February is going to be an eventful month for the property market in Australia. Is this the (kind of) calm before the storm?
Unfortunately one of the top pieces of news this week is that Sydney and Melbourne did experience sharp declines for January.
Here is the handy interactive chart from Core Logic if you wish to check it.
Remember, however, if you are getting into the market, especially buying off the plan, now is actually a very good time to buy, as many are predicting upward prices in 2020.
Another headline from the AFR on the eve of the RBA’s return was this one;
Morgan Stanley warns the rate of property price falls may be ‘difficult for the economy to absorb’
It’s always great to see a positive spin on the news, and this piece from YourMortgage.com.au is a great example of that. From the arcticle:
“When Sydney’s property market weakens, like it did in 2018, the media tends to magnify this and declare it a nation-wide epidemic which is not entirely the case,” he says, pointing toward how Sydney’s house prices fell by around 5-10%, but the country’s combined median house price only dropped between 1-2% (quoting James Nihill, managing director of Patrick Leo).
Meanwhile, if you are a property buff, check out this new piece of research from Domain:
Geography, incomes and perceived prestige: Australia’s cities ranked by housing market inequality
Also, remember, the banking Royal Commission report will be released at 4:30 today. Stay tuned and here is some reading until then.
Have a great week everyone.
