Conveyancing Chatswood

23/09/2022

https://www.domain.com.au/news/how-long-does-it-take-to-sell-a-house-in-the-current-property-market-faster-than-you-think-1169415/

Houses are taking longer to sell in every capital city in Australia, except for Adelaide – but they’re still selling much faster than they were pre-pandemic, despite the downturn.

23/09/2022

https://tasmaniantimes.com/2022/09/market-moves-mixed-for-house-prices-rent

Market Moves Mixed for House Prices, Rent
ByTasmanian TimesPosted on September 21, 2022
Media release – Real Estate Institute of Australia (REIA) President, 21 September 2022

HOUSE PRICES DEFY RESERVE BANK’S BIG CALL: REIA
The Real Estate Institute of Australia (REIA) President, Mr Hayden Groves said their latest Real Estate Market Facts, powered by Managed, has found that Australian housing prices fell over the June quarter as rising interest rates and inflation impacted affordability but not all cities and regions are experiencing price contractions.

“Combined, the June quarter of 2022 saw a decline in the weighted average capital city median price for both houses and other dwellings across the Australian residential property market. The weighted average capital city median price decreased by 1.8% for houses and 0.6% for other dwellings.

“The weighted average median house price for the eight capital cities fell to $1,012,230 over the quarter. The median house price increased in Brisbane, Adelaide and Darwin remained stable in Perth and declined in Sydney, Melbourne, Canberra and Hobart. Increases ranged from 0.4% in Darwin to 2.6% in Adelaide.

“This defies the Reserve Bank’s recent comments on potential house price falls and simply demonstrates 2022 market conditions are the adjustment ‘we had to have’.

“At a median sale price of $1,552,015, Sydney’s median house price continues to be the highest amongst the capital cities, 53.3% above the national median.

“At $530,000, Perth offers great value with the lowest median house price across Australian capital cities, 47.6% lower than the national median. Over the 12 months to the June quarter, the weighted average capital city median house price increased by 9.2%. Whilst a significant gain, this is the lowest annual increase since the December quarter 2020.”

According to Mr Groves, the weighted average median price for other dwellings for the eight capital cities dipped to $651,142, a quarterly fall of 0.6%. Over the quarter, the median price for other dwellings rose in Brisbane, remained stable in Adelaide, Canberra and Darwin and declined in Sydney, Perth, Melbourne and Hobart.

“At $790,983, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 21.5% higher than the national median. At $410,000 Perth has the lowest median price for other dwellings across Australian capital cities, 37.0% lower than the national median.

“Over the 12 months to the end of June, 2022 the weighted average capital city median price for other dwellings increased by one percentage point.” he said.

Mr Groves said rents increased sharply after a period of relative stability with the weighted average median rent for 3-bedroom houses in the eight capital cities inflating to $506 per week, a quarterly rise of 3.6%.

Media release – Real Estate Institute of Australia (REIA) President, 21 September 2022 HOUSE PRICES DEFY RESERVE BANK’S BIG CALL: REIA The Real Estate Institute of Australia (REIA) President, Mr Hayden Groves said their latest Real Estate Market Facts, powered by Managed, has found that Australi...

09/09/2022

https://www.smh.com.au/property/news/home-buyers-still-being-misled-by-underquoting-despite-falling-prices-20220906-p5bfv7.html

Home buyers still being misled by underquoting, despite falling prices
By Kate Burke
September 8, 2022 — 12.00am

KEY POINTS
Complaints about underquoting have declined in the cooling property market.
However, the proportion of fines resulting from those complaints has increased.
More homes are selling in range of advertised guides as prices fall, but industry figures warn deliberate underquoting is still occurring.
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The days of homes for sale routinely soaring above price guides may be over, but buyers are still wasting time and money on properties they cannot afford as illegal underquoting continues.

NSW Fair Trading received 51 underquoting related complaints in the first six months of this year, and issued 40 penalties totalling $88,000. That resulted in a total of 133 complaints and 96 fines last financial year.

