Let’s start off the week with a roundup. Here is a comprehensive update on all of the state markets across Australia:
State by State: a March Update on Australia’s Property Markets
Also this week, a few pieces of positive news, including better clearance rates:
Sydney auction market slightly up as inner-city properties sell above reserve
There’s few signs the weakness in Australia’s housing market is easing
Another piece demonstrating that there are still areas were demand and competition is strong:
Relieved house hunters beat strong competition at crowded auction in Sydney’s south
Despite some oversupply fears, a few articles have arisen this week which actually led us to consider the fact that an actual shortage may occur in the next couple of years
-
Developers appear to be abandoning plans for high rises and reverting to boutique style buildings
-
Some developers are delaying builds or abandoning them altogether
-
Luke Mackintosh of EY Property Advisory makes a point in the above article that a large number of buyers are millennials who will be entering the market in a couple of years: “We have 50 per cent of the population that are under 35; 35 per cent of millennials still live with their parents. The oldest of the millennials are turning 35 this year. They are the buyers’ market. They are the market that developers will be selling into.”
In other news:
Pressure to cut interest rates continues to build
Labor may force RBA to raise rates says McKibbin
Loans.co.au unveils rate cut for first-home buyer loans
Have a great week everyone!
