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Real Estate Business Awards 2021

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

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1/10
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top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Building worries dog REIA

By Staff Reporter
11 September 2014 | 1 minute read

Properties in Perth and Hobart have failed to increase in price during the June quarter despite the Real Estate Institute of Australia believing house prices are currently underpinned by a "chronic" housing shortage.

The lack of interest in Perth and Hobart is even affecting rent, with prices for Hobart rental properties falling by 5.7 per cent when compared to the same time last year. Perth also suffered a decrease in rental prices for a three-bedroom house, falling 4.2 per cent.

Nationwide, the weighted average house price to live in a capital city increased two per cent when compared with the March quarter, to $617,232. Sydney’s median house price was found to be the highest at $811, 837, and Hobart the lowest, with a median house price at $380,000.

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The Real Estate Institute of Australia believes a housing shortage is being driven in part by population growth and constraints on housing supply. In releasing the June 2014 Bendigo Bank/REIA Real Estate Market Facts report, REIA president Peter Bushby said this concern is also echoed by many Aussie developers and it may continue for the next 20 years, owing to years of under-building.

“Some recent reports have suggested Australian houses may be over valued and proponents of this argument point to historically low interest rates that are driving lending,” Mr Bushby said.

“While REIA recognises the role that interest rates play in relation to house prices, it has long argued that prices are also underpinned by a chronic housing shortage brought about by population growth and constraints on housing supply."

Mr Bushby added that the report does show a good overall trend relating to median house prices in that results are not uniform across the nation, with the greatest increase in house prices seen in the eastern states.

“While Sydney and Melbourne house prices have received a lot of media attention lately, the report showed solid growth for Brisbane, with a quarterly increase of 2.2 per cent seeing the median house price now at $470,000," he said.

“Small but good results were posted for Adelaide and Canberra, each recording quarterly increases of 0.8 per cent and 0.9 per cent, with Darwin seeing an increase of 0.1 per cent.”

Building worries dog REIA
Taz
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Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.