The latest in property this week
This week has been a someone controversial one, and it's all to do with how the current market is being played out in the media. Firstly, 60 minutes came out with their report which is seeing those who believe people have not taken financial responsibility in their own hands opposed to those who believe the banks have not been moral in their dealings. Either way, alot of people online were slamming it alarmist and sensationalist.
Meanwhile, Louis Christopher, of SQM Research, who also appeared in the story stating Sydney and Melbourne were overvalued, had this to say on Twitter last night.
This has not satisfied those who are worried though, with lots of followers questioning him on the meaning of 'significantlly overvalued' and 'unwind over a longer period'
Also this week, a new article on what the experts think investors should be doing in this market. From the article:
With a “huge increase” in supply set to come onto the market at a time of tightening bank-lending standards, sensible investors should be weighing up their options, according to AMP Capital chief economist and head of investment strategy Shane Oliver.
If you would like some advice on this from our director, Andrew, you can watch our latest video.
Auction clearance rates were around 55 per cent, and it appears that owners have become more willing to negotiate and accept prices than earlier this year.
Following on from the rate hikes earlier this month, an expert has come out to say that we can expect more:
“A 0.14 to 0.16 per cent increase is likely just the beginning, and it is not if banks will increase interest rates again, but when.”
It's been a dull week for the property market. But we'll leave you with this new data, just released on AFR.
Whilst not great news, it lies in contrast to the much bleaker picture painted in the media this week.
Have a great week everyone!
Image credit: Adam.J.W.C. via Wikipedia Commons.