News

By John Miles, Marketing Development Manager, Generation Developments.

Having heard all the media hype over the last few weeks I thought I would check the facts of what is really happening.  The table below shows reality – not media hype.  The facts are:

• The last slump was around in February 1998.  The number of homes sold in that month was  5432.  In Feb 2008 there were 6356 homes sold.
• The year after the slump the median price rose by 4.55%.  The following three years the median price remained relatively static as did the number of sales.
• 10 years on from 1998 to 2008, the median price has increased by 108% - from $162,000 to $337,500
• If buyers are in for the longer term, the history suggests now is a great time to buy as the median price has dropped from a high in Nov 2007 of $352,000 to $337,500 – a 4.1% drop.