Property Buzz

PropertyBuzz, your daily dose of property news.

Western Sydney is getting ready for a massive housing boom, Australian homebuyers look to crowdfunding, and auction clearance rates hit a standstill.

Welcome to Property Buzz! Iā€™m Orana Durney-Benson.

Today is Tuesday, the 16th of July, and Greater Western Sydney is predicted to see a significant increase in residents over the next decade, with two-thirds of Sydney’s growing population predicted to settle in the region, according to a new report from NAB.
– The area, which is already home to 1 in 11 Australians, is predicted to reach 3.2 million residents by 2034, a 25 per cent increase.
– The new Western Sydney Airport at Badgerys Creek is expected to be a major factor in this growth, creating 35,000 jobs and attracting 10 million visitors annually.
– NAB has described the upcoming economic surge as ā€œthe renaissance of the west,ā€ and compared it to a modern-day gold rush.

Meanwhile, Australian property financing platform MyBrix has introduced a ā€˜Social Fundingā€™ function to help aspiring homeowners crowdfund their property purchase.
– Instead of relying on traditional bank loans, the ā€˜Social Fundingā€™ concept allows individuals to collectively fund 100 per cent of their property purchase through their social network, including family and friends.
– The CEO has claimed that the approach could save potential buyers thousands of dollars in interest repayments and may help users pay off their property sooner.  

And last weekā€™s auction market saw a decline in both auction volumes and preliminary clearance rates, with over 1400 properties auctioned off in total.
– Melbourne saw a slight increase in clearance rates, while Sydney’s clearance rate fell by 7.8 percentage points and Brisbane’s clearance rate also declined significantly.
– Clearance rates were relatively stable in Adelaide and Canberra.
– CoreLogic predicts a rebound this coming week, with nearly 1800 homes currently scheduled to go to auction.

Thatā€™s all for today.

See you again tomorrow, the 17th of July, for your daily dose of Property Buzz.

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