Market Watch: Capital cities’ prices dip during November

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Capital cities’ prices down slightly in November
Last month saw a slight decrease in the combined value of properties in the capital cities. Figures from the CoreLogic RP Data Home Value Index reveal a 0.3 per cent decline in the total value of properties with 4 capitals seeing increases and 4 showing declines. Sydney, Brisbane, Perth and Hobart were those showing growth. Overall there has been a 7 per cent rise this year but with growth slowing the year’s increase will have been smaller than the 9.8 per cent seen last year. The data also show that while demand has outstripped supply, that is changing and discounting is increasing in some areas. The number of listings is still lower than it was a year ago but is higher than the rest of this year so far. The report suggests that the coming months could see some interesting times with moderating prices in some of the hottest markets and the possibility of price drops in Perth, Darwin and Canberra.
 
Number of $1million suburbs increases
There are now more suburbs with a median property value of $1 million or above. The latest figures from CoreLogic/RP Data show that there are 89 suburbs in the $1m+ list than there were a year ago with 63 of them in New South Wales, especially Sydney where prices have been rising substantially. The biggest growth in NSW and nationally was in Homebush with a 38.6 per cent increase over 12 months to $1,184,812 while the highest median price was in Epping at $1,258, 943. In Victoria the biggest rise was in Ripponlea, up 33.2 per cent to $1,108,670 and the highest median price was in South Melbourne at $1,116,363. Queensland’s best growth and highest median was Bulimba with a 16.7 per cent rise to $1,030,773. In South Australia Walkerville saw the biggest rise, up 8.3 per cent to $1,008,796 while the highest median price was $1,040,446 in Malvern. Western Australia’s best performer was Coolbinia with growth of 24.4 per cent and the state’s highest median of $1,226,740.
 
Why a few trees can add thousands to property prices
A great front garden or even some attractive trees in the street can add thousands of dollars to the value of a property. A report in The Australian says that a well-maintained and attractive garden can attract prospective buyers and increase the chances of a quick sale. Quoting a 2010 survey from the US the article says that trees in the street can add as more than $8,000 to the price of a property. Australian realtors say that gardens can make a real difference to how prospective buyers see a property. Young professionals with children are particularly keen that their families should have a great outdoor space and are prepared to pay a premium as a result.
 
 

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