2_24 Rosemont Avenue Woollahra Archives

Comment: Auction Results Sydney

- Is Unemployment affecting the housing market? No, the housing market is still performing extremely well and consumer confidence has rebounded 33 per cent since May. It is not uncommon for some housing markets to perform well when unemployment rises and the economy weakens due to a lower cash rate and limited supply of quality properties in sought after areas.

- First Home Buyers will find out as of the 1 July if they are the recipients of the federal government assistance to secure their first mortgage with as little as a 5% deposit and no LMI. (Lender Mortgage Insurance). Under the eligibility criteria borrowers who have been approved for the scheme have only 90 days to exchange contracts on a property. This means First Home Buyers need to do their homework and need independent advice when purchasing a property, otherwise they risk overpaying and buying the wrong property.

- Unit and house prices in Sydney have fallen 0.6 per cent in June but remain up 13.3 per cent over the year according to CoreLogic. Record low interest rates, assistance from banks for struggling mortgagees and government stimulus has prevented a flood of distressed sales that would otherwise have sent prices falling faster. The next 12 months for the housing market will be dependent on the support level from the banks and government.

Using a Buyer's Agent: A Buyer's Agent can act as a 'middleman' at a time when house hunting has become more difficult. A Buyer's Agent can help by providing a shortlist of properties and arrange private viewings.

Auctions have resumed Onsite. If you are planning on bidding , it is important you have a proven auction strategy and get professional advice.

TBAS® Buyers Agents are continuing to inspect, bid at auction Online and Onsite to purchase properties for their clients. For more details contact us.