Tag Archives: real estate
South Americans top search rankings for property in south Florida
Property in south Florida continues to be popular with buyers from South America topping the list for people from overseas searching for real estate, the latest research shows. Colombia has been the top country of origin for five months in a row and four out of the top five countries are in South America, according to the data from the Miami Association of Realtors. In second place is Venezuela, then Argentina with Israel in fourth place and Brazil in fifth. Georgia registered the most searches of Miami real estate among American states. ‘South Florida is known around the world for embracing all cultures. Foreign born residents love Miami. Their passion is visible in our monthly property searches and in Realtor.com global searches, which continue to show South Florida as the most searched US market by international consumers,’ said Mark Sadek, chairman of the association. Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries and 10% of all foreign South Florida transactions. Only Venezuela with 13% and Brazil with 12% bought more. Colombians moving to South Florida are often upper middle class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil at $766,000. Israel posted the fourth most searches of South Florida real estate in April. It was the country’s highest finish since it took fourth in September 2015. India was sixth for the second consecutive month, while in seventh place was Canada, then the Philippines, Spain and Peru. Georgia, which had been climbing the ranks in recent months and finished second in March, moved ahead of New York for the most South Florida web searches in April 2016. In third place was Texas, followed by California, Tennessee, Illinois, Ohio, Indiana, North Caroline and Michigan. The top market for overall international real estate demand: was Miami-Fort Lauderdale-West Palm Beach in Florida, followed by Los Angeles-Long Beach-Anaheim in California, then Bellingham in Washington State. South Florida ranked as a top-five market for consumers in eight of the world’s 10 largest regions in April 2016. South Florida finished as the most searched market in four of the regions. Continue reading
First time buyers in the US face higher prices, latest index shows
Entry level home values in the United States for properties popular with first time buyers have increased by 8% in the last year, twice as fast as top tier home prices, new research shows. It means that first time byers are facing stiff competition and buyers looking for more expensive homes have more choice, according to the data from the latest real estate market report from property firm Zillow. The data also shows that the number of expensive homes for sale has dropped slightly, but there are far fewer entry level homes on the market with supply in this sector down by 9% year on year. Nationally, home values rose 5.4% over the past year, to a median home value of $186,100 while rents increased by 2.9% to a Zillow Rent Index of $1,407. Home values for the most expensive homes on the market, which at one point in February 2014 were growing at an average of 7% annually, have stabilised. Those homes have been gaining value at about 4% each year since the beginning of 2015. According to the index report the stark differences between the top and bottom of the housing market shed light on the two very different experiences home buyers will face in most markets this summer. Buyers looking for the most expensive homes will find slashed prices, more options and less competition. It's a much different story for first time buyers, who will be up against rising prices, low inventory and tough competition, with homes selling over asking price in many of the nation's hottest housing markets. Over the past 18 months, the percent of listings with a price cut among the most expensive third of homes has slightly increased, while the percent of listings with a price cut among entry level homes have decreased. Indeed, since the beginning of 2015, top tier homes have had the most price cuts which the report says is another sign that top tier buyers are having an easier time shopping for homes in the current market. The rental market is also stabilizing at the high end. A recent Zillow analysis found that rents aren't rising as quickly for apartments in more expensive zip codes. ‘The top of the market is starting to stabilise, and people are beginning to take notice. Buyers looking for entry level homes are having bidding wars in many markets, while it's not uncommon for high priced homes to stay on the market a few months longer,’ said Zillow chief economist Svenja Gudell. ‘The housing market is much more forgiving for current homeowners looking to move into a bigger, more expensive home. These buyers can be a bit more selective, and may even get a good deal,’ she added. Buyers looking for a home at the top of the market will have more to choose from than those looking for a home in the bottom third of the market, which are often sought after by first time home buyers. The… Continue reading
Capital city property prices up just 0.5% in June with five seeing values fall
There was a 0.5% rise in capital city dwelling values in June with Sydney, Melbourne and Hobart recording another substantial rise but five cities recorded falls. Higher dwelling values across Australia’s two largest capital cities continued to push the CoreLogic Hedonic Home Value Index to new record highs, with dwelling values across the combined capital cities rising by 0.5% in June to be 8.3% higher over the past 12 months. The June results continued to show a rebound in housing market conditions after CoreLogic reported weaker results for the final quarter of 2015 when the combined capitals’ index was down 1.4%. However, the pace of capital gains in June was substantially lower than the April and May results when CoreLogic reported a 1.7%, and 1.6% month on month lift in capital city dwelling values. ‘The monthly growth rate reduction is likely to be very much welcomed by state and federal government policy makers and regulators who may be concerned about a sustained rebound in capital gains,’ said CoreLogic Asia Pacific research director Tim Lawless. He pointed out that home values in Sydney have been rising for four years, and have increased by a cumulative 59% over this time frame. Melbourne dwelling values have been rising for the same length of time and have moved 41% higher over the growth cycle to date. The combined capitals’ headline result was driven by a strong 1.2% rise in Sydney dwelling values, and a 0.8% gain across Melbourne’s housing market. Hobart values also showed strong conditions with dwelling values moving 1.8% higher over the month. A breakdown of the figure shows that in Sydney prices increases 1.2% month on month, 6.8% quarter on quarter and 11.3% year on year to a median price of $780,000 while in Melbourne they increased by 0.8%, 3.5% and 11.5% to $587,500. In Hobart growth was 1.8%, 1.9% and 6.2% to a median price of $341,500. In Brisbane prices fell 0.1% month on month but were still up 2.2% quarter on quarter and 5.3% year on year to a median price of $475,000 while in Adelaide they fell 1.3% month on month but were up 0.8% quarter on quarter and 2.2% year on year to $420,000. In Perth prices have fallen across the board, down 0.8% month on month, down 3% quarter on quarter and down 4.7% year on year to $505,000 with a similar story in Darwin with a month on month fall of 1.6% a quarter on quarter fall of 2.5% and a year on year fall of 1.1% to a median price of $510,000. Canberra is seeing prices fall for the first time in over a year. Values were down 1.1% month on month but still up 2.6% quarter on quarter and 3.9% year on year to a median price of $560,000. ‘While the higher rates of capital gains in Sydney and Melbourne can be tied back to strong economic conditions, and high rates of population… Continue reading
