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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! Iām 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 āthe renaissance of the west,ā and compared it to a modern-day gold rush.
Meanwhile, Australian property financing platform MyBrix has introduced a āSocial Fundingā function to help aspiring homeowners crowdfund their property purchase.
– Instead of relying on traditional bank loans, the āSocial 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 weekās 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.
Thatās all for today.
See you again tomorrow, the 17th of July, for your daily dose of Property Buzz.
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