{"id":11408,"date":"2017-04-13T15:30:58","date_gmt":"2017-04-13T05:30:58","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=11408"},"modified":"2017-04-13T15:30:58","modified_gmt":"2017-04-13T05:30:58","slug":"first-quarter-results-which-city-took-top-spot","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/first-quarter-results-which-city-took-top-spot\/","title":{"rendered":"First quarter results: Which city took top spot?"},"content":{"rendered":"<p><strong>In his column for\u00a0<a href=\"http:\/\/www.switzer.com.au\/the-experts\/john-mcgrath-property-expert\/first-quarter-results-which-city-took-top-spot\/\" target=\"_blank\" rel=\"noopener noreferrer\">Switzer<\/a>, John McGrath\u00a0discusses the first quarter results of 2017. \u00a0<a href=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/08\/mcgrath.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-1807\" alt=\"mcgrath\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/08\/mcgrath.jpg?resize=150%2C143\" width=\"150\" height=\"143\" \/><\/a><\/strong><br \/>\nSo, the first quarter results are in and guess what?<br \/>\nSydney is not \u2013 that\u2019s right,\u00a0<em>not<\/em>\u00a0at the top of the leader board for price growth among our capital cities.<br \/>\nIt\u2019s exciting to see some other cities moving forward after such an extended period of Sydney and Melbourne dominance.<br \/>\nOver the March quarter, CoreLogic reports dwelling values (houses and apartments combined) grew by 5.6% in Hobart, 5.1% in Canberra and 5% in Sydney.<br \/>\nMelbourne wasn\u2019t far behind at 4.2%.<br \/>\nAdelaide grew by 1.6%, Brisbane had no movement, and median prices fell in Darwin by -3.1% and Perth by -1.3%.<\/p>\n<h4>Sydney and Melbourne continue to grow strongly<\/h4>\n<p>Clearly, Sydney and Melbourne are both still growing strongly.\u00a0<a href=\"https:\/\/i0.wp.com\/realestatetalk.com.au.s3.amazonaws.com\/wp-content\/uploads\/2016\/04\/Melbourne_by_night_8_04.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-7802\" alt=\"Melbourne_by_night_8_04\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au.s3.amazonaws.com\/wp-content\/uploads\/2016\/04\/Melbourne_by_night_8_04-300x200.jpg?resize=300%2C200\" width=\"300\" height=\"200\" \/><\/a><br \/>\nGrowth of 4-5% per quarter is very fast, and at that rate we\u2019re on track for 15-20% growth over the year if things don\u2019t slow down.<br \/>\nRight now, after a five-year boom, I would love to see some heat taken out of these two markets.<br \/>\nIt\u2019s important for the long term that prices have a chance to slow down and consolidate at their new levels.<br \/>\nHowever, with interest rates so low and a severe lack of stock intensifying buyer competition, it\u2019s hard to see this happening any time soon.<\/p>\n<h4>The hand of APRA<\/h4>\n<p>APRA\u2019s announcement that banks will have to limit interest only loans to 30% of all new residential lending might help reduce investor demand, as it is investors who typically want interest-only terms.<br \/>\nThis measure, combined with government intervention on affordability, might help Sydney and Melbourne get back to normal market conditions.<br \/>\nWe\u2019re yet to find out what the NSW and Federal Governments have in mind to deal with affordability, but VIC has already announced a range of measures \u2013 among them the removal of incentives for investors to try and dampen demand from that particular group.<\/p>\n<h4>Other cities<\/h4>\n<p>Looking at the other cities, Canberra\u2019s market turned in 2016 and continues to do well.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"Property Market\" src=\"https:\/\/i0.wp.com\/puassets.s3.amazonaws.com\/wp-content\/uploads\/2015\/08\/australia-house-property-map-real-estate-aus-state-country-300x272.jpg?resize=253%2C230\" width=\"253\" height=\"230\" \/><br \/>\nPrices were up 9.3% in CY2016 and now they\u2019re up a further 5.1% in the first quarter of 2017 alone.<br \/>\nHobart is also on the rebound.<br \/>\nPrices went up by 11.2% in FY2016 and now they\u2019re up a further 5.6%.<br \/>\n<strong>Conversely, Perth and Darwin have been doing it tough since the mining boom ended.<\/strong><br \/>\nMedian prices fell by -4.3% in Perth in FY2016 and Darwin prices rose by just 0.9%.<br \/>\nSo far this year, prices have fallen slightly in both capitals.<br \/>\nNow, for Sydneysiders who have been keeping track of sales stories in the media, you would have seen many articles with screaming headlines about homes selling for up to a million dollars over reserve.<br \/>\nEvery week, there are properties selling for astounding amounts \u2013 I\u2019m talking $400,000, $500,000, $700,000 above reserve.<\/p>\n<h4>Obviously, this is fantastic for sellers but quite disheartening for buyers.<\/h4>\n<p>I would advise buyers in Sydney to be very wary right now.\u00a0<a href=\"https:\/\/i0.wp.com\/realestatetalk.com.au.s3.amazonaws.com\/wp-content\/uploads\/2016\/12\/Sydney_18045.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-10170\" alt=\"Sydney_18045\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au.s3.amazonaws.com\/wp-content\/uploads\/2016\/12\/Sydney_18045-300x220.jpg?resize=270%2C198\" width=\"270\" height=\"198\" \/><\/a><br \/>\nIf you\u2019re going to compete in this market, you need to understand that you\u2019ll probably have to pay a premium.<br \/>\nIf you\u2019re buying for the long term, this might be less of a concern, but I do advise you to be very careful.<br \/>\nFigure out your budget and stick to it.<br \/>\nBetter to be disappointed and walk away on auction day than endure the sleepless nights that come with a mortgage you can\u2019t afford.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his column for\u00a0Switzer, John McGrath\u00a0discusses the first quarter results of 2017. \u00a0 So, the first quarter results are in and guess what? Sydney is not \u2013 that\u2019s right,\u00a0not\u00a0at the top of the leader board for price growth among our capital cities. It\u2019s exciting to&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":6560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First quarter results: Which city took top spot? - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/first-quarter-results-which-city-took-top-spot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First quarter results: Which city took top spot? - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his column for\u00a0Switzer, John McGrath\u00a0discusses the first quarter results of 2017. \u00a0 So, the first quarter results are in and guess what? 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