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

Pellegrini: Spurs are no soft touch

first_imgManuel Pellegrini has warned that Manchester City will be facing a different Tottenham to the side who rolled over twice against the Premier League champions last season. City triumphed 6-0 at home and 5-1 at White Hart Lane against Spurs in the last campaign but they have made a promising start under Mauricio Pochettino. Pellegrini said he has admired Pochettino as an adversary both when the Argentinian was at Espanyol and at Southampton, and that he did not expect Tottenham to collapse so easily in the lunchtime kick-off on Saturday. Press Association Pellegrini told a news conference: “Yes I am sure it is a different Tottenham. “Last year one of the best games that we played was against Tottenham away. Here also we played very well but we are not expecting that we can score six or five goals every time we play Tottenham. “They are a very strong team. Mauricio Pochettino is a very good manager. I’m not saying Villas-Boas wasn’t in that moment, but really we played our best last season. We hope on Saturday we can do a very good game also. “He (Pochettino) is a young manager that was very successful in Spain with Espanyol, it was a team that always played good and attractive football and it was a creative team. “He is trying the same way he did it last season at Southampton. That was a team that played very well, he continues now at Tottenham that is an important club with big players.” Pellegrini said Yaya Toure was in contention for a place despite playing for the Ivory Coast in a 4-3 home defeat against DR Congo on Wednesday, with the midfielder returning to Manchester on Thursday. If Toure is feeling any tiredness, that may open the way for Frank Lampard – the club’s player of the month for September – to start. Pellegrini said he was not surprised by how well 36-year-old Lampard has been performing for City. “For me it is maybe not a surprise because I know his quality,” said the City manager. “When you have the age of Frank Lampard you are not able to play three games in a week but when you have so great a player, you can resolve a lot of problems that we have during the game and I think that Frank is doing these duties at this moment. I am very happy with him.” Eliaquim Mangala is set to miss out against Spurs with a thigh injury. The defender was an unused substitute for France in midweek and should be fit for City’s Champions League match in Moscow on Tuesday. All the other City players are fit apart from Samir Nasri, who is still recovering from groin surgery. Younes Kaboul has told Tottenham to prove their worth on Saturday. Spurs lost 6-0 and 5-1 to City last season amid a number of heavy defeats to title-chasing teams and their rivals for a Champions League spot. Mauricio Pochettino’s side are unbeaten away from home this season, including a 1-1 draw at Arsenal, and hope to surprise City at the Etihad Stadium. “Last season’s games are in the past and in football you always have to focus on the present and look to the future,” the France defender said on tottenhamhotspur.com. “We can’t wait for this match, we want to go there and play our game. “We need to repeat the same performance as we produced against Arsenal. “In these big games we need to do something to show everyone what we are capable of.” The heavy losses to City came under Pochettino’s predecessors Andre Villas-Boas and Tim Sherwood, and the Argentinian cared little when reminded of the 11-1 aggregate scoreline of last term. The Tottenham boss will give goalkeeper Hugo Lloris every opportunity to prove his fitness ahead of the match after being forced out of France duty with a thigh injury. Michel Vorm is on standby to come into the side. Belgium midfielder Nacer Chadli (hip) will be given a chance to prove his fitness, too, while striker Emmanuel Adebayor and Nabil Bentaleb were to be assessed on their returns from international duty on Friday. Pochettino hopes to blend the established first-team stars and new recruits with academy talent in future, like he successfully managed to do at previous club Southampton. “We need to get the balance – you buy players and then you provide players from the academy who deserve to arrive in the first team,” Pochettino added. “Always in football it’s the balance question. It’s important. “Tottenham have spent a lot of money on keeping the academy and creating a magnificent training ground, and now we need to get the benefits from that.” last_img read more