Welcome to our March Property Update.
With the extreme weather events over the past few weeks, I hope that you, your families and your property is safe and not been affected.
It’s a timely reminder to review your insurance to ensure that you have sufficient coverage, particularly with the significant increase rise in building material costs over the past 12 months
Our news headlines is filled with flooding, Covid, Russia and Ukraine, Petrol prices and politics.
Property prices have been back in the headlines over the past few weeks, with some economists making headline grabbing statements about prices over the next 2 years, but remember that these are sweeping generalised comments about the entire NSW or Australian market and may be out of context for a specific property in a specific suburb that you own or looking to buy.
As the Federal election approaches, we are seeing a little more uncertainty creep into the market. We are also seeing more price adjustments occur, now the market is levelling and sellers may not receive the bullish expectations they were seeking – which is great for us as buyers.
- In February the Sydney dwelling values fell by 0.1% which is the first fall we have seen in over 18 months. This brings the quarter to being up by 0.8%
- The RBA has once again left Interest rates on hold
- The weekly auction clearance rate is has fallen to 72.4% and we are seeing more properties now selling prior to auction
- Rental growth is now outpacing property value growth and I expect this to continue
- Debt to income ratios of 6 or more have jumped to 23.8% of new mortgage lending
I expected uncertainty to further increase in the coming month, so please get in contact should you have any property related questions