Property news long weekend edition
Welcome to the week's property news! First up, in light of the abundance of first home buyers, it seems there is also an abundance of choice for them. News.com.au reported today:
The property market is so overloaded with options that Sydney buyers have around 28,300 properties to choose from — an increase of 22.5 per cent over the past 12 months, according to CoreLogic data.
They warned that this is not without negatives, as eager buyers might be jumping in to fast and missing important checks.
Also this week, something we breifly touched upon last week, we have officially reached one year of declines in the Australian market, a decline being led Sydney and Melbourne.
CoreLogic data shows that home prices nationally have fallen 2.7 per cent since peaking in September last year, with capital cities responsible for the losses (down 3.7 per cent) while regional areas had a 1.2 per cent gain over the past 12 months.
You can have a play on this handy interactive chart by Core Logic to see the numbers for yourself.
In some OK news, the UBS has downgraded the Sydney housing market from 'bubble' to 'overpriced'.
Sydney’s housing market is no longer regarded as being a “bubble risk”, according to the latest UBS Global Real Estate Bubble Index, meaning that while prices in the city are still seen to be overvalued, the perceived risk of a damaging price “pop” has reduced.
Analysis of the nation's capitals shows pockets of value in prestigious postcodes, the next generation of inner suburbs ready for gentrification and outer-ring addresses offering good-sized land blocks and amenities.
Check out the handy graphic from the article, below.
Domain this week narrowed it down, providing a list for Sydney: Domain data reveals the Sydney suburbs where property prices are still on the rise
Have a great week everyone!