Buyer and renters hit slow-mo amid loan crackdown, unaffordability

first_imgAmong homes that found their mark was 71 Withington St, East Brisbane, sold for $607,500 by Jody Green of Place for seller Mervyn Cronin. Picture: Darren England.BUYERS and renters hit slow-mo in April amid the effects of a loan crackdown, housing unaffordability and oversupply in some places.Buyer demand slumped in April nationally (-4.3 per cent), led down by New South Wales (-7.8 per cent) and Queensland (-5.4 per cent), according to the latest REA Group Property Demand Index, out today.Brisbane suburbs that are best for your healthBardon house shortlisted for national awardWhere rental listings have grown over 30 per centREA Group chief economist, Nerida Conisbee, said affordability issues had hit Sydney hard while Queensland was still reeling from oversupply and slow job growth.She said the drop came “as cooling measures put forward by APRA and more expensive and restrictive lending by banks started to cut in. It’s likely that the Easter long weekend and ANZAC Day also had an impact”.“Demand is still well above the same time last year and higher than the previous peak in November 2016. In December 2016, demand also dropped slightly when the banks increased interest rates independently of the RBA however, buyers ploughed back into the market in January and by March we hit another peak in demand.Buyers in southern capitals have hit a slump amid rising unaffordability across Sydney and Melbourne. Picture: Jay Town“It’s impossible to predict if this will happen again and if buyers are purely reacting to the changes. Time will tell as we head into winter.”She expected price growth to begin to moderate in New South Wales though Ms Conisbee did not believe the country’s biggest property market had hit its peak yet.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:47Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:47 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMonthly Core Index : April00:47Queensland’s problem was vastly different to that of NSW though.“Queensland experienced the second highest drop in buyer demand in April after New South Wales, however demand is still higher than it was 12 months ago,” according to Ms Conisbee.“Rental markets are showing worsening conditions driven by high levels of supply but also relatively slow jobs growth. Rental demand is lower than it was 12 months ago.”The Gold Coast though was a brighter spot than Brisbane.“The situation in Brisbane is very different to on the Gold Coast. Gold Coast suburbs continue to see high levels of demand from buyers and renters due to lower levels of supply, the Commonwealth Games and other spending on infrastructure supporting jobs growth.”QLD BUYER DEMAND:All dwellings:-5.4 per cent April+3.2 per cent Year-on-yearHouses:More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours ago-5.9 per cent April+3.2 per cent YOYUnits:-4.9 per cent April+6.6 per cent YOYQLD RENTAL DEMAND:All dwellings: -3.7 per cent April-9.5 per cent YOYHouses:-3.8 per cent April-11.2 per cent YOYUnits:-3.4 per cent April-4 per cent YOY(Source: REA Group)last_img read more

Madras HC Chief Justice VK Tahilramani set to resign

first_imgCHENNAI: Madras High Court Chief Justice VK Tahilramani has decided to resign, two days after the Supreme Court Collegium rejected her request to reconsider her transfer to the Meghalaya High Court. The Collegium, headed by Chief Justice Ranjan Gogoi, had recommended her transfer to the Meghalaya High Court on August 28. The Collegium has already transferred Chief Justice of Meghalaya High Court, Justice AK Mittal, to the Madras High Court. Justice Tahilramani was elevated as the Chief Justice of Madras High Court on August 8 last year. As the acting chief justice of the Bombay High Court, Justice Tahilramani had in May 2017 upheld the conviction, and life imprisonment of 11 people in the Bilkis Bano gang-rape case, which was transferred to Maharashtra from Gujarat by the top court.last_img read more