This Month in Review
The slowing of Australia’s hottest housing markets has been welcomed by Treasury secretary John Fraser, who said it was a sign the regulator’s crackdown on risky lending has been effective.
At the same time, the QBE Australian Housing Outlook 2017-20 report has predicted price falls for apartment prices in all capital cities, except Adelaide, Canberra and Hobart over the next three years.
Over the month, the much-debated first-home buyer superannuation scheme announced in the Federal Budget back in May was passed in parliament’s lower house. Now it will make its way through the senate. Labor and the Greens are opposed to the scheme.
As the government gets more involved in real estate, investors are stepping up their efforts to be heard with the creation of the Property Investors Council of Australia to lobby politicians on behalf of landlords.
And more Australians are heading overseas for their property fix. The HSBC Expat Explorer Global Report found of a survey of 1034 Australians living overseas, 60% owned property elsewhere – while 34% owned property back home.