Daily Buzz: Friday, 12 July
By
PropertyBuzz, your daily dose of property news.
7 in 10 buyers ready to move with less than a 20 per cent deposit; Over 800 new homes greenlit by Victorian government; and what are the secrets to selling a Sydney property?
Welcome to Property Buzz! I’m Sebastian Holloman. Today is Friday, 12 July.
As house prices increase, buyers are exploring alternative finance pathways, with a report from Helia revealing over 75 per cent of buyers have saved less than a traditional 20 per cent deposit.
The trend is particularly noticeable among first home buyers, many of whom are considering lender’s mortgage insurance (LMI) to cover their deposit shortfall.
Helia reports that 90 per cent of first home buyers have considered using LMI, a 20 per cent increase from last year, while 55 per cent of all buyers actually used LMI this year.
Government assistance schemes and borrowing from parents are other alternative finance schemes considered by aspiring buyers.
And down in Victoria, the state government has approved three major housing developments in Melbourne, aiming to deliver over 800 new homes across Hampton East, Banksia Gardens, and Barak Beacon.
The projects are part of the state’s goal to build 800,000 new homes by 2034, and is a response to Victoria’s significant annual population growth.
More than 65 per cent of the new homes will be social and affordable housing, and the developments will be located near public transport, schools, shops, and other essential services.
And over in Sydney, Winter has presented a unique opportunity for property sellers due to lower competition, but smart strategies are needed due to weak consumer sentiment and inflation fears.
BresicWhitney advises sellers not to delay, as a fresh influx of new listings is expected in spring, potentially swamping existing stock.
Auctions remain a favoured sale method in Sydney, with an average clearance rate of over 66 per cent, and off-market sales have also increased, offering less traditional pathways to home ownership.
Capitalising on lifestyle offerings, especially in suburbs near the city centre, can help sellers attract buyers seeking connection, community, and the quintessential lifestyle that Sydney offers.
That’s Property Buzz for today. See you again tomorrow, 13 July, for your daily dose of Property Buzz.
If you like this episode, show your support by rating us or leaving a review on Apple Podcasts and by following Property Buzz on social media: YouTube, Instagram and TikTok.
