I had a chat with Mark O’Meara, the man behind the marketing team behind the “Hands Down the Most Expensive” index of Australian housing prices, at the Melbourne-based property site The Times.
Mark had just launched the index, which tracks prices for houses in major cities.
He told me that the index was the “biggest and most popular” of the “top 100” in the world.
“It’s going to be in the top 10 for the next few months,” he said.
“That’s pretty much the goal.
I think it’s going out in a big way.”
What does the index mean for us?
“The biggest news is that prices are way up,” he told me.
“The second-biggest is that property prices are at an all-time high.
He said the index would be a useful “reference point” for housing market observers. “
But we also got some pretty good news, and it’s the good news that we’ve seen prices rise on average over the last year.”
He said the index would be a useful “reference point” for housing market observers.
“If you’re a house owner looking at where you stand on the market, it’s important to remember that the market is still very much in a very uncertain environment,” he explained.
“This is what makes it a really good indicator of where the market’s at.”
The index is also “pretty much the biggest and most important indicator of all”, he said, as it was “one of the big indicators that people use when deciding where to live”.
“It gives you a very strong indication of where you’re at in the market,” he continued.
“You’re going to get a lot of data from this.
But it’s also going to give you some insight into how the market will evolve over time.
It’s an interesting tool.”
Mark said the data showed prices in the CBD, in the inner-city, were up over the past few months.
It showed a significant increase in prices in Melbourne and Sydney, which is an area with a higher proportion of foreign buyers than other cities in Australia.
The “Hottest Markets” Mark O ‘Mearas “Houses Are Selling Out Faster” Mark O’Brien, the chief executive of the Australian Property Institute, said it was important to understand how the index worked.
Mark told me it was a “good way of gauging the market and getting a sense of what’s going on in the housing market, as well as looking at the quality of the supply in terms of what we’re seeing on the supply side.”
But it’s not the only way to look at it.
“There’s a lot more information that you can get from other sources,” he added.
There are also a number of other indicators that can be used to see where prices are, he said; the rate at which houses are sold; the number of people living in them; and the number that are renting.
We also know that prices in Australia are still very, very high, and this means that the “value” of a house is still quite low.
When Mark OBrien was interviewed for this story, he was confident that “housing is in a bubble”, and that Australia’s real estate market would be “shorter and tighter” in coming years.
What he’s doing now: Mark OMears ‘Hands Up the Most Incredible Homes in the World’ Index Mark O Mearas is a veteran market watcher who spent 20 years in the industry and who has worked with the Australian Tax Office and the Australian Bureau of Statistics (AUSTS) on their housing data.
He has also written for The Times, The Australian, The Conversation, The Drum, and many other publications.
In 2013, he started the index.
Now it’s become the most popular and “top-selling” Australian housing index in history.
His website tells us a lot about where house prices are “right now”.
“What’s interesting is that it’s a very simple metric,” he says.
Every year, he’s taken a snapshot of the Sydney CBD and the outer-west, showing prices for major property markets in that area, plus an area around it called “hot spots”.
Mark’s “Hotspot” index tracks where prices in Sydney are “the most expensive”, and “hot spot” is where prices aren’t “so hot”.
When it comes to the inner city, the index tracks prices in major residential markets like the CBD and CBD-East, as measured by the “Hot Spot” index.
In other words, it tells us what’s happening in the area where prices have the highest concentration of buyers.
How the index works Mark’s team uses “HotSpot” data to measure the market in Sydney.
Each year, Mark’s staff collects data on