Market Essentials – March 2023
/The latest PropTrack data this month shows the market downturn is losing momentum, with the overall national home prices rising by 0.18% in February caused by tight supply and continued buyer demand.
However, according to Realestate.com.au Senior Economist Eleanor Creagh, this may not be the end of the downturn just yet. She says that ‘with additional rate rises expected, borrowing costs will continue to increase and borrowing capacities will be further reduced, weighing on prices’.
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Loanscape has today released its Borrowing Capacity Index for Q2/2024. It shows that the borrowing capacities of Australian individuals and families have stabilised after the sharp decline over the past 2 years. Lower income borrowers continue to be disproportionately impacted by interest rate increases: the family income required to qualify for the average size loan in Australia is 35% higher than 2 years ago.