Australia's auction clearance rate has slumped to a three-month low, while new data shows the number of unsold homes has surged by more than 20 per cent in the past year.
The key source of a lot of data in this report, and the primary source interviewed, is Cotality Data (formerly CoreLogic). They’re a private, yank ‘business intelligence’ company that’s owned by two enormous private equity / venture capitalist firms (Stone Point Capital, and Insight Partners, whom in turn own $170 billion+ worth of financial service and credit companies… Sure seems like they would have a vested interest in saying that home prices going down is a bad thing. So then they bring in another industry financial service analyst (SQM Data) with similar ties… These groups are just being given a mouthpiece to repeat ‘prices low bad. Negative gearing removal bad’.
Where’s the balance in reporting, ABC?
Not one mention of the Australian housing affordability crisis.
“In Sydney, fewer vendors are listing than a year ago, yet total stock is up almost a fifth. That’s a demand problem, not a supply surge.”
Get fucked, I still see houses where I live sold in under 10 days regularly. The observation of Sydney is just as much a sign that those selling their second or third property are refusing to lower their prices - and can afford to do so. That’s greed. Let them hurt until they have to lower prices to make first home ownership possible for younger generations, that’s the whole point.
Where’s the counter-points from Grattan Institute or similar? Nowhere to be seen. Nice one, ABC.
The observation of Sydney is just as much a sign that those selling their second or third property are refusing to lower their prices - and can afford to do so. That’s greed. Let them hurt until they have to lower prices to make first home ownership possible for younger generations, that’s the whole point.
Exactly - an alternative headline could be “Rich property owners not selling at auction as much because they are holding out for more money than people are willing and able to pay for their property”.
The key source of a lot of data in this report, and the primary source interviewed, is Cotality Data (formerly CoreLogic). They’re a private, yank ‘business intelligence’ company that’s owned by two enormous private equity / venture capitalist firms (Stone Point Capital, and Insight Partners, whom in turn own $170 billion+ worth of financial service and credit companies… Sure seems like they would have a vested interest in saying that home prices going down is a bad thing. So then they bring in another industry financial service analyst (SQM Data) with similar ties… These groups are just being given a mouthpiece to repeat ‘prices low bad. Negative gearing removal bad’.
Where’s the balance in reporting, ABC?
Not one mention of the Australian housing affordability crisis.
Get fucked, I still see houses where I live sold in under 10 days regularly. The observation of Sydney is just as much a sign that those selling their second or third property are refusing to lower their prices - and can afford to do so. That’s greed. Let them hurt until they have to lower prices to make first home ownership possible for younger generations, that’s the whole point.
Where’s the counter-points from Grattan Institute or similar? Nowhere to be seen. Nice one, ABC.
Exactly - an alternative headline could be “Rich property owners not selling at auction as much because they are holding out for more money than people are willing and able to pay for their property”.
yup, there are two markets, the rich and the poor, the rich are buying houses, the poor are not
the rich are skewing data