Sydney’s property market is only “just keeping its head above water” with almost half of homes failing to sell under the hammer. This compares to 78 per cent of homes selling on the same weekend last year.
For example In August 2016, 11.6 per cent of homes were withdrawn but by November last year that figure rose to 33 per cent. Although the numbers have improved, almost one in four sellers in February, decided not to go ahead with their auction as planned.
SQM research Louis Christopher said the downturn was a result of a regulatory double-whammy when APRA cracked down in interest only home loans and the federal government clamped down on tax deductions and depreciation on investor property related expenses and items.
Read more at: