Victoria's Horsham comes off top of HTW's property clock

Victoria's Horsham comes off top of HTW's property clock
Victoria's Horsham comes off top of HTW's property clock

The regional city of Horsham in Victoria has slipped from the peak of market position to the start of the decline phase, according to the latest recent Herron Todd White housing clock. 

The valuation firm has issued its latest property clock - a simple broad brush means to suggest where property markets are as at February 2016 - and what direction prices are moving in.

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Victoria's Horsham comes off top of HTW's property clock

The Horsham residential property market has drawn an outside gate for the start of the 2016 race and will have to work hard to get around the subdued demand and lack of market confidence to get to the fence by the end of the financial year, according to HTW.

The track is likely to be slow, especially at the top end of the market with a limited buyer pool.

Unit values are likely to remain stable due to an oversupply of stock but modern homes in the centre field ($300,000 to $400,000 owner-occupier market) are expected to run a solid race due to maintained strong demand and limited rental stock, says the report.

The volatility of the rural residential market will be closely watched throughout 2016, adds HTW.

The tail end of the field ($100,000 to $200,000) represents longer odds but maintains affordability compared to the centre field.

The median house price in Horsham at the end of 2015 was $237,000 and for units $212,250, according to RP Data.

As an illustration, Property Observer found a three-bedroom house at 52 Francis Street on sale for $240,000 on realestate.com.au. 

Tags: 
Residential Market Horsham

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