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Industry news from Enzo Raimondo, CEO REIV

19/10/2009

This fortnight before the Melbourne Cup has the most auctions scheduled this year and results from today show that demand remains consistent with the performance in the last few months. The REIV expects that whilst they will not welcome increases in interest rates, most buyers will have priced them into their budget. There were 603 auctions reported today of which 483 sold resulting in a clearance rate of 80 per cent. A total of 120 homes were passed in, of which 73 were passed in on a vendors bid. Next weekend there are just over 1000 auctions scheduled which may shift the balance in favour of buyers for the first time in the last few months.

Industry News from RP Data

09/10/2009

Flowing out of RP Data’s On the Market® service, the average level of vendor discounting and average days on market provide an insight into the health of the real estate market place.

Vendor discounting, which in simple terms is the average difference between the original asking price and final selling price, provides a deeper understanding of how much leverage buyers have in the market. Vendor discounting has fallen across almost every capital city market over the last year indicating that vendors have gained a fair amount of leverage in the negotiation process.

RP Data - Rismark Home Value Index Release

30/09/2009

National property values jumped by almost 2 per cent in August in the largest monthly movement since the RP Data-Rismark Home Value Indices began in January 2005.

Using the rpdata.com (ASX: RPX) property database, which is Australia’s largest and includes over 170,000 sales during the first eight months of 2009, Australia’s housing recovery solidified during the month of August with strong capital gains registered across the country despite evidence of fading first home buyer numbers.

Rand News