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WBP market wrap

Buyer warning: don’t be lured into a false sense of security…the frenzy is coming.

The weekend saw an estimated 910 residential properties auctioned in Melbourne, 71% or 646 of which sold.

There was almost double the amount of houses auctioned, when compared with units, with comparable clearance rates achieved for both property types.

While this is a strong result overall for such a high number of auctions, the market was patchy and results were a mix of strong prices and some surprising instances of properties passing in.

The high number of auctions held at the weekend and in the coming week is thought to be the main driver of this inconsistency. These high volumes give buyers a sense of choice and reduced pressure to secure a property. Read more

Australia is officially the world’s most desirable place to live …..according to a survey of nearly 28,000 people from 11 countries.

Boston Consulting Group recenly carried out the survey, where 34% picked Australia as the country they would most like to live (besides their own). Canada came second, USA third and Switzerland fourth.

The selection criteria included economic opportunity, education and standard of living. Participants in the survey came from the USA, Canada, Germany, UK, France, Spain, Italy, Japan, India, Brazil and Australia.

The Boston Consulting Group survey isn’t the only one to rank Australian living standards as being the most desirable on earth. Australia topped the OECD’s “Better Life” index for the past three years, thanks to high levels of income, good employment prospects, standards of education and sense of community.

Overall, Australians are more satisfied with their lives than the OECD average. 84% say they have more positive experiences in an average day than negative ones, while the average is just 80%.

So, I guess the survey confirms what we Aussies have known all along – there really is NO place like home!

Melbourne has been crowned the globe’s most liveable city for the third time in a row, nudging out Austrian capital Vienna.

In the review of 140 cities, Victoria’s capital was given perfect scores for health care, education and infrastructure. “Improvements to infrastructure in Australia, where the federal government initiated an ambitious long-term road-building programme in 2010, prompted rises in some cities in 2011,” a reporter said.

Melbourne’s Lord Mayor Robert Doyle called it “a great result for Melbourne, for tourism and for our international education reputation.”

Can’t be bad for State property prices and potential equity increases either!

mfc clients often ask about property: when’s the right time to buy, when to sell, what’s happening in the market, have we bottomed out yet?

The latest index from RP Data reflects a really mixed bag, showing capital-city house prices fell by 1.2 per cent last month – disappointing given the Australia Reserve Bank’s rate reduction to an all time low of 2.75 per cent at the start of the month. Read more