03 Apr Property News Round Up 3 Apr
This week in property news, the mood seems to be less optimistic, but there are always positives to be seen. Market decline and growth is never linear.
Longer sale turn around times
Firstly, the news that has been making the rounds this week is regarding the areas where units are staying on the market the longest. Whilst the Canterbury-Bankstown area seems to have taken a hit, it’s important to remember that it’s a massive LGA and not all suburbs are the same. For example, our experience in Canterbury in particular is that quality, reasonable pricing and proximity to the CBD means it is still tracking close to 60 days on market (contact us if you’re interested in a Canterbury property).
Growth is still there
Now, despite staying longer on the market, units in Sydney are actually showing the most growth in terms of property in Sydney. Both Sydney and Melbourne unit values are up compared to freestanding dwellings over the last 12 months. This, combined with some growth in regional areas means that the overall dwelling value in Australia remained steady in March.
Could there be a rate hike?
It looks as though lenders may be increasing rates. According to the AFR, Property buyers brace for new round of interest rate hikes as funding costs rise. Well, at least the mortgage brokers will still be busy.
Not even a dent in affordability
With all this talk of Sydney copping the worst property price declines, it seems pricing is still out of reach for most. Read more here: Cost of living comparisons Australia: Cheapest and most expensive places to live.
Now see this!
Check out this Brisbane beauty that hit the market this week! It has four storeys, twelve car parking spaces, a rooftop terrace and a 1,200 square foot wine cellar.
Have a great week everyone!