Weekly Property News 46th Edition 2021.
Investors are back in the market with lending to this segment hitting 6 and a half year highs as per the Australian Bureau of Statistics. The value of investor loan commitments has grown 90 percent over the past year with investor loans accounting for 33 percent of all new housing loans in October. With the expiry of the HomeBuilder scheme loans for construction have fallen now for eight months.
According to October’s Finder, RBA Cash Rate?Survey renters can expect increased demand from international students and backpackers to push up rents. According to 73% of the experts surveyed, they predicted rental prices will dramatically increase as the nation’s borders reopen.
$65 billion was saved by Aussie consumers compared with the normal level of around $15 billion in the September quarter. This was mainly attributed to lockdowns in NSW, VIC, and the ACT.
Aussie car sales are returning to a more normal level. In November sales fell to 13-year lows, down 15% at the same time last year.
Depending on which source of truth you subscribe to auction clearance rates varied this week between 83.9% as reported by realestate.com.au to 69.38% according to CoreLogic. Corelogic did happen to capture over 500 more auction results across the state so perhaps their stats may be more representative. Within the OBrien network saw an increase in new listings with 81 coming to market, with 77 going under offer, 81 properties selling and the highest price achieved for the week was $2 million
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That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.