Ensure you never miss an issue of the
real estate business bulletin
State of Markets – VIC January 2012

State of Markets – VIC January 2012

by Phillip Tarrant 0 comments

Essential information, plus expert insight on what is shaping the national property market...

VICTORIA

Melbourne vendors discounting
Vendors in Melbourne have been heavily discounting their asking prices, according to the latest statistics from RP Data.

The largest vendor discounts were recorded for units in Broadmeadows and Vermont, with reductions of 25 per cent and 19 per cent respectively.

Six months previously, the highest vendor discounts were recorded in Dandenong, with an average of 10.1 per cent.

Historically, the level for Melbourne has sat at around 6 per cent.

The discounting, however, is not indicative of falling property prices, with Vermont actually reporting an increase over the past 12 months.

Homes are taking 17 days longer to sell, shifting from 36 days in 2010 to 53 currently.

Building permit values at record high
The dollar value of Victoria’s residential building permit activity – including high rise – more than doubled in the first quarter of 2011/2012, compared with the same time in the preceding year.

New Victorian Building Commission data show residential building permit figures totalled $1.3 billion for the first quarter of 2011/2012, a 60 per cent jump on the total for that period in the 2010/2011 financial year.

The value of activity during the September quarter of this year was the highest on record overall, Deputy Building Commissioner Neil Savery said.

Domestic house permits were, however, found to have dropped by 9 per cent to $3.3 billion.

Northeast Victoria and Gippsland both reported overall decreases in permit activity, with falls of 24 and 23 per cent respectively.

Small drops in approvals were also reported in the southwest of the state (5 per cent) and outer Melbourne (6 per cent).

“Significant increases in the value of residential, retail and industrial building permit activity contributed to the result, as did rises in the hospital/healthcare and commercial categories,” Mr Savery said.

State of Markets – VIC January 2012
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?