affordable city: Hobart with a median dwelling price of $330,000
With a positive outlook for the Australian property market, and with interest rates looking to remain low, there are opportunities to secure property with good growth prospects. Be sure to do your thorough due diligence and ensure that your next property purchase suits your strategy, goals, lifestyle and back pocket.
Until next time, happy investing!