Take a closer look at Sydney falls.

Yesterday’s much publicised May housing figures for Sydney supplied by RP Data and handled as delicately as only our media know how (Ed: The only thing Channel Ten had missing was a reference to the forthcoming apocalypse as predicted by the Aztec calendar) deserve some greater review. Thankfully Cameron Kusher has provided his take on the figures noting “the biggest house price falls in Sydney last month were at the prestige end (down 6.4 per cent), which dragged the rest of the market lower. The most affordable 20 per cent of houses actually rose slightly, while the middle 60 per cent fell by 0.4 per cent.” Thanks for the clarification Cameron. More…

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Chatswood sale has agents saying ‘WTF just happened?’

Peter Chauncy from McGrath has been left stunned (Ed: and no doubt created some very happy vendors) when on the fall of the hammer the conservation zoned single level residence in Blakesley Street Chatswood sold for $2.2 million on Saturday. Expectations had been around $1.35 million but in bidding increments as high as $60,000 these were smashed. Highest street price had been suggested just shy of $1.5 million previously. Sydney’s weekend preliminary clearance rate has been recorded by APM at 57%. More…

Sydney Simmers

Affirmation from preliminary indicators on last weeks report for Sydney auction results with clearance rates confirmed as the best for 2012, so far…. APM indicates a clearance rate of 61.8% (Ed. not bad in any market). Price growth seems to be teetering and the onset of winter will be challenging for some. Here’s to seeing the result spread nationally to validate a turning point for all. More…

Winter is coming, momentum counts…

Positive signals across the board supporting our more recent posts on market activity in Sydney and Melbourne. Over the weekend Sydney recorded a 61.8% clearance rate from 359 properties whilst Melbourne recorded a clearance rate of 63% out of 591. More…

Housing finance surprise, don’t tell…

Today’s ABS housing finance data for March showed a surprising seasonally adjusted 0.3 per cent rise, running contrary to the touted fall of 2.0 per cent by many analysts. So, what’s the story? A deeper analysis indicates a swing to locking in rates at their current level in anticipation of forthcoming rises. Some have been keen to delve deeper into the state by state data (clearly showing a surge in WA), cutting through the spin we relate the weekends’ Sydney and Melbourne activity with a possibly a deeper current. Call us optimistic, but, could the tide be on the turn? More…

Woop, there it is.

Don’t look now but this weekends auction results could be surprising. Traditionally cooler weather spells subdued results but our on-the-ground sources (thanks to the Harcourt Hills boys) as well as preliminary Melbourne results say something. A sustained surge? We wait to see. More…

Ed: Shout out to Ant-eater high-five.

Land – Undersupply or Oversupply?

Interesting article from Adam Carr reflecting on the most recent housing data and what impact RBA action (or inaction, depending on your viewpoint) has had on housing activity. Comments got heated on the whole oversupply / undersupply discussion, but I thought these little gems worth sharing, “There is no shortage of residential land! Look at the state government body statistics on residential lot approvals!” – HQ. And from Bruce Meaney, “The housing industry needs more new homes, but it’s not interest rates holding back the starts, it’s the over valued price of blocks of land.”

A quick scan of realestate.com.au shows 20 new land releases advertised in Queensland, 20 in NSW and 30 in Victoria. So is that enough land released to satisfy demand? Or are developers happy to drip-feed the market to retain their best return?