Andrew Wilson pitches in with news about the mad rush for land in the suburbs. This can mean further elbowing out of the first home buyers. Over the year 2014, Sydney’s median residential land price shot up by 19.7%. This is way ahead of the numbers registered by Melbourne and Brisbane.
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First Home Buyers Increased in 2014
New data reveals there’s a big increase in first home buyers, suggesting that the first home buyer ‘problem’ is not as big as anyone thinks it to be. According to data from the Australian Bureau of Statistics, first home buyers represented 14.5 per cent of the housing finance commitments in December 2014. In December 2013, that share was only recorded at 12.7 per cent.
Property Prices Are Rising
Property prices continue to rise, as if that’s not something to be worried about. People looking into buying new homes and properties can certainly be worried as prices continue to go upward. Recorded last February, there was a 0.3 per cent gain over the month. The total increase now for the combined dwelling values is now at a recorded 2.5 per cent higher over the rolling quarter and 8.3 per cent over the last 12 months before February this year. Between Sydney and Melbourne, Sydney ranks the highest with a 13.7 per cent higher value than Melbourne’s 7.4 per cent dwelling value. Brisbane, the third largest city, has the third highest.
Sydney Tops List of Real Estate Performers
In an article for the website Your Investment Property, Alastair Lynn talks about why Sydney and Melbourne are expected to continue their winning momentum in 2015. Sydney is expected to show 10% growth and Melbourne 7% growth in the present year.
Falling interest rates will make entry into the property market a lot more streamlined. There is always a beeline of price-sensitive buyers and for them decreased mortgage repayment implies lesser burden and a strong incentive to hit the property market.
You can read the original article here.
E-conveyancing for Faster Transfer of Properties
An article on the website The Adviser reports that more than half of the Australian citizenry is covered by the fast-growing electronic conveyancing network. As January rolled towards a close, Victoria embraced a full-fledged system for online transfer of properties.
Gen Y Handling Mortgage A Lot Better
Wendy Russell writes a piece for Property Update wherein he shares his views on home ownership and the delicate balance of working around the mortgage chain and enjoying one’s pre-mortgage lifestyle. Russell talks about how our parents could never have thought about feeling burden-free till there was a mortgage routine in sight. Things, however, have changed for the Gen Y.
