Professionalism in the NSW real estate industry is finally getting a much needed boost, with the Real Estate Institute of NSW (REINSW) successully lobbying the State Government for changes expected to come in to effect towards the end of 2018.
Currently, the education requirements to practice real estate in NSW are a single week long course. Past President of the REINSW, John Cunningham, has said the need for significant regulation is long overdue. Read more here.
Closer to home for Scerri Auctions, the 2018 REINSW Novice Auctioneers Competition has an all women final! This is an exciting move towards gender equality in a field traditionally dominated by men. Read more here.
Facts and Figures
The May Core Logic report featuring the team of Tim Lawless, discussed the fact of May 2018 being the 7th consecutive month for property value decline in both Sydney and Melbourne. In addition, regional housing markets are beginning to outperform the cities, and the unit sector is also starting to perform better than houses in Sydney and Melbourne, both of which are firsts.
Core Logic also report that capital city dwelling values have recorded their first annual decline since November 2012, and at the same time the value of regional dwellings is rising. Optimistically speaking, it seems property values in Sydney and Melbourne seems to be in a ‘period of flux’. Symbolic of this, auction clearance rates are continuing to trend downward in the metropolitan areas. Business Insider reports the national average as 59.7%, though for Sydney, Domain reports a week-on-week rebound to nearly 63% clearance rate.
A detailed version of the Core Logic report, together with a downloadable pdf, can be found here. For anyone remotely interested in the housing market, this is essential reading.
Food for Thought
It seems that the divide between haves and have-nots when it comes to property might be somewhat related to what generation you are part of, with the ABC discussing the generational differences between baby boomers and millenials and how it relates to affordability in the housing market. According to the article, Boomers have basically had it easy, whilst Millenials have all but given up on ever owning their own patch of dirt. For many Millenials, where once the Australian dream included your very own suburban home with a hills hoist and a couple of cars in the driveway, this is now based on the proviso of having close relatives who have their own patch of dirt. Read the full story here.
In contrast, realestate.com.au noted that the spiralling rental market in the lower north shore suburbs such as Neutral Bay, Waverton and North Sydney were often ‘the place to be’ for younger professionals. For the forseeable future they might not be able to buy there, but that doesn’t mean they don’t need to live there. With close access to the city, Neutral Bay and the lower north shore is the place to be… if you can afford it. Read the full story here.
In another incisive story, abc.net.au discusses reasons why so-called ‘affordable’ housing is not in the country’s broadest economic interest. They relate the need for a continual increase in housing prices to the big banks’ exposure to the domestic real estate, the impact of changes to immigration policy, and Federal and State Government reliance on housing prices and fees to keep their respective economies stable.
Places to Be
It’s always fascinating to think about the many pockets of Sydney that perhaps could bear some consideration for property purchase or investment. Quite often people think in the broad areas of the compass when buying in areas such as the ‘South West’, ‘Inner West’, ‘Eastern Suburbs’, ‘North Shore’ etc, however quite often specific gems rise for consideration. In this story from Domain.com.au, Sans Souci (perhaps, aptly named from the French, ‘without care’) is discussed. This small peninsula is south of Kogarah, and wedged between the Georges River and Botany Bay. If you like the water, and perhaps like the idea of living on an island without actually living on an island, Sans Souci might be worth investigating. For the full story, click here.