Number of new units coming could be worrying
An additional 94,471 new units were reported to be finished across the nation over the next year, marking a 3.5% increase in total unit supply. Within the next two years, the unit supply uplift is anticipated to be much higher at 251,751 units, up 9.3% on current supply.
Westpac takes a leap, hikes rates out-of-cycle
Westpac Banking Corporation recently raised its interest rate by 14 basis points, making it the first of the big four banks to hike out-of-cycle with the Reserve Bank of Australia, after continuous cost of funding pressures.
NSW faces threats regarding future housing supply
The New South Wales (NSW) Department of Planning recently reported that 42,529 housing completions occurred in Sydney from June 2017 to June 2018, and while this was indicative of the success of earlier policies, industry group Urban Taskforce noted that the number of approvals in the city was quickly dropping.
