BUYER’S AGENT WEEKLY PROPERTY REPORT - 7th JUNE 2016
By | 7th Jun 16

Melbourne’s clearance rate has remained consistent at 74.4% from around 900 auctions. Sydney is experiencing a peak of 80.1% in comparison to the recently recorded clearance rates in the vicinity of 65%. 7/1 St Kilda Road, St Kilda was a three bedroom apartment sold under the hammer for $616,000 with competition from around 20 bidders over the weekend. Another great result was achieved for two Art Deco apartments which sold before auction for $2,050,000 at 21- 23 Lexton Grove, Prahran East.

Banks are dropping their fixed interest rates which are now at an all-time low in Australia. The Housing Affordability Report was just released and showed that property is more affordable than it has been in years, largely due to declining interest rates. NSW is still the most unaffordable state with Victoria following second, however Victoria is also the state overall seeing the fastest and most consistent capital growth. To read the full article, please CLICK HERE.

With the upcoming election there have been many questions surrounding the proposed changes to Negative Gearing. The REIV weighed in on the hot topic giving some fast facts about who is really using negative gearing and what it will mean for every day Australians. 75% of Australian property investors earn less than $80,000 a year. While many have said that this reform would assist in controlling the rapid price growth we have been experiencing and assist first home buyers to finally get on the property ladder the changes will most likely have a negative impact on the overall market value of properties. While these changes would in some respects assist first home buyers, the shift in market value could undoubtedly have an effect on many retirement age home owners whose equity in their homes would be their main source of funds for retirement. To watch the video clip please, CLICK HERE. 

 

Want more tips? Follow us on Instagram for your daily dose of advice and design inspiration. Find us using @advantagepropertyconsulting.