This Month in Review
In this month’s news, the performance of houses in Sydney ended up being the worst for the year out of all the capital cities according to Corelogic with a 6.2% fall, and 4.6% fall for dwellings overall.
Hobart remained the stellar performer continuing its climb to the stratosphere from very low levels. The rest of the country remained flat with Darwin the only other outlier moving further into negative territory.
Sydney’s fall has seen the typical withdrawal of stock with stamp duty receipts for the NSW Govt - a measure of sales activity - falling 63% in the last six months. High volume - fixed fee sales agency Purple Bricks have felt this trend more than most, with a large withdrawal of agents from the franchise as volumes fall.
As forecast in our Autumn Newsletter, banks and lenders are also starting to feel the pinch as rising global wholesale rates are putting pressure on profits, which in turn is resulting in many banks and lenders deciding to increase interest rates to protect their margins.
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The Market Essentials Report is compiled by Buyside on behalf of Loanscape. Founded by Josh Masters, Buyside are registered buyer's agents with on the ground expertise in the Sydney and Brisbane property markets.