Morning Briefing: Tasmania on the bottom over the past two decades

Tasmania has been revealed as the nation’s worst performing property market over the past two decades... New home sales fight back in June...

Tasmania on the bottom over the past two decades
Tasmania has been revealed as the nation’s worst performing property market over the past two decades.
 
Using sales data from Residex, online comparison site Mozo.com.au calculated average real increase in value for every suburb in Australia over the last 20 years, taking into account the long term inflation average of 2.49%.
 
According to their analysis, real estate in Tasmania has average growth of just 2.36% per annum over the past 20 years.
 
Over the same period, the ACT proved to be the best performer, averaging growth of 7.16% per annum, with all suburbs in the territory recording annual growth above the inflation mark.
 
“Broadly speaking, real estate has been a sound investment across the mainland with 98% of Australia’s suburbs recording gains in value and average capital growth of 6.43% per annum,” Mozo director Kirsty Lamont said.

New home sales fight back in June
Despite growing signs Australia’s residential construction boom is nearing its end, the sector is showing continued resilience as the sale of new homes recorded a strong jump during June.
 
The June edition of the Housing Industry Association’s (HIA) New Home Sales report shows sales experienced a monthly increase of just over 8% during June.
 
According to the HIA, the sale of new detached homes jumped 7.2% in June, while the multi-unit sector saw an increase of 11.5% over the month.
 
The June increase in new multi-unit sales continued the recovery in the sector after it also saw a 4.9% increase in June.
 
During June, detached house sales increased in all five mainland states with the largest increases occurring in Queensland (+14.9%) and WA (+9.1%).
 
Detached house sales increased by 7.5% in NSW, 3.7% in South Australia, and 2.2% in Victoria.
(Your Investment Property)