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2014...Happy New Year?

January 01, 2014

Will 2014 Be A Happy New Year?

It was about this time last year that I wrote my blog predicting the surge in property prices…voila’ 2013 proved to be all about price surge.

According to RP Data, Australia’s combined capital city home values increased by 8.3% and unit values rose by 8.4%. (through to November).

Sydney (13.7%), Melbourne (6.1%) and Perth (8.6%) each recording the highest growth capital growth rates. All other capital cities recorded value growth of less than 4.5% through to November 2013. Melbourne and Sydney are widely regarded as the star performers,

Highest median value:
Houses – Point Piper , Sydney, $6,312,475; Units – Dawes Point, Sydney, $2,452,651
Lowest median value:
Houses – Ungarie, Central West NSW, $62,200; Units – McCracken, Outer Adelaide, $109,609
Lowest median value within 10km of capital city:
Houses – Clarendon Vale, Hobart, $162,598; Units – Glenorchy, Hobart, $201,985
Highest indicative gross rental yields:
Houses – Johnston, Darwin, 14.7%; Units – Ultimo, Sydney, 11.2%
Highest indicative gross rental yields within 10km of capital city:
Houses – Larrakeyah, Darwin , 8.3%; Units – Ultimo, Sydney, 11.2%
Greatest 12 month change in median values:
Houses – Kirribilli, Sydney, 42.5%; Units – Enmore, Sydney, 46.9%
Greatest 5 year change in median values:
Houses – Onslow, Pilbara, 175.2%; Units – Newman, Pilbara, 106.2%
Highest median weekly advertised rent:
Houses – Newman, Pilbara, $2,165 Port Hedland; Units – Pilbara, $1,300
Lowest median weekly advertised rent:
Houses – Queenstown, Mersey-Lyell, $140; Units – Sussex Inlet, Wollongong, $115
Highest gross value of sales:
Houses – Mosman, Sydney, $805,977,253; Units – Surfers Paradise, Gold Coast, $571,568,317

Why the steady surge in our property market? A combination of low interest rates, foreign buyers, those looking to upgrade and investor momentum, 2013 saw Australia creep steadily towards a property boom.

What does this mean for those hoping to get into the market? It means things are getting tougher. The first home buyer who was reluctant to make a move last year will be even moreso this year. How to save that deposit? How to maintain payments? How to buy a house that’s half decent?
I have been on the co-buying bandwagon for some time now. If you had listened to my advice way back when…well, let’s just say, you wouldn’t be cringing now, you would be in your own place and possibly thinking about a refinance to do it all over again with your co-buying buddy.

Can I say it again? Consider co-buying if you are truly serious about getting that foot in the real estate door. Don’t be afraid, there are contracts available where the interests of both parties are protected. Jump in and BUY. If you do it with a partner, you will be able to plough ahead and work towards securing your future. It’s smart, it works…I know, I’ve done it a few times and it has helped me incredibly!

The way 2014 shapes up for you is in your hands. Jump on the Home Addressed website, set up a profile in the co-buying section and starting shopping for a partner!

Make it a happy new year…you can!