Property Growth
According to real estate specialists, property prices in Melbourne and Sydney’s middle class suburbs property growth is going gangbusters as the lower and top-end markets are in danger of being busted by prices too high or not high enough.
Traditionally going into winter buyers tend to hibernate but Auctions are still going hot with Melbourne’s south-east suburban maintaining clearance rates of 90 per cent and Melbourne overall having clearance rates 74 per cent compared to 68 per cent, 12 months ago. Also Sydney has increased from 75 per cent last year to 76 per cent.
“Prices growth has moved past income growth” Andrew Wilson, senior economist at Domain Group said and the rising property prices have impacted on those wanting to put a deposit on a house, one-third of renters claim they cannot afford mortgage repayments and half couldn’t afford the deposit.
