Addressing the Housing Crisis
Recent expert discussions have highlighted potential solutions to Australia’s housing crisis without necessarily building more homes. Encouraging empty nesters to downsize and optimizing the use of existing housing stock could significantly alleviate the shortage. While high rents are pushing people to return to share households, building more homes at affordable prices remains a critical need.
Key Insights:
Sydney Property Values Surge
Owning property in Sydney has proven more lucrative than many jobs, with house values in some areas increasing by more than the average annual salary. Exclusive research reveals significant value increases in Sydney’s property market, with certain suburbs witnessing median house value rises of up to $200,000 over the past year.
Highlights:
Rental Market Dynamics
Sydney’s rental market has shown signs of easing, with rental vacancies reaching an 18-month high. This development has slowed the pace of rent rises, offering some relief to tenants. The increase in investor activity has contributed to the higher supply of rental properties, providing more choices for renters.
Key Developments:
Profitability in Property Sales
The latest data indicates that house sellers are making significantly more profits compared to unit sellers. The median profit for house resales in capital cities stands at $388,500, compared to $165,000 for units. This disparity is driven by the higher land value component and the potential for development in houses.
Market Trends:
Investor Market Movements
There has been a noticeable increase in the number of investors selling their properties, aiming to manage capital gains tax in the new financial year. This trend, coupled with higher interest rates, has affected investor returns, emphasizing the importance of selecting the right property for long-term capital growth.
Investor Insights:
For more detailed insights and personalised advice on navigating the Sydney property market, contact Akora Real Estate today.
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This article is a curated summary of various news stories from the past week, offering insights and updates on the real estate market.
Published: 19 July 2024
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