Fewer homes may be soaring well above price guides, but underquoting is still occurring, industry figures warn.
Fewer homes may be soaring well above price guides, but underquoting is still occurring, industry figures warn.CREDIT:FLAVIO BRANCALEONE

By comparison, there were 200 complaints and 55 fines over the 2020-21 financial year.

Complaints have fallen across the state amid the declining property market as reduced buyer demand sees more homes sell closer to and even below advertised prices, however, buying experts warn deliberate underquoting is still a concern and the figures show the proportion of fines to complaints has increased.

Underquoting occurs when an agent advertises a price guide below the reasonable estimated price they provide in their agreement with the sellers. The estimate can be a single price or in a 10 per cent range, and must be based on factors like recent comparable sales and market conditions.

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Sydney buyer’s agent Paul Mulligan, of Mulligan Property Acquisitions, said underquoting was still occurring at a similar rate, wasting the time and money of prospective buyers.

“You have people looking at $3 million properties on a $2 million or so budget, through no fault of their own. They’re spending money on building and pest inspections for a home they were never really in the running for,” he said.

Mulligan said unique or prestige homes could soar above expectations occasionally, but standard properties should not be selling hundreds of thousands of dollars above guides.

The days of homes routinely soaring above price guides may be over, but underquoting is still wasting the time and money of house hunters.

09/09/2022

https://thepropertytribune.com.au/market-insights/what-is-going-to-happen-to-the-sydney-property-market-during-september-2022/

What is Going to Happen to the Sydney Property Market during September 2022?
• 2 minute read

The Property Tribune
[email protected]
05 September 2022, 12:10 pm
Image – Canva
• Comes as interest rates are expected to increase tomorrow
• Although prices have declined, affordability remains a concern
• The NSW government received close to $1 billion in stamp duty in July alone, figures show
With interest rates expected to rise again tomorrow, what is going to happen to the property market in Sydney this month?
The Reserve Bank (RBA) is poised to lift the cash rate again tomorrow for the fifth consecutive month. This is despite just a year ago the central bank was adamant the cash rate wouldn’t rise from the record-low level of 0.1% until 2024.
Now, the cash rate is 1.85%, and is expected to rise by 50 basis points tomorrow.
“There remains a desire among consumers for greater certainty around the current rate rise cycle,” said Tim McKibbin, the Real Estate Institute of New South Wales (REINSW) CEO.
After peaking at around $1.7 million earlier this year, asking house prices have been on the decline, according to SQM Research.
Sydney

Comes as the Reserve Bank is expected to lift the cash rate tomorrow, to as high as 2.35%

04/08/2018

Before you buy a home read this: How long it takes to sell a home in your suburb Properties are languishing on the market for an average of more than 500 days in some suburbs of Sydney amid an increasingly sluggish housing market. 9NEWS can reveal both the worst affected areas - and the hotspots where homes continue to sell within weeks of going up for sale. https://www.9news.com.au/national/2018/06/28/19/21/sydney-homes-languishing-on-the-market

04/08/2018

Eyes on flat-fee real estate agency Purple Bricks as it takes on cooling market Interesting idea. The market was hot and a UK-based flat-fee agency model called Purplebricks made its move. https://www.domain.com.au/news/purplebricks-flatfee-agency-model-leaves-agents-living-month-to-month-20180708-h12c78-751478/

04/08/2018

Sydney property prices will continue falling for rest of 2018 A PROPERTY outlook report released today has revealed how long Sydney’s property prices will continue falling, with sales results from the past 12 months showing prices have already dropped by bigger margins than expected. https://www.news.com.au/finance/real-estate/sydney-nsw/sydney-property-pri-will-continue-falling-for-rest-of-2018/news-story/63bd7befb0c18c8808b3ad0148dcc0b4

04/08/2018

Good News for Sydney home buyers prices drop 7.4% Cash rate still at 1.50%, inflation at low 1.9%. RBA say interest rates not changing anytime soon. See live auction in Sydney. https://youtu.be/UPH2bE35Py8

04/08/2018

3.54% home loans & $900 cash back. Will be using HomeStar myself. https://www.ratecity.com.au/home-loans/homestar-finance