Century 21, the largest real estate sales organisation in the Asia Pacific region, believes recent speculation that the property market is in a boom phase is unfounded and the market could be seen more as in a recovery, and only in selected areas.
“Despite the combined capital city index recording its fastest rate of annual growth since October 2010, Sydney and Perth are the only markets where values now sit higher than they were at their previous peak,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.“Claims that the Australian property market is in a boom or a bubble will likely prove to be incorrect.”
The recently released RP Data-Rismark Hedonic Home Value Index results saw capital city dwelling values increase by 0.1 per cent during November and 8.3 per cent so far this year, slowing after a period of rapid growth.
“The recovery has been driven by sellers who are listing their properties at high prices and buyers who appear to be willing to meeting their marks,” said Charles Tarbey. “The recovery that the market has experienced over spring is just that – a recovery, not a boom,” concluded Charles Tarbey.
“In Port Douglas, the residential market, including houses, vacant land and units which can be owner occupied have been selling. Residential property that was previously sitting on the market for long periods of time has since been moving at a faster rate. The average time on the market for a house in Port Douglas was 320 days, this statistic quickly changed in the later half of 2013 to 140 days.,” said Century 21 Port Douglas Franchise Owner Ian Johnson.
“Our conversations with Sellers have changed from “how to sell” to “how much will we get”, we are in the transition period from a buyer’s market to a seller’s market. If you are thinking about selling your Port Douglas residential property now is a good time, as we are bracing for a busy 2014.,” continued Century 21 Port Douglas Franchise Owner Ian Johnson.
Century 21 Port Douglas encourages potential buyers that are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so.
With over 3,000 offices, Century 21 is the largest real estate sales organisation in the Asia Pacific region, a region vital to Australia’s continued economic success.