Welcome to the property news this week.
There are lots of healthy indicators about the property market recovering this week:
From the article:
“With spring in full swing, a traditionally busy time in real estate, industry pundits say the storm clouds look to have cleared and a new period of growth is here.”
But as banks’ lending policy stays tight, what effect will this have overall? Banks are highly scrutinising spending, making it extremely hard for people to borrow: Been on a buck’s night? If you want a mortgage, your bank might ask about it
It seems however that investors’ confidence has grown:
Melbourne, Sydney record biggest property price gains in a decade
Investors from interstate, overseas swoop on weak Perth property market
Whilst the apartment market seems to have had some bad press, there is more good news for the towers at Barangaroo:
Mystery buyers splurge $3m for one-bedders at Barangaroo tower
There are areas where apartments are tracking well too:
The 17 Sydney suburbs bucking the trend with rising unit prices
And a lot of experts are agreeing now that the oversupply will not last. From the article linked above:
“JLL Australia’s head of residential research, Leigh Warner, said increased supply putting downward pressure on prices was unlikely to last much longer.
“[Supply] is probably at around the peak … and it will fall away quite sharply,” Mr Warner said. “There’s residual stock to soak up around Sydney, [but] it’s not a huge oversupply in the broader perspective.”
In other news:
CBA stands firm as peers slip-up in mortgage market
Which perform better – country or city housing markets?
Have a great week everyone!
