Pete Wargent was more ebullient than many of his peers on Sydney’s property market scene and boy! Was he proved right?
For the year 2014, he feels the same sense of ebullience. The good news, Wargent believes, is that none of the analysts have so far come up with dismal predictions and there is a consensus that the year ‘2014’ will be positive for the property market. He gives “7 reasons to be positive about 2014” in his article on the Property Update.
The price of detached houses in Sydney rose by 15.2 % whereas unit prices spiked by 11.6 % in the year 2013. This, however, does not deter analysts from believing that the kind of mini boom that Sydney has witnessed lately might fritter out from here on. An article on the website news.com.au discusses the situation.
Analysts feel that pent-up demand due to low supply had pushed housing demand so high. Moreover, the hike was not that high in ‘real’ terms because it succeeded a few cycles of fall. There is a widespread belief amongst people in the know that growth will be pretty modest in the year 2014 and will most likely close in on 5-6% instead of the really ‘unsustainable’ 12-14%
You can read the original article here.
Do you see unit growth outpacing growth of detached houses frequently from here on?
Barring NSW, which has witnessed a drop of 0.58%, each state has recorded a hike in the percentage of fixed-rate home loans written (comparing December against November). For the month of December, Fixed-rate loans contributed 33.06% of total home loans written and this figure is highest since March 2008. An article on the website The Adviser throws light on the subject.
Perhaps the trend is attributable to the fact that the Reserve Bank is playing its card very cautiously and in the present environment, people are opting for “certainly in repayments” above anything else.
Surprisingly, the percentage of fixed-rate home loans written is showing growth despite the fact that lenders across the spectrum have increased their fixed rates, anticipating a cash rate hike.
You can read the original article here.
Till when do you foresee cash rate keeping steady at 2.5%?
In my years of plying the buyer’s agent’s trade, I have come across many wonderful people who bought an apparently wonderful fixer-upper only to be duped non-so-wonderfully. On the contrary, I have also seen some of the bargain deals turning into renovators’ delight.
When money speaks we aren’t concerned with its grammar. Great! Some say that while money may fail to buy happiness it can certainly buy off unhappiness. I find these assertions funny but quite on target- Really? Reallllllly! Pete Wargent in an article for the Property Update talks about how money makes the world go round.
I know that most of you are well versed with the essential difference between a buyer’s agent and a sales agent. For the aid of a few who are uninitiated on this, a buyer’s agent works exclusively on the buyer’s behalf whereas a sales agent is paid to represent the best interests of the seller. Why then am I bothered if you already know the difference? Let me explain you why and I am pretty confident you will find my line of reasoning appealing.
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