You have 0 free articles left this month.

State of Markets – VIC January 2012

02 JAN 2012 • By Phillip Tarrant • 3 min read • Hotspots

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

spi default article image em4omm

VICTORIA

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

You’re out of free articles for this month

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).

Loading form...

“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.

Want to see more stories from trusted news sources?
Make Smart Property Investment a preferred news source on Google.
Click here to add Smart Property Investment as a preferred news source.

Tags:
Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

Know more