This Month in Review
In news this month, discussion continues to circulate about the upcoming election and the effect that policy changes could have on the property market. According to Nerida Conisbee, chief economist of REA Group, modelling by independent consultants and both sides of government predict negative gearing restrictions will cause continued falling prices while rents will rise.
It hasn’t been a good month for Sydney and Melbourne housing values, with CoreLogic data revealing median housing prices have dropped around $50K in each of the two capitals. However, Melbourne’s market overall does continue to hold up better than Sydney’s.
According to CoreLogic, the rate of national price declines are slowing. Dwelling values were down 0.6 per cent in March, which is actually the smallest month-on-month decline since October last year (at 0.5 per cent).
All in all though, most property owners should remain in a strong equity position, with the national index 15.9 per cent higher than five years ago, according to Tim Lawless of CoreLogic.
Of course, the increase in housing affordability can only mean good news for first home buyers, and their activity is increasing accordingly.
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The Market Essentials Report is compiled by Buyside on behalf of Loanscape. Founded by Josh Masters, Buyside are registered buyer's agents with on the ground expertise in the Sydney and Brisbane property markets.