The RBA says the lack of huge amounts of international students coming into Sydney has caused vacancy rates of short-term rentals to grow. A long period of vacancy without rental income could lead to property owners being unable to service their mortgages. Fortunately, Marsden Park is not known for short-term rental properties so the decrease in demand from international tourists and domestic business travellers should have little impact on its property prices, which have remained stable thus far, during the pandemic.
First-home buyers have been utilising the government scheme introduced in January that allows singles and couples to borrow up to 95 per cent of a property’s purchase price without having to pay lenders mortgage insurance. And with less than $30,000 saved! But this comes at a cost! Those looking to borrow the maximum under the federal government’s First Home Loan Deposit Scheme need to be aware of the cost with the looming recession and growing job instability under the current pandemic.
The recent Domain Rent Report says that Sydney unit rents are at their cheapest in six years, but houses are becoming more expensive.
Many experts, industry figures and even some politicians are calling to axe the unpopular stamp duty tax.
Sydney Auctions rose slightly and is set to overtake recent figures from two weeks ago.
The NSW Court of Appeal overturned the right of apartment blocks to pass bylaws that prohibit animals. So pets are now allowed in Sydney apartments.
The average time a typical dwelling spends on the market is 45 days Nationally. This was in the three months to September 2020 says the CoreLogic Pain and Gain report. This means you are likely to see a higher average waiting time before your property is sold.
In Sydney, says the CoreLogic Pain and Gain report, 89 per cent of properties resold for a profit and 11 per cent resold for a loss over the June 2020 quarter.
Insurance can help give you peace of mind. But the price and inclusions of each policy can differ from one insurer to the next. This means you will need to make an objective comparison from all the information. But there is an easier option. You can read the insurer’s key fact sheet [KFS]. Or you could seek advice from an insurance broker.
The National Housing Finance and Investment’s [NHFIC] latest targeted research report COVID 19: Australia’s population and housing demand suggested that the global COVID-19 pandemic could cut demand for housing in Australia by between 129,000 and 232,000 dwellings over the next three years.