Auction Results Sydney 17 July 2021
Auction Results Sydney
Comment: Auction Results Sydney
Reserve Bank governor Dr Philip Lowe said the Reserve’s “central scenario” is that a interest rate rise won’t be needed “before 2024″ – that is, not for another two and a half to three years. This will add further pressure on property prices and potentially extending the current property cycle for another 3 years.
Lockdown is serving up another challenge for Sydney’s frustrated homebuyers by reducing the supply of properties available at a time when buyer demand remained elevated. The lesson we learnt from Melbourne’s prolonged lockdown last year suggested serious buyers would not be deterred by Covid.
First home buyer activity was 65.4 per cent higher over the first five months of this year compared to the same period a year ago, according to Andrew Wilson, chief economist at MyHousingMarket.
Dr Wilson says First Home buyers are facing increasing competition as more investors return to the property market. Dr Wilson expects rising prices and the return of investors will continue to dampen first home buyer activity over coming months.
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Disclaimer: Not all Properties were bought or sold by TBAS® Buyers Agents. The Auction Results Sydney are compiled for research purposes to assist our valued clients in making educated decisions when purchasing property