Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Tue
Apr 21st
Lost Password? Register
Home arrow News arrow Australasia arrow Property markets in Australasia up and down

Warning: Invalid argument supplied for foreach() in /home/property/public_html/modules/mod_news_sc.php on line 93

Warning: Invalid argument supplied for foreach() in /home/property/public_html/mambots/system/blueflame/bfMysql.php on line 763

Property markets in Australasia up and down

Tuesday, 02 June 2009
Australasian markets experiencing a mixed ride
Australasian markets experiencing a mixed ride

The property market in Australasia is experiencing a mixed ride with some parts of the region reporting signs of recovery and others still struggling.

In New Zealand the latest published figures show that the numbers of new property listings have declined for the third month in a row, with listings in May dropping a further 5% on April.

It would appear that many sellers are adopting a wait and see attitude and only listing their property for sale if they have to. The May NZ Property Report shows that listings are now down 29% since the same time last year.

Asking prices are also down. The figures show they are 1% below those in April and 6% down on the market's peak in October 2007.

But according to NZPR's chief executive Alistair Helm prices are softening rather than collapsing and 2008 was a dormant period with many properties just sitting on the market.

But in Australia first time buyers are boosting the property market helped by low interest rates and government grants. According to Yvonne Chan, head of research at Australian Property Monitors, monthly auction figures for the year showed clearance rates were back to the levels they were in 2007.

'The market has recovered from last year. Month on month clearance rates show some real promising signs and in Sydney and Melbourne clearance rates are around the long-term averages,' she said.

But there is concern that buyers other than those seeking their first home need to start entering the market if there is to be a recovery. 'All the action in the market this year has come from first home buyers and demand from first home buyers is definitely still very strong,' Chan explained.

'With government grants available and interest rates at an all-time low, there's a lot of people who believe now is a good time to be entering the market,' she added.


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
Related News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here






Car park

The Foundry

Car park

West Tower

Barratt Homes

Australasia: Top Headline

New Zealand sees highest volume of house sales for month of March since 2007New Zealand sees highest volume of house sales for month of March since 2007{mosimage} Residential property sales in New Zealand in March were up 27.6% in March and 20.3% compared to a year ago, according to the latest index from the Real Estate Institute of New Zealand.

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

Cluttons opens new office in Spain

International real estate services company Cluttons which operates in over 50 countries has opened in Andalucía, Spain, to increase its international presence and bring its residential real estate expertise to the Costa Del Sol.

Finance Update

Leeds Building Society to accept Help to Buy remortgage applications

Leeds Building Society is the first lender in the UK to announce it will accept re-mortgage applications from Help to Buy Equity borrowers.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Australasia property and real estate news feed (RSS)