Weekly Property News 36th Edition 2021
Home values increased by $1990 per week over last 12 months.
Hi Guys, it’s Dean O’Brien from OBrien Real Estate with the 36th edition of the Property News for 2021 where real estate information is on the house.
The annual increase in national dwelling values has equated to approximately $103,400 per dwelling over the last 12 months or $1990 per week. Hence why the big news out this week came from Josh Frydenberg with the federal treasurer confirming that curbs to slow mortgage lending are on the cards. The main culprit for the lending restrictions is the debt-to-income (DTI) ratio. Almost a quarter of new mortgages within Australia now have debt that outweighs their income by more than six times, which is up from 16% a year ago.
Josh Frydenberg also came out this week and stated that Covid Disaster Payments are to come to an end when vaccination rates hit 80%. The income support for people who have lost work during lockdown will officially end in Victoria up to 2 weeks post the 80% vaccination rate.
Moving onto the sales numbers also the OBrien group – There is a definite shortage of property on the market, the shortage of sellers on the market is causing buyers to almost panic buy. We are seeing across many of our office’s property selling within 10 to 14 days of the property hitting the market, with many auction campaigns being shortened to 2-week campaigns. OBrien launched only 72 listings to the market last week with 71 properties going under offer with 68 confirmed sales and a top price of $1.855 Million.
The main edits for this week are:
High savings and wealth, good job security and low-interest rates all point to stronger retail spending this Christmas. Aussie consumers are looking forward to an end of lockdowns, with confidence lifting in line with vaccination rates.
Having said that the ABS released retail trade figures which showed a fall of 1.7 per cent in August to be down 0.7 per cent a year ago. However, consumer sentiment rose 0.4 per cent in the past week to a 10-week high of 103.7 per cent.
That’s all for this week, I’m Dean OBrien, and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.