Property news October long weekend – recovery mode

This week, there has been a hive of activity in the property market, with a drop in interest rates, increase In clearance rates and more.

First up, here is a good roundup regarding the current market;

State by state: A September update on Australia’s property markets

Things are looking good in Sydney. Some highlights from the report include:

“Since bottoming out after the election in May, Sydney housing values have recovered 1.9% in the last three months, but the market remains 13% below the July 2017 peak.

Despite concerns about structural issues in many of the new high-rise towers, the Sydney apartment market is showing a stronger performance relative to houses, with unit values up 2.5% since bottoming out compared with a 1.6% rise in house values.”

"In the background, strong economic growth and jobs creation is leading to population growth and ongoing demand for property in Sydney.

At the same time, international interest from tourists and migrants continues."

The biggest news was the refusal of the banks to pass on the entire interest rate drop:

Rate cuts? The banks won't pass them on, because you don't force them to

The property recovery is in full swing however, especially in Sydney and Melbourne:

Sydney and Melbourne house prices could return to peak levels sooner rather than later

Sydney’s crazy hot property market: ‘Almost $40 million and it’s not even a waterfront!’

Auction clearances show a market in turnaround

National auction clearance rates cooling

Unfortunately, Perth’s market still seems to be lagging:

Why Perth’s housing market is stuck in the doldrums

Sydney is still seeing a reduced number of properties on the market though