Jock Gilbert comments on the state of the national and local market and the new legislation:
· In recent years, local and national real estate has experienced major capital growth with regular conversations over coffee focusing on ‘how much the property down the road sold for’. This was not sustainable. Just think where prices would have been in five years time had this continued.
The last year alone saw Adelaide median house prices increase 15.87% to $365,000. During the last quarter they remained stable, but home owners should be happy with the significant capital growth they have achieved.
Nationally, Adelaide continues to demonstrate its housing price stability with strong realistic gains achieved without the fluctuations, of the larger cities like Perth, Melbourne and Sydney. Here median house prices fell in the last quarter.
Look at the current situation in Palm Beach, New South Wales. Recent sales (58) indicated a 5.6% decrease over the last 12 months. However during the past 4 years Palm Beach has enjoyed a 62% gain to a median price of $2.55m. Property investment has to be judged in terms of years not months.
· The biggest challenge will be in the outer mortgage belt where interest rate rises and petrol price increases are likely to have an impact.
Overall analysts feel that with the S&P ASX 200 down by 10.5%+, the property market locally and nationally is holding up very well.
· Looking forward to 2010 & 11, BIS Shrapnel are predicting good growth across the board in national residential property prices, with Adelaide expected to be amongst the best performers.
On another note, July 28 heralded a new era for South Australian Real Estate with the introduction of The Statutes Amendment (Real Estate Industry Reform) Act 2007.
· The legislation aims to raise professional standards and increase consumer protection.
· For the vast majority of agents, it will be business as usual. Buyers and vendors will notice some changes in the quoting of prices and will no doubt take a while to get used it. Like any change there is a period of adjustment.
Buyers are reminded that in order to bid at an auction you are legally required to formally register with the agent on the day by completing a Bidder Registration Form, showing sufficient photo I.D. and obtaining a bidding paddle.
Do you have any questions regarding the new legislation, or do you have any general real estate queries? Our panel of real estate professionals are available to answer any and all of your questions.
Jock Gilbert Real Estate is fully committed to any measure that ensures the industry operates at the highest possible standard.
Closer to home, we have recently launched the gallery space at our office on Kensington Road. If you wish to be on our emerging artists exhibitions mailing list please email narellek@jockgilbert.com.au
· In recent years, local and national real estate has experienced major capital growth with regular conversations over coffee focusing on ‘how much the property down the road sold for’. This was not sustainable. Just think where prices would have been in five years time had this continued.
The last year alone saw Adelaide median house prices increase 15.87% to $365,000. During the last quarter they remained stable, but home owners should be happy with the significant capital growth they have achieved.
Nationally, Adelaide continues to demonstrate its housing price stability with strong realistic gains achieved without the fluctuations, of the larger cities like Perth, Melbourne and Sydney. Here median house prices fell in the last quarter.
Look at the current situation in Palm Beach, New South Wales. Recent sales (58) indicated a 5.6% decrease over the last 12 months. However during the past 4 years Palm Beach has enjoyed a 62% gain to a median price of $2.55m. Property investment has to be judged in terms of years not months.
· The biggest challenge will be in the outer mortgage belt where interest rate rises and petrol price increases are likely to have an impact.
Overall analysts feel that with the S&P ASX 200 down by 10.5%+, the property market locally and nationally is holding up very well.
· Looking forward to 2010 & 11, BIS Shrapnel are predicting good growth across the board in national residential property prices, with Adelaide expected to be amongst the best performers.
On another note, July 28 heralded a new era for South Australian Real Estate with the introduction of The Statutes Amendment (Real Estate Industry Reform) Act 2007.
· The legislation aims to raise professional standards and increase consumer protection.
· For the vast majority of agents, it will be business as usual. Buyers and vendors will notice some changes in the quoting of prices and will no doubt take a while to get used it. Like any change there is a period of adjustment.
Buyers are reminded that in order to bid at an auction you are legally required to formally register with the agent on the day by completing a Bidder Registration Form, showing sufficient photo I.D. and obtaining a bidding paddle.
Do you have any questions regarding the new legislation, or do you have any general real estate queries? Our panel of real estate professionals are available to answer any and all of your questions.
Jock Gilbert Real Estate is fully committed to any measure that ensures the industry operates at the highest possible standard.
Closer to home, we have recently launched the gallery space at our office on Kensington Road. If you wish to be on our emerging artists exhibitions mailing list please email narellek@jockgilbert.com.au
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