In this week’s two minute property investment news video: Investors account for almost 60% of all loans in NSW, one of Australia’s most expensive properties might be demolished, house price growth slowed over the past quarter.
There are concerns the rush of investors trying to get into the Sydney market might mean they will be forced to sell. Some experts are warning that the peak has already passed and the rush of investors means it might be harder to find a tenant.
Investors now account for almost 60 per cent of all loans being made in NSW… but figures from the Real Estate Institute of NSW indicate the rental vacancy has crept up to 1.7 per cent.
The house price growth has also slowed over the past quarter to 2.4 per cent .. this is about half the rate of growth in the December quarter, which was 5 per cent.[sam id=43 codes=’true’]
Meanwhile, some areas of Sydney might still be yet to perform. Australian Property Monitors believes there will still be a ‘catch up’ for the prestige market. They says the lower north shore, northern beaches and inner west will still achieve 10 per cent price growth over 2014.
In fact the lower north shore has already had about 8 per cent capital growth over the March quarter alone. The inner west should also still perform – simply due to fear of missing out and the fact there’s now so much momentum in the market.
And one of Australia’s most expensive properties might be demolished. There was a lot of publicity surrounding the sale of a property called Altona last year.
The property is at Point Piper and sold for $52 million, but a heritage assessment report has been compiled and submitted to Woollahra Council – if it was knocked down it would be Sydney’s most expensive property demolition project ever.