Thousands of new units in Sydney will likely put a brake on the speed of a rebound in Australian property prices.spreads deeper into the economy. That's how many apartments were completed in recent years in Sydney - adding about 5 per cent to the housing stock - while Melbourne and Brisbane have also seen relatively large additions, according to the Reserve Bank.
"We've seen the numbers of people attending our open homes drop dramatically," said real estate agent Alex Chidiac, while hosting an inspection of a three-bedroom apartment looking over the city's Parramatta River."If this was on the market say two years ago, we would have expected at least 10 groups coming through on a Saturday. Now we're averaging around 3 to 4.
, with signs a multi-year jobs boom is running out of steam as tepid wages and the downer from falling home prices curb consumption."The thing that I think would really shift the balance of risk is if we were staring down the barrel of a softer labour market," said Sally Auld, senior strategist for interest rates at JPMorgan Chase & Co , who sees rate cuts in June and August.
Aranie Somanathan, a 29 year-old doctor inspecting the Wentworth Point apartment, who just received approval for an owner-occupier mortgage with her husband after about four months, was surprised at the level of scrutiny her loan application received.
Then there are millions of wealthy foreigners who want to move their families here.
Tell me what's new?
Labors fault that's right the LNP won!
Has any reporter actually asked the Premier what her Fair Trade Minister has done since the Opal Tower fiasco? You would be an imbecile to throw your money away on the junk being constructed now.
80000 ? would that be the number of badly designed units that all look alike have no solar panels or rainwater storage no gardens no walking distance bus train shops library schools parks etc
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