February 2019

33% Drop in Sydney Apartment Approvals

There has been a real change in the tone of the media reporting over the past few weeks. There are very few negative stories and a lot more focusing on the positive side of a softer market like the huge increase in affordability across all market segments.

CoreLogic’s Tim Lawless said “Buyers are now in a position where they can negotiate harder, take their time in making a purchase decision and be selective in finding a home that is right for their budget and lifestyle.” Read more.

And according to this Domain report, the best buying over the past 15 years was during the GFC. “ It was home owners bold enough to strike during the global financial crisis who made the biggest windfall.” Read more.

But the party won’t last forever…

ABS data shows that Sydney apartment approvals fell by 33%, or nearly 1000 fewer apartments in the last 12 months. Urban Taskforce chief executive Chris Johnson is calling on the NSW Government to manage the dramatic fall in apartments being approved, saying an undersupply of homes will result in property prices again rising aggressively by the end of the year. Read more.

I talk to property buyers and investors daily and the mood has definitely shifted from lets waits a bit longer, to - now is the right time to buy.