Archive for August, 2019

It’s official: Sydney housing market has bottomed out

The Sydney housing market has bottomed out. Many leading indicators now suggest the current September quarter will record about a 2% rise in Sydney dwelling prices and we are expecting a rise of another 4% for the December Quarter. That should take the full year to about a 1% gain compared to 2018. But let it be known Sydney has bottomed out at an overvalued point. The data suggests the Sydney housing market remains 21% overvalued despite the two-year correction. For reference, the average overvaluation (since 1986) in Sydney is 19% with a low point of 5.9% ‘undervalued’ in June 1987 and a high point of 55.5% overvalued in... View article »
Posted in Latest news, News on 29th August, 2019

Property Nest was quoted in a recent Domain’s article about the impact Opal Tower has on a park

Property Nest was quoted in a recent Domain’s article. In this video agent Stevan comments more about buyer’s perception on new apartments and the effect that Opal Tower has on entire Sydney Olympic Park. Also, possible solutions that will bring more assurance to new apartment buyers. https://vimeo.com/356336321 Sydney Olympic Park agents say suburb tarred with the same brush as Opal Tower Apartment sales have tumbled and new apartment listings views have taken a dive as buyers become more cautious than ever before in the wake of unprecedented defects found in residential buildings across Sydney. Since the revelation of structural defects in Opal Tower at Sydney Olympic Park... View article »
Posted in Latest news, News on 28th August, 2019

Will Australia’s Newest Generation Take Over the Property Market?

The country is outgrowing expectations and there is no sign of slowing down. Over the past 8 years our population growth rate has ranged from 1.49% to 1.67%, equating to almost 400,000 additional residents to the population each year. It was only mid-2018 when Australia’s population surpassed 25 million, a milestone met 33 years before expectations – now we are likely to hit 26 million within the next 18 months. It doesn’t take an expert to recognise that Australia’s population is changing rapidly. It’s shaping the way that we live throughout all our major urban centres and capital cities. All you have to do is look... View article »
Posted in Buy, Latest news, News on 27th August, 2019

Half the cost of a new Sydney home is taxes, levies and red tape

The latest report by the Centre for International Economics demonstrates that Sydney 50% of the cost of a new house going to taxes and red tape. The report was commissioned by the Housing Industry Association to compare housing costs in capital cities and Sydney has the largest extra cost of all Australian cities. City Taxes and red tape % Sydney 50% Melbourne 37% Perth 33% Brisbane 32% Adelaide 29% ... View article »
Posted in Latest news, News on 23rd August, 2019

Market Update Postcode 2127 August 2019

This week agent Stevan Vuk-Luboya, is covering what has been happening in a market for the past 4 weeks. It is clear that Australia’s properties are moving to next cycle called “Stabilisation” but the question remains the same “What to do next”? Covering the topics: Recent sales postcode 2127The importance of mortgage brokerHigh-rise apartments vs 15-20-year old apartmentsWhat price brackets are in the highest demand https://vimeo.com/355233284 High-rise apartments vs 15-20-year old apartments We have all read articles recently that have focused on the integrity of density building in our lucky country. Construction rates, conformity of builds and most importantly building defects have been highlighted as the centrepiece for scrutiny.... View article »
Posted in Latest news, News on 22nd August, 2019

How to choose your forever home and why it is a smart way to buy

A “forever home” – one you’ll own and live in for at least 15 to 20 years can offer more stability than constantly upgrading. It’s a purchase that makes most sense when work and family dynamics are expected to remain relatively stable, allowing home owners to settle in and take advantage of the benefits of long-term ownership. For home owners who upgrade frequently, high transaction costs mean considerable growth is necessarily before moving on, but that’s less of an issue with forever homes. The major benefit is minimising buying and holding costs because this is usually our most expensive asset in life. Compared with an investment property, a forever home... View article »
Posted in Buy, Latest news, News on 21st August, 2019

How to – style outdoor area?

It’s no secret Australians love outdoor living spaces, so we must really get these spaces right before hitting the market. Whether you have a small or large outdoor space to work with, it’s important that you showcase it by creating the perfect outdoor oasis. More than ever, people look at decks and verandas as extensions of their homes that get used every day for entertaining and family life – and maximising this area is one of the most effective ways to add value to your property. This time agent Stevan Vuk-Luboya shares tips how to maximise outdoor area. A styling tip: Think strategically about the outdoor spaces... View article »
Posted in Latest news, News, Rent, Sell on 14th August, 2019

Even lower rates are on a way – says Governor Lowe

Lowe said in May that while the Reserve Bank had long thought an unemployment rate of 5% was the best that could be achieved without generating worrying inflation, that view has now changed: From today’s perspective, I think we can do better than this. My judgement of the accumulating evidence is that the Australian economy can support an unemployment rate of below 5% without raising inflation concerns. The Reserve Bank should be able to cut interest rates until unemployment fell below 5% and approached 4.5% without worrying about inflation, Lowe argued. It would likely be appropriate to cut interest rates and keep cutting... View article »
Posted in Buy, Latest news, News, Sell on 12th August, 2019

An extended period of low interest rates ahead

The Reserve Bank has left the cash rate at a record low of 1.00%. The Reserve Bank previously cut rates in both June and July, each time by 25 basis points. WHAT HAS CHANGED SINCE THE LAST MEETING? The US-China trade war has intensified. The International Monetary Fund revised its 2019 estimate for global growth from 3.3% to 3.2%. The US Federal Reserve cut the federal funds rate by 25 basis points. The Australian jobless rate was steady at 5.2% in June. Job ads rose 0.8% in July after a 4.6% increase in June (the biggest monthly gain in 18 months). ... View article »
Posted in Latest news, News on 9th August, 2019

Property prices are set to rise in every capital city

The experts, on average, now anticipate the property market will be on the way up over the next year. Graham Cooke, insights manager at Finder, said it’s too soon to tell if this is an emerging recovery in the housing market, but it’s clear that the full effects of the RBA’s recent cuts have yet to play out. After one of the strongest weekend clearance rates in Sydney in recent months (71%), there is definitely a detectable pulse,” Cooke said. Predicted Unit Prices  by August 2020 Prospective first-time buyers should look at arranging pre-approval for finance soon if they want to take advantage of... View article »
Posted in Buy, Latest news, News, Sell on 8th August, 2019