Market Wrap - 16 June 2022

  • 198 Nelson Street, Annandale sold last week after a short yet successful campaign. During the campaign, there were 110 buyer enquiries and 38 inspection attendees.

 

 

  • The NSW government proposal to replace stamp duty with an annual land tax has been welcomed by first-home buyers and experts who say it would make buying property easier with only a modest impact on prices. Read more.

 

  • It may sound counterintuitive, but according to Domain, rising interest rates could help borrowers save on their mortgage repayments. While rising rates have meant some borrowers have seen an increase in their repayments, rate rises have also triggered competition in the lending market, which have created more interest-saving opportunities for borrowers. Read more here.

 

  • The competition watchdog has confirmed it is looking into claims digital settlement company PEXA has stymied competition in the property settlements market. Read the full article

 

  • The property market is feeling the full effects of increasing interest/mortgage rates. Combined with 5 months of near relentless rain, many prospective vendors find themselves wrestling with the decision of whether to sell in winter or wait until spring this year. Is there a window of opportunity? Page 4 will outline some of the differences of selling in spring vs winter.