The auction strangler: Pete Wargent
Pete WargentDecember 8, 2020
EXPERT OBSERVER
Reduced lending flows continue to stymie property purchases, auction volumes, new car sales, and stamp duty and transfer receipts.
Total annual duty transfer receipts have been holding up due to some large non-residential transactions and off-the-plan settlements from the death throes of the apartment construction cycle.
But both the residential receipts and the leading indicators are now heading to Hades at warp speed, with the most timely available figures suggesting that transaction levels for established property will be at cyclical lows soon enough, if they're not there already.
The New South Wales economy has been tracking very well in recent times.
But the key leading indicators are weakening by the month.
Building permits and dwelling starts are dropping away, and money growth is at quarter-century lows.
Pete Wargent
Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.