It’s good to see a few more positive articles popping up this week. That’s not to say that there was no negativity, but lately, it has been very hard to find anything positive in property. We are now officially in our 17th month of house price drops. Here is how this week is panning out:
From the ABC came the first unfortunate headline:
Australian property downturn spreads as most capital cities record falling values
However, it turns out, although the downturn is spreading,
‘Australian housing prices have continued to fall, but at a slightly slower pace in the last four months, according to property analysts CoreLogic.’
A similar sentiment was reiterated via SBS: Property price falls spreading but easing. This, combined with better clearance rates has definitely not gone unnoticed with news.com.au asking Is the property market really bouncing back?
Clearance rates continue to perform despite price drops though: Australian auction clearance rates inch higher
Despite the above, Yahoo headlines are stating that Aussie property prices to drop another $60,000 by the end of the year
Considering how pivotal property is to wealth creation in Australia, it is little wonder that such conflicting headlines are constantly published: Most Wealthiest Aussies Earn From Property. A study was conducted by The Australian on the 250 wealthiest Aussies. According to Your Property Investment mag:
‘Property dominated the majority of wealth, with 68 of the richest people making money from the industry.’
Outside of the downturn, the other topic of concern right now, especially for investors is the election. Smart Property Investor has published a couple of good guides on this:
Policy changes looming: Should property investors change strategy now?
The policies impacting property in the NSW state election
One thing that is for certain right now is the dominance of first home buyers (paywalled): Property buyers seize the opportunity as vendors get realistic on price
Have a great week everyone!
