Property news roundup 25/2 - latest stats, Coronavirus and First Home Buyers

Starting this week with the latest collection of national housing market stats, courtesy of Smart Company. 

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

Meanwhile, things are still looking up in Canberra. In fact, questions are arising regarding Canberra's property market being undervalued!

Is Canberra’s property undervalued? Some powerful investors think so

If you are interested in Canberra property, we can help, have a look here. 

First home buyers are re-energising the market like never before, fueled by last year's price decreases

‘Fear of missing out’ back for Sydney first-home buyers as prices rise

The number of first-home buyers jumping into the market and how much they are prepared to borrow has soared in recent months, as Sydney prices continue to rebound.

First-home buyer numbers in NSW are at their highest level since 2012, the latest lending figures from the Australian Bureau of Statistics show, while the average loan size in December was up more than 15 per cent year-on-year.

Speaking of First Home Buyers, how long do you think it takes them to find a home? According to Savings.com.au, it’s longer than your average working week:

 It takes first home buyers 44 hours to find a property

In some slightly worrying news, banks are cutting the cash rate on savings accounts, even though the RBA has not made any cuts:

Cash deposit interest rates sink further, so here’s what to do

Three of the big four banks are quietly cutting interest rates on savings accounts, despite the RBA not making a move this year

Finally, if you are worried about the impact of Coronavirus on the Australian property market, here is a good analysis to read. We also asked our director, Andrew Phanartzis, his thoughts, and here's what he had to say. 

It's too early to tell for sure, but in the long term there might be a positive impact in that more Chinese buyers will be drawn to Australia in the wake of this crisis, creating higher demand

In other news: These are the best suburbs in each capital city to house hunt if you're using the government's first home buyers scheme

Have a great week everybody!