Sydney’s property market is not looking good for sellers at the end of this year with more listings, dwindling prices and worsening auction slumps.
SQM Research revealed that total residential listings increased by 7.5 percent over November, pushing the total number of homes for sale Sydney to 40,000, the highest number recorded since 2009. Current listing levels are 20.9 percent higher than from last year.
Dwelling values in Sydney also fell 1.4 percent in the same month from October, bringing the prices down 8.1 percent over the past year to a median of $821,438, according to CoreLogic’s Home Value Index.
“Since peaking in July last year, Sydney’s housing market is down 9.5 per cent which is on track to eclipse the previous record peak-to-trough decline set during the last recession when values fell 9.6 per cent between 1989 and 1991,” CoreLogic head of research Tim Lawless told the Sydney Morning Herald.
In the first weekend of December, Sydney recorded an auction clearance rate of 41.4 percent with chances of sinking into the 30s over the month. SQM’s Louis Christopher said the last time Sydney fell into the 30s was in October-November 2008 during the Great Financial Crisis. The weekend turnover totalled $129 million in sales, well below the near $600 million in the same period a year prior, Domain reported.
Lawless said this downturn was driven by multiple factors, including tighter conditions for investment, housing affordability constraints and a general oversupply.
“We expect headwinds for tighter credit will continue for the foreseeable future and will continue to temper housing market activity,” said Lawless. “This will be especially the case for those markets where investment demand is most concentrated, and where housing costs are high relative to incomes, such as Sydney and Melbourne.”
An 80-kilometre walking trail in Sydney will soon be a reality after an agreement was reached between federal, state and local governments.
In late November, six mayors signed an MOU to build the trail by linking existing coastal and harbour-side walking tracks from Bondi Beach to Manly.
The trail will pass Macquarie Lighthouse in Woollahra, the Opera House, the Harbour Bridge, Taronga Zoo in Mosman, and Clontarf in Manly. About 60 kilometres of the trail will be on public land, while the rest will take place on footpaths.
Upon completion, the multi-day walk is expected to be a major tourist attraction and one of the world’s great walking trails, on par with Italy’s Cinque Terra. The path will highlight Sydney’s beautiful beaches and rich Indigenous history and culture.
Lachlan Harris and John Faulkner, co-founders of the Bondi to Manly Walk Supporters welcomed the agreement. “It was an act of imagination to have Sydneysiders understand the scale of public land around the harbour,” Harris told the Sydney Morning Herald. “The idea that you can walk from Bondi to Manly is a reality now.”
Faulkner said, “It will be an unforgettable experience and I am certain it will become a must-do for walkers everywhere in the world.”
Bondi to Manly walk’s launch date is to be disclosed.
More than 350 pedestrians and cyclists were fined for jaywalking and breaking basic road rules on Monday in Sydney’s CBD.
The crackdown, which was part of NSW Police’s Operation Pedro, saw 94 pedestrians who were found “jaywalking” or walking across the road illegally slapped with a $75 fine. The fines for cyclists who committed traffic offenses ranged from $112 (for riding on footpaths or not having a working bell) to $448 (for riding “recklessly” or “negligently”). Should they choose to contest the fine in court and fail, they could be charged up to $2,200.
Commander of the Traffic and Highway Patrol Command, Assistant Commissioner Michael Corboy said the crackdown was needed to promote traffic rules and prevent accidents. As of July, six cyclists and 44 pedestrians have died on NSW roads.
“We have been conducting Operation Pedro since 2014 as a way of educating the community about the importance of all road users doing the right thing,” said Corboy.
“I urge all cyclists and pedestrians to do the right thing by not putting themselves and other road users at risk… City traffic is full of many challenges and distractions for drivers, cyclists and pedestrians, so we want to do everything possible to ensure that we reduce road trauma.”
The Monday crackdown was executed by officers from the Traffic and Highway Patrol as well as Surry Hills, Sydney City, Redfern, Leichhardt, Inner West and North Shore Police Area Commands.
House prices slid in many of Australian state capitals in the end of April.
According to property data agency CoreLogic, Melbourne had the steepest weekly decline with 0.2 per cent, followed by Sydney and Brisbane with 0.1 per cent. So far in 2018, the home prices in all five mainland state capital cities have fallen, ranging from Brisbane’s 0.1 per cent to Sydney’s 2.1 per cent.
Many factors could be attributed to these drops, including the higher-than-usual supply of properties. Currently there are 26,879 homes for sale Sydney and 31,195 in Melbourne, indicating a 28.2 per cent and a 11.4 per cent increase from this time last year respectively. Weak household income growth and a decline in the number of foreign buyers also contributed to this weakness.
A proposal has been unveiled to turn a 1905 church in Rose Bay into a “community gathering space” with retail spots and 10 apartments.
The plan, presented by the Uniting Head Church to Woollahra Council, sought to redevelop the church building on Old South Head Road and Dover Road into a mixed-use development with retail, residential, church and community space.
Andrew Gibbons from Endeavour Property Advisory, the development manager on the project, said, “The church came to me and said, ‘Look, the congregation doesn’t use the church anymore, we would like to maximise the use of it so that we can put the money into other missional use’.
