Welcome to our December Property Update.

Well what a year 2020 has proven to be, and the property market has finished much stronger than most predicted earlier in the year.

We are excited to announce that we are finalists in the REB Awards for Excellence in both the Buyers Agent and Buyers Agency of the Year categories.

Highlights

Sydney preliminary auction clearance rate is exceeding 80% each week

RBA cash rate remains at 0.1% which is the lowest ever

The RBA does not expect to see a substantial increase in house prices due to soft population growth, with this year growing by 0.2% of 1%, down from previous growth levels of 1.6% – 1.7%

Sydney dwelling values rose 0.4% in November

Household savings are up and more First homebuyers are entering the market

According to the Westpac survey, consumer confidence has surged to a 10year high

Nationally house prices have increased by 1.1% over the past quarter

Nationally for the year, rents are up 1.4%, however Sydney is down by 1.5% for the year, mainly driven by a fall in apartment rents, however houses are up by 0.9% over the past 3 months

Gross rental yields for Sydney is 2.9% and 3.7% as house price growth outpaced rental increases

Total number of properties listed for sale remain 20% below this time last year

For October first home buyer finance for the purchase of property accounted for 31.5% of secured owner-occupier finance

Investor lending is declining with the total portion of lending to investors down to 23.3% across Australia

We will be working throughout the Christmas and New Year period, so please contact us should you have any property related questions.

I trust you and your family have a Happy and safe Christmas and New year and hope that you make 2021 your best year ever.