[Sydney9002] Sydney appears to have rebounded from the drop recorded in 2019 barely worse for wear. Although it lost market capital status in the country's capital during the three-month period ending in November 2019, it has entered the new decade with many promises. However, it may not have the same star wattage as before.
“We predict that the start of 2020 will be positive but measured. The increase in registrations that accumulated towards the end of 2019 has had some delay effect, but the market stabilization that occurred during 2019 is not expected to result in a strong recovery of the market, "said Leanne Pilkington, president of the NSW Real Estate Institute.
"Many agents are reserving auctions for the first quarter of 2020 in order to take advantage of the momentum, but it will be interesting to see if the transaction activity expected in the first quarter of 2020 will continue in the second trimester."
Rather than a skyrocketing real estate market, Sydney shows more of a "gradual recovery tempered by the low level of supply" at this point, she adds.
Buyers are now more cautious, especially in the light of financial restrictions and recent problems related to the quality of new developments. Regional pockets should also benefit from their affordable price compared to the metro.
The NSW Fair Trading Office also announced some changes to the Residential Tenancies Review 2018 for NSW and the Residential Tenancies Regulations 2019 for NSW. Some of the changes include limiting rent increases to once a year in a periodic agreement after the fixed term has passed; non-payment of public services or water constituting a reason for termination; and the freedom of victims of domestic violence to terminate a lease without having to pay a penalty.
SUBURB TO WATCH
MOAMA: Houses bloom in this suburb at the water's edge
Located in what is known as the sister city of Echuca, the suburb of Moama is on one side of the Murray River. It is considered the Australian capital of paddle steamers and has many vineyards by the water.
Houses are in great demand, with prices rising double-digit in the five years preceding November 2019. In the past 12 months alone, values ??have risen 15.3%, but these properties remain affordable at a median price less than $ 500,000. In contrast, the units have experienced difficulties, as values ??have fallen 8.6% in the past three years. However, this market offers reasonable rental yields of 5.5% on average.
Tourism: Known as the capital of the paddle steamer, Moama is also home to several vineyards
Growth Houses: Houses have experienced constant double-digit growth over the past five years
East victoria park
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