Sunday, 29 July 2012

Turnover rises as ACT property prices fall…

There’s been a small rise in the number of ACT residential properties changing hands during the past financial year amid a drop in the average house price.

The ACT Planning and Land Authority (ACTPLA) data shows a 3.4 per cent rise in property turnover between June 2011 and June 2012. Meanwhile, the average price for all residential properties sold in Canberra decreased by 2.2 per cent during the same period to $490,042.

The figures, published in the June ACT Residential Property Market Report, indicate a more volatile story for the latest month-on-month data. It showed a decrease of seven per cent in the turnover for all residential properties between May and June 2012.

Standard residential property turnover decreased from 386 in May to 314 in June, while turnover of ‘other’ residential properties, including apartments, townhouses and duplexes, increased by 5.7 per cent during the month and a massive 11.7 per cent over the year.