08 Aug Where is Property in August?

We are hearing less and less about the property market in the media. Whether it is intentional so consumers regain their confidence back or it’s because there is no bad news to report. Remember, negative headlines is what sells newspapers.

So I thought I would include a quick property update in my blogs only using data from RP Data. RP Data is a property research house that gathers property data used by all agents across the country.

Here is this months update

Auction Clearance Rate
Sydney’s auction clearance rate has been slightly increasing since the election and is at 71% as of last weekend. This is a major shift in confidence as consumers return to the market. A combination of low-interest rates and improved access to credit has helped consumers to borrow more from their lender. The amount of stock on the market has been the lowest it’s been in years, which also impacts prices.

Property Values
Sydney property values saw a slight increase of 0.20%, which is the first time we have seen an increase in recent times. In Melbourne, house values were down -0.3% over the most recent three month period while unit values are 1.1% higher. CoreLogic head of research Tim Lawless said, “Our national dwelling value index may have found a floor in July, with dwelling values holding firm over the month following a consistent trend towards smaller month-on-month declines through the first half of the year. Since peaking, the national index is down 8.3%.”

If you are currently renting, you are in the driver’s seat and have plenty of choices. Influx of properties hitting the market, means that tenants now have more choice. More choice for the tenant means landlords need to ask for reasonable rents or reduced rents to attract tenants, some agents even offering 4 weeks free rent.

“Good, better, best. Never let it rest. ‘Til your good is better and your better is best.” – St. Jerome

Thank you for reading,