02 Apr Sydney prices to stall – WA sales increase as listings fall | Kevin Comment 2nd April
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Labour’s election win in Queensland was a surprise to many voters, and recent announcements are keeping property industry groups on their toes. Among them is the Property Council of Australia who say the new Government’s proposal to reinstate the Queensland Coastal Plan, will cost jobs.
According to the Property Council, this environmental protection measure, which was first implemented in 2011 and then later altered, will also effectively quarantine land from future building, and diminishes the property rights of up to 10 per cent of owners across the State.
Meanwhile investors in Sydney’s booming housing market should not expect the huge prices growth of the past several years to continue for much longer, according to HSBC economist Daniel Smith who said the current growth of Sydney house prices was “unsustainable over the medium term” and warned that once rates started rising, that there would be “risks to the Sydney market”.
According the CoreLogic RP Data’s latest home values index, Sydney home values in March alone increased 3 per cent and in Western Australia, property sales are up because of an increase in activity ahead of Easter but despite the end of quarter surge, aggregate sales data for the 2015 March quarter is down 14 per cent on the 2014 March quarter.
Balancing that, listings are down by 600 due to increased sales and sellers not wanting to list before Easter. It is the second biggest listing market downturn in WA after the Christmas break.