Welcome to our September Property Update.
We are now well into Spring – a time that we always see more property come to market, and whilst there are additional listings over the past month, listings are down 12% on this time last year.
I expect to see more properties come to market after the long weekend, as we race towards the end of the year and these properties will settle before Christmas.
Over the past month we have also witnessed the following:
Westpac economists predicting 5% fall in property values in 2021, to be followed by a 15% surge over the next 2 years.
The vacancy rate fell in all capital cities other than Melbourne. Asking rents have also fallen across the board.
The value of residential property in Australia is $7Trillion. In Sydney the dwelling values fell by 0.5% in August, however regional NSW increased by 1.2% over the past quarter.
There has been a 22% YTD increasing in loan refinancing, Now is a great time to refinance with interest rates being at the lowest of all time.
Responsible lending laws to be axed, so access to credit could be easier.
Auction volumes up by 24%, however the clearance rate indicator is not as reliable as pre-Covid at present.
NSW government announced an extension to the moratorium on evictions.
If you have any property related questions, please call or email me.