When I returned to Phillip Island about twelve months ago, I noticed homes for sale have been on the market for a long time. My aim in real estate was to be able to decrease the number of days on market. You will have noticed, properties that have been on the market for quite some time have sold. This is good news for the seller or the home owner who is contemplating selling. Of course with e sun out, warmer days and summer approaching this entices people to consider purchasing a holiday home.
You may find below some interesting real estate statistics – After years of doing it tough following the global financial crisis, holiday homes are starting to pick up again in value, according to property data firm CoreLogic RP Data. This is good news for sellers on Phillip Island.
Holiday homes are usually seen as a discretionary asset so in bad economic times prices slump.
“From 2008 all the way to 2013-14 most of these markets were tracking back in value, but now we’ve been seeing for at least the last year that demand is coming back,” CoreLogic head researcher Tim Lawless said.
A recovery in people’s personal wealth, healthier share portfolio’s and substantial rise in Melbourne and Sydney property prices were prompting purchasers to splash out on a beach home, he said.
Property within easy commuting distance from big cities was the prime target.
The latest housing sentiment survey by CoreLogic & TEG Rewards concluded that almost 70% of Australians think now is a good time to be buying a dwelling, despite dwelling values moving out of reach for many as the housing market broadly approaches four and half years of growth.
CoreLogic Head of Research Tim Lawless said, “Perceptions around selling a home have weakened over the past twelve months which is likely attributable to slower housing market conditions across many markets.
The CoreLogic-TEG Rewards housing market sentiment survey also explored views on which direction dwelling values and rental rates were likely to head over the next twelve months. The majority of survey respondents are expecting dwelling values to remain steady over the next twelve months, with Tasmanians the most optimistic about the direction of value growth over the next twelve months.
Hope you have found this interesting information. I will continue with more information about selling your property in future Di’s Corner Chat. Information in this article has been sourced from Corelogic.
Please contact Dianne for your real estate needs.
Contact her on 5952 5480 or 0408 034 080