Welcome to the property news on this sombre day for NSW and QLD.
First up, some advice for everyone in protecting your most valuable asset against nature: How to protect yourself and your property on a ‘catastrophic’ bushfire danger day
Now onto the news:
The overall negative mood on the economic outlook continues to pervade the news, and coupled with the difficulty buyers are having securing funding from banks, its not looking good: Australia banks brace for tighter regulation and weaker economy
Despite that, there is a huge demand for homes, leading to an interesting period in Australia’s property market. ‘Extraordinary period’: Domain boss likens tough property market to 1990s bust
But all the signs are there that we are set for some significant price rises next year
Investors are loving property again
Aussie property prices set to break record highs by start of next year
From the above article:
“If housing values continue to rise at the same rate recorded over the past three months, national dwelling values could reach a new record high in six months’ time,” CoreLogic head of research Tim Lawless said in a note issued to Business Insider Australia.
In just the last quarter, values have jumped by an astounding 2.9 per cent — just under 1 per cent a month. If that pelt was to continue, the losses experienced in the past two years would be entirely regained by about April next year.”
This is definitely great news for home owners wanting to sell, especially with the news that there is a shortage of property. However, what effect will this have on first home buyers, and will the first home buyers grant be enough to mitigate the effects? And what do we do on the banks tighter regulations? it remains to be seen.
In other news:
Competitive Sydney buyers push clearance rate higher
Noble intentions put Australia at subprime risk
Going up: Is the credit downturn over?
Wishing everyone a happy and safe week from the Property Association team
