November – December 2008
Welcome to House Search News for November/December 2008
With yet another interest rate drop, which has seen rates now drop by 40% since October, increased govt stimulation spending and sharemarket jitters, Australian investors certainly are in a period of changing times.
Though first home buyers are in a better postion than in previous years, rising rents in Sydney and tightening home supply in some suburbs mean other home owners, vendors and tenants are not so fortunate.
The global financial crisis has impacted so quickly and unexpectedly on our markets that only time will tell what lies ahead.
As the saying goes, “One man’s loss is another man’s gain” and that may never be truer than in today’s current investment market. When buying property in a climate as the one we’re in now, it pays to do your homework and be sure that you’re saving every possible cent that you can. If you require assistance, we look forward to being of service.
Merry Christmas and Happy New Year to all our clients and readers!
House Search Australia
Market Update – Sydney Property News
As the real cost of holding property decreases with the ongoing current interest rate cuts and increasing rental returns, Sydney investors may well return to what has been touted by some experts as undervalued real estate- Sydney’s lower priced unit market. SMH’s Mark Armstrong opinion is that investors will buy as the numbers increasingly stack up in their favour. Read the full story in his article here.
The upper end of town, however, doesn’t appear to be faring as well with the economic crisis affecting the prestige property market. As reported in Sunday’s Telegraph, buyers lack urgency as some selling agents admit that the ball is definitely now in the buyers court in the current climate. With some dramatic price drops in the $1m+ price bracket, it appears that those cashed up are in the best position now to take advantage of some of Sydney’s high end real estate.
The lighter side…
If you want to know exactly where your property boundary is, just watch the neighbour mow the grass!
Tenant letters to the landlord…
“I request your permission to remove my drawers in the kitchen…”
“The toilet is blocked and we cannot bathe the children until it is cleared.”