There are 80,000 reasons why Australia's property market will struggle to bounce back

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

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Brief: Markets expected to react positively to Coalition victory | Sky News AustraliaFULL INTERVIEW: Deloitte Access Economics partner Nicki Hutley has told Sky News she expects markets will react positively to the shock Coalition election victory on Saturday. \n\nMs Hutley says there will be a 'huge sigh of relief' from business with the Coalition now preparing to usher in another three-year term in government. \n\nShe says US-China trade talks and EU parliamentary elections are more broadly driving the market but says the federal election result will bring 'a bit more positivity and certainty'. \n\n\n\n\n\n\n\n So far they have reacted well. I believe in Miracles too but the World economy is heading for a major Recession/Depression. It's unavoidable.
Source: SkyNewsAust - 🏆 7. / 78 Read more »