Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Monday, 14 September 2015

APRA measures to hit lower income suburbs

CoreLogic-RP Data reported a preliminary auction clearance rate of 75.1 per cent for Sydney on Saturday with more than 1,000 auctions held over the week.

APRA's cooling measures will hit lower socio-demographic areas first as lower income earners struggle with the deposit hurdle.

The first region to go in Sydney will be the south west, and to a lesser extent the west.

On the other hand the traditionally wealthier suburbs of the lower north shore, the eastern suburbs, and the inner west are poised to hold up much better. 

Unsurprisingly further research from the Domain Group showed that auction clearance rates held up to track at exceptionally high levels in the inner west (82.8 per cent), the lower north shore (82.3 per cent), the northern beaches (79.6 per cent) and the city & east region (77.9 per cent).

On the other hand over the past two weeks auction clearance rates have tanked in the west (from 76.9 per cent to just 66.3 per cent), and particularly in the south west (from 69.8 per cent to just 54.9 per cent).

Detailed article from Domain can be found here