There were 6 published sales over $500k in the Burbs and Surrounds this week and two others that haven't yet been published that I know of. Five of the eight were in Corinda. The place to be, quite clearly! Two of the eight sales were over $1m, so week on week, this was a fairly strong result.
The bad news is that the total number of properties for sale in the Burbs and Surrounds over the $500k mark has increased from 634 to 644, according to realestate.com.au, which points to the supply side continuing to swamp whatever sales are occuring. April mortgage approvals data for Queensland came in better than expected (an increase of 4.8% vs 2.3%) but the overall number is still much lower year-on-year.
The pundits and 'experts' continue to scratch their heads as to why the housing market should be so weak during a time when:
- Australia has full employment
- the economy is mean to be recovering strongly (relative to the rest of the developed world)
- there is a commodity boom on
For these reasons they expect an imminent recovery, but they shouldn't hold their breaths.
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