“That’s why we’ve gone down this development path as opposed to selling it to a developer who would take all the profit out it and use it for its own use.”
The proposal included underground parking, ground-floor retail, and three-bedroom units to be sold at $3.5 million each. Should it be accepted, the project will commence construction in July next year.
Telecommunications giant Optus has called an investigation into an online job ad that called for “Anglo-Saxon” candidates at one of its Sydney stores.
The advert, which asked for casual retail consultant at Neutral Bay, said “candidates who are Anglo Saxon” are “preferred”. It has been removed since.
Vaughan Paul, Vice-President of Human Resources at Optus said the ad was “unacceptable” and not reflective of the company’s values.
“This error [is] a clear breach of our advertising standards and commitment to equal opportunity employment,” said Paul. “Optus proudly supports diversity and employs staff representing more than 70 nationalities.
“We… will be investigating how this occurred with a view to taking disciplinary action against those involved.”
However, the company still receives criticism from customers for the impropriety of the ad.
Thanks @Optus for coming out. I’ve been a loyal customer for 14 years and so have other thousands of non Anglo-Saxon Australians. I’ll now switch to another network provider. I also hereby call upon other non Anglo-Saxon Australians to boycott @optus immediately. https://t.co/YqWUUnfdII
The Queen’s Baton is visiting Sydney today as a part of its Gold Coast 2018 Commonwealth Games journey.
Swimmer Ian Thorpe, cricketer Glenn McGrath and Australian rugby union player Shannon Parry are among the baton’s bearer in the city. The relay will begin at Government House from 3pm to go through the Opera House, CBD, King’s Wharf and the Australian Maritime Museum.
The baton will continue its journey to other NSW cities for the next three days, including Penrith, Wollongong, Kiama and Batemans Bay.
Since leaving the Buckingham Palace in March last year, the baton has travelled through about 70 Commonwealth countries and territories.
The baton will reach its final destination on the Gold Coast on April 4, where the Queen or a representative will read the message within to officially open the Games.
Melbourne has again been named as the world’s most liveable city for the seventh year in a row.
The Economist Intelligence Unit’s (EIU) annual Liveability Index ranks 140 cities around the world based on healthcare, education and infrastructure – for which Melbourne received perfect scores this year – as well as stability, culture and environment. Overall, Melbourne scored 97.5 out of 100 points.
“This world record is an amazing feat that all Melburnians should be extremely proud of today,” City of Melbourne Lord Mayor Robert Doyle said.
“This accolade is an important selling point for Melbourne internationally: for businesses to invest or move here, for the best and brightest people to make Melbourne their home and for tourists to visit us.”
Vienna in Austria followed in the second spot, while Vancouver in Canada came third. Adelaide established itself as Australia’s second most liveable city at number five, while Perth came seventh. On the other hand, Sydney’s position dropped from the seventh place last year to the eleventh with a score of 94.9.
“Sydney in Australia is another city that has seen a decline in its ranking, reflecting growing concerns over possible terror attacks in the past three years,” the Global Liveability Report 2017 stated.
Damascus in Syria was ranked as the least liveable city, followed by Nigeria’s Lagos and Libya’s Tripoli.
An air pollution alert has been issued for Sydney residents as ozone levels continue to rise beyond government standards.
New South Wales Health said the ozone excess, which causes “poor” air quality on Tuesday, could affect people with respiratory conditions.
Ozone is a pungent gas resulting from chemical reactions between atmospheric gases and nitrogen oxides from car-vehicle exhausts, which can cause chest pain, coughing and throat irritation when inhaled. Hot weathers could exacerbate ozone pollution levels, a statement by NSW Health said.
Dr Ben Scalley, Director of Environmental Health Branch at NSW Health said parents are advised to keep watch on their children when ozone levels are high.
“Ozone levels are higher outdoors than indoors, so parents should limit the time their children with asthma play outside as they are more susceptible to the effects of ozone pollution,” said Scalley.
Scalley reminded that people should remain alert to the link between high temperatures and ozone pollution.
Auction market opens the spring season with significant clearance rate in Sydney, Melbourne, Brisbane, Canberra and Adelaide.
Sydney market remains strong with its fourth consecutive weekend of a clearance rate above 80 per cent, well above the rate recorded at the same weekend last year of 75.1 per cent.
Melbourne market is also at its strongest since last winter, achieving 77.5 per cent clearance rate on Saturday and making it the sixth consecutive weekends of clearance rates above 75 per cent.
Domain senior economist, Andrew Wilson told AFR Weekend that other cities are experiencing similar trend. “Brisbane saw a clearance rate of 54 per cent when it is usually travelling in the 40s, Canberra hit 82 per cent and Adelaide 74 per cent,” said Wilson.
Observers believe that this market boom is motivated by lower number of listings and cuts in interest rates by the Reserve Bank of Australia last month. Wilson reports that this weekend, Sydney only saw 537 auctions compared to 815 auctions at the same weekend last year while Melbourne had 718 auctions compared to 880 last year.