{"id":5079,"date":"2015-07-10T10:53:20","date_gmt":"2015-07-10T00:53:20","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5079"},"modified":"2015-07-10T10:53:20","modified_gmt":"2015-07-10T00:53:20","slug":"property-market-ends-fy-with-a-bang","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/property-market-ends-fy-with-a-bang\/","title":{"rendered":"Property market ends FY with a bang &#8211; John McGrath"},"content":{"rendered":"<p>In his recent column in\u00a0<a href=\"http:\/\/www.switzer.com.au\/the-experts\/john-mcgrath-property-expert\/property-market-ends-fy-with-a-bang\/\" target=\"_blank\" rel=\"noopener noreferrer\">Switzer<\/a>, John McGrath wrapped up the 2014-2015 financial year.<\/p>\n<h4>Here&#8217;s what he had to say:<\/h4>\n<p>It\u2019s been another spectacular year of growth in Sydney with property price gains of 16.2% for FY15 \u2013 slightly higher than the 15.4% increase of FY14.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright\" alt=\"John Mcgrath\" src=\"https:\/\/i0.wp.com\/propertyupdate.com.au\/wp-content\/uploads\/2014\/06\/JohnMcgrath-300x182.jpg?resize=270%2C164\" width=\"270\" height=\"164\" \/><br \/>\nMost of us expected price growth to begin moderating from January this year following a flood of stock that came onto the market in November 2014, which did affect prices in the short term.<br \/>\nBut no!<br \/>\nTwo interest rate cuts in February and May have prolonged Sydney\u2019s boom with a strong 9.1% lift in prices over the first six months of the year alone.<br \/>\nLooking over the financial year reports from CoreLogic RP Data over the past three years makes for interesting reading and the market has certainly come a long way.<br \/>\n<strong>House prices in Sydney\u00a0<\/strong><\/p>\n<ul>\n<li>On June 30, 2013 \u2013 Sydney\u2019s median house price was $662,500* with prices up 6.3% for the year<\/li>\n<li>On June 30, 2014 \u2013 Sydney\u2019s median house price was $800,000 with prices up 16.2% for the year<\/li>\n<li>On June 30, 2015 \u2013 Sydney\u2019s median house price was $900,000 with prices up 17.8% for the year<\/li>\n<\/ul>\n<p><strong>Apartment prices in Sydney<\/strong><\/p>\n<ul>\n<li>On June 30, 2013 \u2013 Sydney\u2019s median apartment price was $500,000 with prices up 2.4% for the year<\/li>\n<li>On June 30, 2014 \u2013 Sydney\u2019s median apartment price was $586,000 with prices up 12.2% for the year<\/li>\n<li>On June 30, 2015 \u2013 Sydney\u2019s median apartment price was $650,000 with prices up 9.5% for the year<\/li>\n<\/ul>\n<p><em>*Settled sales previous 3 months\u00a0<\/em><\/p>\n<h4>Where to from here?<\/h4>\n<p>Affordability is really starting to bite and a lack of stock is pumping up competition \u2013 and therefore prices, on good quality homes for sale in good locations.<br \/>\nRight now, the lack of stock is being caused by sellers holding off until Spring.<br \/>\nThey know they could get a fantastic price right now but they\u2019re concerned about being able to buy back in with so few homes available for sale.<br \/>\nHopefully Spring will break the cycle and we\u2019ll see more trading.<br \/>\nSydney\u2019s Saturday auction clearance rates are holding steady in the 80%-plus range, which is extraordinarily high.<br \/>\n<strong>We saw an all-time record on May 9 with an 89.2% clearance \u2013 phenomenal stuff.<\/strong><br \/>\nOne of the things helping the Sydney market along is the strengthening NSW economy and high levels of migration.<br \/>\nThe opposite is occurring in Brisbane with CoreLogic RP Data\u2019s latest report noting softer economic conditions and population growth in Brisbane compared to Sydney and Melbourne.<br \/>\nDespite this, Brisbane property prices still increased by 3.4% in FY15 but this was half the pace of growth in FY14 (7%).<br \/>\n<strong>The boom is coming in South-East Queensland.<\/strong><br \/>\nThe price gap between Sydney and Brisbane\/Gold Coast is just too large for buyers not to notice ($900,000 vs $500,000 \u2013 median house prices).<br \/>\nWe\u2019re already seeing increasing numbers of investors from Sydney and Melbourne in South-East Queensland and as affordability issues reach a critical point in the southern cities, I expect more young families to migrate north.<br \/>\nThe Commonwealth Games in 2018 will provide a real lift to the Gold Coast market, as many Asian buyers (with the exception of developers) are yet to truly discover and appreciate South-East Queensland.<br \/>\nMajor new infrastructure &#8211; including the Gold Coast Light Rail, the new Gold Coast University Hospital, the continuing development of Southport CBD and the establishment of a Chinatown &#8211; are all positive changes with the effects yet to fully flow through the property market.<br \/>\nIn the nation\u2019s capital, things are turning.<br \/>\nLast year was pretty lacklustre \u2013 in the 12 months to December 31, Canberra house prices dropped by -0.5% and apartments dropped -1.0%.<br \/>\nIn other words, the market sat still.<em>\u00a0<\/em><br \/>\nBut in the first six months of 2015, house prices have risen 5.1% \u2013 which is a strong result, while apartment prices have dipped a further -1.6% due to the oversupply of new stock and public service job cuts.<br \/>\nIn conclusion, Sydney has boomed again, Brisbane is still gearing up and Canberra apartments will remain soft for a while yet.<br \/>\nThat was FY15. Bring on FY16.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his recent column in\u00a0Switzer, John McGrath wrapped up the 2014-2015 financial year. Here&#8217;s what he had to say: It\u2019s been another spectacular year of growth in Sydney with property price gains of 16.2% for FY15 \u2013 slightly higher than the 15.4% increase of FY14.\u00a0&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":3825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13],"tags":[],"class_list":["post-5079","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 v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Property market ends FY with a bang - John McGrath - 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\/property-market-ends-fy-with-a-bang\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property market ends FY with a bang - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his recent column in\u00a0Switzer, John McGrath wrapped up the 2014-2015 financial year. Here&#8217;s what he had to say: It\u2019s been another spectacular year of growth in Sydney with property price gains of 16.2% for FY15 \u2013 slightly higher than the 15.4% increase of FY14.\u00a0...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/property-market-ends-fy-with-a-bang\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-10T00:53:20+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Property market ends FY with a bang &#8211; John McGrath\",\"datePublished\":\"2015-07-10T00:53:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/\"},\"wordCount\":661,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Latest Stories\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/\",\"name\":\"Property market ends FY with a bang - John McGrath - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2015-07-10T00:53:20+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/property-market-ends-fy-with-a-bang\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Property market ends FY with a bang &#8211; John McGrath\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. 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