Welcome to House Search News for October 2007
Latest September quarter figures released from Residex show that Perth’s median unit value has now eclipsed Sydney’s ($390 000) to a new high of $391 500. So who says Sydney is overpriced?! We’re cheaper than Perth!
On the homefront, as we gear up for a federal election, though the government would be keen to retain current interest rates, the RBA may well implement another rise, based on Australia’s current strong economic growth and continued low unemployment rate. Housing prices and rents impact directly on the housing component of the CPI, which is due for release Oct 24th by the ABS, and the RBA will no doubt be watching these figures closely before making any decisions.
Jacque Parker and Theresa McHale
House Search Australia
Another very satisfied client…
Andrew from Hornsby had this to say recently about our services:
“House Search provided us with a level of service that went above and beyond our expectations. Jacque and Theresa have a very profound and up-to-date knowledge of the property market and their comments are always incisive, insightful and ‘value-add’. From scoping the search, through to finding a managing agent, their expertise saved us many hours of valuable time, effort and money…”
Market Update – Sydney Property News
Sydney still appears to be a segmented market, with houses in outer south-western areas continuing to slump whilst large increases are being recorded in the higher socio-economic suburbs.
Overall, however, the indicators and growth statistics show that Sydney is experiencing a gradual recovery phase, as we head towards 2008.
Affordability is really the key issue that limits price growth as first home buyers continue to struggle with the entire home ownership issue. With less home buyers and increasing numbers of tenants, the squeeze for rental demand is set to tighten. With NSW rental laws also currently being overhauled for the first time in 20 years, the enticement will be more investors seeking to enter the market. Fair Trading minister, Linda Burney, comments on the proposed changes in this article.
COME AND VISIT US AT THE CROWNE PLAZA NORWEST OCT 24
We enthusiastically invite you to pop in to the upcoming Hills Business Expo Oct 24 and visit our stand to say hello!
Once again, House Search are proud to exhibit alongside other outstanding local businesses at this event.
Drop in anytime between 12-7pm and we look forward to meeting you!
Suburb Spotlight – Seven Hills
At just over 35km from Sydney’s CBD Seven Hills is a largely owner occupied suburb, with over 72% of the population owning their home, and 22% renting. One of the few suburbs in the Hills District to have rail access, it is well placed to benefit from both M2 and the new M7 access as well.
Some facts about Seven Hills:
- Predominant age group of 35-54
- Predominantly families with children
- Over 72% owner occupied housing
- Current median price $350 000 for houses and $301 000 for units
- Average capital growth over last 10 yrs 9.41% for houses and 6.11% for units