Property Market Update – 3 July 2019
You know the relief you feel when you take off a tight piece of clothing? That’s kind of the relief the real estate market is rejoicing about because property prices are reported to have stopped falling – unless you live in Darwin where they’re still in a deep decline.
Core Logic have released their June 2019 data series with the headline that “Sydney And Melbourne Housing Values Edge Higher In June, But Values Still Trending Lower On A National Basis”.
Rather than just looking at dwelling values, I prefer to look to the fineprint of the data to see what’s happening to house prices given they’re the biggest component of what’s driving property prices.
Source: CoreLogic Home Price Value Index Tables (www.CoreLogic.com.au)
As you can see above, there’s a lot of red on the grid, and I can’t see it showing any kind of real estate bounce as yet.
Aside from the stats, I’m now hearing stories almost daily of trades slowing down, people in construction being laid off, valuations coming in lower than expected, etc.
Remember that real estate is not like the stockmarket. Whereas the latter can turn around quickly, real estate is like an ocean liner that takes a long time to change direction. Let’s hope it’s not the Titanic!
Comments
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Like your new newsletter, its short to the point , easy to read and if you want more info just click well done
Thanks.
Yes, I also like the new format for your newsletter. Thank you Steve.
You’re welcome. Thanks Toni.
Love it!
Thanks Ric
Amen to the above!.
PS. I like the new newsletter format.
Hi Steve.
I have followed your journey for many years and have been inspired by the common sense approach you have to property investing. I have been to some of your Melbourne seminars and followed your predictions with great success. For all the reasons that you have outlined over the past 12 months, I believe also that property prices will remain flat for some time.
I appreciate your honesty and vulnerability. It takes courage to admit to having a few down days. Makes it easier for us to do the same without fear of embarrassment.
Thanks for the vote of confidence @barnowl.
thank you Steve for your honest and impartial market feedback.
You’re welcome. There wasn’t a whole lot of analysis this time, but I will try to do a bigger semi-annual update in the months ahead.
– Steve
Thanks for this newsletter Steve!
I too am finding it easy to read.
As always, really appreciate your effort when you don’t have to.
God bless
Jenna
Easier = better, so I’m happy Jenna. Thank you.
Thank you for the newsletter, Steve. The new format makes for easy reading.
It’s always good to hear from you – pearls of common sense advice and observations that come from your manifold honed experiences!
Looking forward to the next one.
Blessings.
Catharine
I appreciate your support Catharine. Thanks for posting.