Vendors have
been lifting their asking prices throughout the months of January and February 2013,
according to the new vendor sentiment index released this week by SQM Research.
This index
has revealed that capital city asking prices have risen by 0.4% for units and
1.5% for houses over the past ninety days, with some cities recording rises in
excess of 3%.
A rise in
asking prices suggests home sellers are becoming more confident of market
conditions and that buyers are bidding more aggressively for real estate that
is been offered at fair market value.
Perth,
Darwin, Sydney and Adelaide are now all recording increased asking prices,
suggesting that the downturn is well and truly over in these cities. However,
Hobart and Canberra have continued to record weakness overall since the start
of the new year. Vendors have not yet begun to lift their asking prices in
Brisbane and Melbourne, which suggests buyers are still largely in control of
the market in these cities.
Coolangatta
and Palm Cove have revealed some of the steepest declines within the new index,
in circumstances where vendors have had to lower their asking prices by as much
as 49% over the past three years.
The findings
are part of SQM Research’s newly released Weekly Vendor Sentiment Index (as
measured by asking sales prices). The index gages the sentiment of vendors
selling their properties, split into the categories of: all houses, 3 bedroom
houses, all units and 2 bedroom units. This data will be made available on a
national, capital city, regional and postcode basis.
The data from
this index will be accessible for free in graph form on our website www.sqmresearch.com.au.
Louis
Christopher, Managing Director of SQM Research says “I am actually surprised at how closely this new index correlates with
the ABS house price series. Of course, we have built the index on similar
geographical composites plus we have stratified the index in a similar way to
the ABS. Overall I am very excited to bring this index to the market. It is a
step forward in delivering timeliness and transparency to the property market
and a step forward for SQM in making it the most respected authority on the
housing market.”
Louis
Christopher, Managing Director of SQM Research says “I am actually surprised at how closely this new index correlates with
the ABS house price series. Of course, we have built the index on similar
geographical composites plus we have stratified the index in a similar way to
the ABS. Overall I am very excited to bring this index to the market. It is a
step forward in delivering timeliness and transparency to the property market
and a step forward for SQM in making it the most respected authority on the
housing market.”
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