Natural Disasters Throughout the Country in RP Data Property Results
The month of January is one of the quietest months in the property market. West Australian’s are only school holidays, enjoying a laid back holiday at their favourite destination. So it makes sense that both listings and sales activity during January slow down considerably.
In January 2011 though, Australia experienced some of the most terrifying natural disasters, with Queensland, New South Wales and Victoria taking the brunt. As a result, housing activity was affected throughout the whole of Australia as these events conspired to worry consumer confidence.
Whilst December 2010 reported a 0.4 per cent capital gain, January 2011 saw city dwelling values in Western Australia at a median price of $463,000.
Other states which took the brunt of the natural disaster activity in January showed Sydney down 1.4 per cent, Melbourne down 1.9 per cent and Brisbane down 2.3 per cent.
According to Tim Lawless, RP Data’s Research Director, the low number of sales in January can give rise to volatile outcomes, which may lead to revisions.
“The volume of sale transactions in January is normally much lower than other months due to the seasonality of the market. This year the downturn in activity has been compounded by the spate of natural disasters experienced around the country. It is quite possible that the RP Data-Rismark Index results for January will show a larger than normal revision when updated next month,” Mr Lawless said.