Kiki’s Monthly Market Update – June 2017
| June signals the start of winter here in Sydney and, as we often see, the housing market is showing further signs of cooling along with the weather. I would consider the market to be returning to a ‘normal’ state with buyers becoming pickier, as good properties continue to experience high demand whilst average properties are seeing less interest. This is supported by a recent article in the Domain highlighting a drop in auction clearance rates, which they are partly attributing to a higher supply of property in the market compared to this time last year. Over the next few months, as we move into the typically busy Spring period, it will be interesting to see where the market goes and whether NSW Government’s changes to stamp duty and land tax for first home buyers and foreign investors as of 1 July 2017 will make any noticeable difference. These reforms were not widely reported on, so please reach out to me for more details.
Turning to the most recent economic information put out by the analysts and the tightening of lending to investors since the start of the year is starting to show up in the data with falls in lending value attributed to decreased investor activity. There have been more positive signs in the labour market, although wage growth remains a major cause for concern and may be a factor in consumer sentiment remaining subdued as it has been since the start of the year. Conversely, financial anxiety eased in Q1 2017 with the exception of younger Australians who were a large part of the 4 in 10 Australians experiencing financial stress or hardship in the last 3 months. |
| This newsletter contains general information only as of 28 June 2017. Before making any decision or taking any action that may affect your finances, you should consult a qualified professional adviser. Kiki Bermudez or Mint360property shall not be responsible for any loss whatsoever sustained by any person who relies on the information in this newsletter. To unsubscribe click here |
