“Interest rate rises will have little impact on demand for houses for sale in Sydney experts say.”
With yet another rate increase tightening the clamp on existing mortgage payments and crippling some buyers who did not foresee the rapid increase rise – the fifth increase in seven months, this will not dampen the desire to buy houses on sale in Sydney, real estate experts say.
Despite recent reports that Australia is faced with a property bubble, Real Estate Institute of NSW, Wayne Stewart has rejected those claims saying that interest rates will have little impact on demand for houses for sale in Sydney which is being driven by the lack of housing in the Sydney market.
“Prices in the Sydney market are heading in one direction and that is up. At the coal face we are seeing more buyers active in the market than we have seen in recent years, a fact which is reinforced by the extraordinarily high auction clearance rates.”
“Claims made [in late April] that prices will plateau are not just misleading but are highly inaccurate. Quite simply there are not enough properties for the number of buyers and that is reflected in the number of new housing loans been created.”
“To claim that this situation will result in lower prices reflects a fundamental lack of understanding of what is happening on the ground in Sydney,” said Mr. Stewart.
The Australian Bureau of Statistics March 2010 figures released in early May revealed that, after two months of decline, private sector home approvals have returned to positive territory, with a 14 per cent seasonally adjusted increase in March.
The Urban Taskforce’s chief executive, Aaron Gadiel, said the March result more than cancels out the 9.5 per cent decline in private sector approvals in January and February and is the best March result for these approvals since 2004.
“These monthly figures are volatile, but it seems there is hope that a recovery is taking place in new home construction across Australia,” Mr Gadiel said.
“In terms of private sector approvals, Victoria delivered a strong result with an 11 per cent seasonally adjusted increase – delivering more such approvals in March than any previous March recorded in ABS record-keeping history.
“NSW saw a seasonally adjusted 62 per cent lift in private sector home approvals – more than making up for the 30 per cent decline in home approvals recorded since October 2009.”
The prestige property market in Sydney certainly hasn’t waned with a luxury property on the market with a price tag of $30 million.
The property is owned by private equity investor Patrick Keenan, and his wife Elizabeth, and is located in the luxurious eastern suburb of Vaucluse.
The three story European style waterfront property features six-bedrooms, five-bathrooms, six powder rooms, a 15 metre pool, guest suite, library, wine cellar, home office, theatre room and uninterrupted views of Sydney’s beautiful harbour.
Five parties are vying for the Carrara Road home, two of which are from Asia, two are locals, and one is from the US.
With houses for sale in Sydney reaching record prices, the Daily Telegraph reported that up to half of Sydney’s property market is being sold silently, according to industry sources. Normally reserved for people looking for prestige properties, the average home buyer is now turning to buyer’s agents in Sydney to secure a property.
Don’t be priced out of the Sydney property market – as reported by the Daily Telegraph, buyer’s agents are now being used by the average Australian to find houses for sale in Sydney. Contact Amanda whether you’ re a first home buyers, looking for a luxury property or prestige properties or an investor looking for an astute buy in the Sydney Inner West, East, Lower, Mid and Upper North Shore, Northern Beaches regions.
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Tags: buyers agent, houses for sale in sydney, luxury properties, Luxury Real Estate Sydney, waterfront properties
