Weekly market wrap 29/11

29 November 2019

Weekly Market Wrap 29/11

Concerns over Sydney’s affordability

New Corelogic data has revealed people buying property in Sydney are paying 8.2 times their gross annual income on a home, up from 6.6 times a decade ago. In 2009, the median dwelling was just $453,238, now it’s $777,693.

The same report found Sydney households are dedicating 43.7% of their annual household income to servicing their mortgage, compared to the 37.7% ten years ago.

In Regional New South Wales, people are paying 7 times their household income on a property, up from 6.6 times in 2009.

Benchmarking Sydney

The 2019 Benchmarking Sydney report, released by the Committee for Sydney, has found the city’s central property market is the ninth most expensive in the world.

It says Sydney remains ‘an affluent but highly unaffordable city, even against many elite global cities.’

Sydney now ranks 56th in the world for ingredients for talent retention. This is mainly due to rising concerns about housing affordability.

Big week for auctions

It’s set to be a giant week for auctions in Sydney, with close to 1,000 properties scheduled to go under the hammer according to Corelogic.

940 homes were taken to auction last week, returning a clearance rate of 76%.

The Inner-West and Eastern Suburbs continue to rate among the most popular areas to buy, with both regions returning a clearance rate of 84.1%. The Central Coast returned the lowest clearance rate of 46.2% on 15 properties.

Hot topics

Rental Affordability Index

Adelaide has overtaken Sydney as the second least affordable capital city to rent property in, according to the latest Rental Affordability Index (RAI). Coming in behind Hobart, Adelaide’s new title has been blamed on slow income growth and a high cost of living.

Sydney is now third on the list, followed by Brisbane, Melbourne, the ACT and Perth.

Airbnb for swimming pools

Called the Airbnb of swimming pools, ‘Swimply’ launched in Australia on Tuesday. Swimply allows users to book a dip in a host’s backyard pool from $25 an hour. Prices go up to $75 an hour, depending on the pool’s location and features.

The app has entered into an agreement with Poolwerx, who will be undertaking compliance checks to make sure the pools meet hygiene and safety standards.

REINSW launches 2020 Roadshow

REINSW has launched ‘The Future is Now’, a Roadshow with a difference.

With the Industry Reforms and Residential Tenancies Act amendment proposed to commence in March, 2020 is shaping up to be one of the biggest years for the industry in decades.

Understanding the new legislation will form a key aspect of the Roadshow program, as well as keeping-up to date with the always-advancing digital space.

Reaching 19 locations, over four months, the Roadshow will be an opportunity for agents to up-skill, advance their knowledge and ensure they are ready for the changes ahead.

Tickets are on sale now, save 30% for one week only. Click here for more information.

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