Property Digest, October 3, 2012

PUBLISHED : Wednesday, 03 October, 2012, 12:00am
UPDATED : Wednesday, 03 October, 2012, 5:00am


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Australian home prices surge after rate cuts

Australian home prices climbed by the most in 2½ years in September as the central bank's rate-cutting measures took effect, according to RP Data. House and flat prices across Australia's eight state and territory capitals rose 1.4 per cent in September from the previous month, the most since March 2010, the RP Data-Rismark Home Value Index showed. They also rose 2 per cent in the quarter ended September 30 from the prior quarter. Bloomberg


Manhattan listings in short supply

Manhattan's inventory of homes for sale plunged to a seven-year low in the third quarter, as owners refrained from listing their properties in a market with flat prices, limiting a rebound in deals as buyer demand picks up. The number of flats on the market totalled 5,847 at the end of the quarter, a 24 per cent decline from a year earlier and the lowest since the first three months of 2005, according to appraiser Miller Samuel and brokerage Prudential Douglas Elliman Real Estate. Sales fell 5 per cent to 2,952, while still reaching the second-highest level since 2008. Buyers are returning to the market as flat rents surge and mortgage rates fall to record lows, only to find a dwindling supply of homes for sale. Bloomberg