Property Market in Review: 2014 - The Year Everything Went Gangbusters
The key events of 2014 that contributed to the hyperactive Australian real estate.
A year is a very long time in the property market. It’s fair to say the market has gone gangbusters in 2014, compared to the same period in 2013. Onthehouse.com.au figures revealed that national residential property sales are just shy of the 500,000 mark.
As Table 1 demonstrates, total national sales reached 494,991 – a 12.7% increase from the previous year.
Table 1: House and Unit Sales
This increase was underpinned by strength in both the house and unit markets, with annual sales in each market closing at 340,197 (up 13.9% in the last year) and 154,794 (up 10.1% in the last year) respectively.
Unsurprisingly, house and unit prices also increased at the same time. The median house price in Australia increased by 7.85% to $474,500, while the median unit price increased by 7.77% to $439,500.
Table 2: Median House and Unit Values
Interestingly, units held their own with houses in terms of absolute