5 things to know in Aussie property for the week
It seems it has been a slow week for property this week. We really had to delve in to find out what's been going on! A few stories stood out. As expected, auction clearance rates were OK, but lower than this time last year in Sydney and Melbourne over the weekend. What is clear though is that buyers are finally coming out of their shell.
There was the good, the bad and the ugly on display at Sydney auctions this past weekend but if you're a buyer it was all good. Buyers are, finally, the kids in a well-stocked candy store. –Weekend auctions point to a buyer's market in Sydney, AFR
But, it's definitely not the same kind of buyer that's defined the market of the last few years (and is now nowhere to be seen).
In June, first-home buyers accounted for 18.1% of the growth in owner-occupier loans, continuing a trend seen throughout this year. –Here's more evidence that first-home buyers are supporting Australia's housing market, Business Insider
This is something we'd noticed a while ago here at Property Association, and in fact, blogged about it last week.
The other big news this week was that Australia finally tipped over to 25 million in population. Despite concerns like the below, the growth will continue to contribute to Australia's success.
If Australia’s rapid population growth continues, Mr Wolfe said there must be a way to be able to sustain new affordable housing supply nationwide. If not, undersupply, the continuation of unaffordable housing, and fewer home owners would all occur as a result. –Australia’s population of 25m highlights need for affordable housing
Meanwhile, whilst rental rates have dropped a little, this by no means indicates that Sydney rents are affordable.
The national rental market has fallen 0.2% in July, with Darwin and Sydney the weakest-performing capital cities for the last 12 months.
It's not something to worry about yet.
Have a fantastic week everyone!