Overnight, the media is alive with excitement with the monthly growth rates of residential property pricing hitting a 21-year record on a national basis in November. Sydney and Melbourne led the charge with a 2.7% and 2.2% respectively price rise in one month.
See the chart above.
Annualised, CoreLogic talks of a 23% rate increase., the best since 1988.
This should be good news for retirement village operators who are logging great reservation rates but slow settlement rates as booked buyers struggle to sell their homes.
But there is a long way to go before retirees feel that they have recovered lost territory in the value of their home. In fact, prices need to rise another 10% to get back to 2017.
However if price is secondary to a fast sale to move into a village, the times have never been better.
Realestate.com.au (RA) has reported a 15% drop in listings nationally and 22% in Sydney. CoreLogic says listings are down 24% on last year – while mortgage funding has been freed up and never been cheaper.
Interesting times.
