The Property Market: Time to Sell or Buy?

The RBA’s decision to hold the cash rate at 0.25 per cent means interest rates on loans will remain stable, which will help many households and businesses manage their cash flow.

As COVID-19 and social distancing measures continue to impact day-to-day life, the ability to complete conveyancing electronically has become more relevant than ever. A process that previously would take days or weeks can now be completed in minutes.

While housing prices in most capital cities have declined a little since May, the rising equity market meant household wealth remained largely unchanged, despite the deep recession caused by the coronavirus pandemic. Figures released by CoreLogic have shown that Sydney has fallen by 0.8 per cent, while nationally, capitals have fallen by just 0.7 per cent throughout the COVID-19 crisis.

While the Reserve Bank noted in its latest meeting that conditions in the established housing market “remained mixed”, pointing to recent falls in dwelling values across Australia’s capital cities.

“Housing prices in some larger cities had declined in June, though we’re only a little below recent peaks in the case of Sydney and Melbourne,” the RBA noted.

“Housing prices in a number of smaller cities were broadly unchanged.” REA chief economist Nerida Conisbee said suburbs with prices over $1 million have remained stable during the coronavirus pandemic due to the strong momentum of the past year.

Fifteen suburbs across Sydney have crossed the $1 million median price barrier for the first time.

The suburbs, located predominantly in Hornsby Shire, The Hills and Sutherland Shire, saw their median house price surge in the 12 months to June, thanks to record-low interest rates fuelling the market.

Realestate.com.au data showed Bexley in the city’s south had the strongest growth of the new entrants, with prices growing $266,000 to $1.251 million. Neighbouring Bayside suburb Arncliffe also surpassed $1 million. However, Sydney’s property market is going backwards for the first time since early 2019, with new data revealing house prices have fallen 2 per cent over the past three months. Northmead was the sole Parramatta suburb to break $1 million, with the median house price now $1.01 million. Jannali, Menai and Yarrawarrah from Sutherland Shire along with Belmore and Picnic Point from the Canterbury-Bankstown area also saw house values surpass $1 million.

Australian home prices have fallen for the third successive month, due to the economic impact of the COVID-19 pandemic.

Wonder how much stamp duty you'll pay on a property?

NSW government has abolished stamp duty for First-Home buyers to give relief to to support the economy amid the Covid-19 pandemic.

Property price can fluctuate with impact of Bushfire in any given area.

Chattels

An object that can be removed without damage to the property or it doesn't require a tool to be removed. If it is easy to disconnect for example a refrigerator or a stove that is connected by only  a power cord, then it is likely to be chattel.