Welcome to the property news this week. As always, we have lots of interesting perspectives happening this week.
Starting with the positive news:
https://www.propertyobserver.com.au/forward-planning/investment-strategy/market-trends/98178-dwelling-construction-forecast-is-weak-westpac-s-matthew-hassan.html
‘Extraordinary growth’: Sydney home owners still cashing in despite property downturn
You will never miss out if you are in it for the long haul. Fro the article:
“Domain senior research analyst Nicola Powell said most home owners would not be losing out in the current downturn.
“It just highlights the fact that owning a home or property should be viewed as a long-term investment,” Dr Powell said. “The majority of Sydney suburbs have experienced extraordinary growth in the past five years.”
Meanwhile, the falls are easing in speed: Housing market ‘through the worst’, but prices still fell 0.5pc last month
“Property prices fell in every capital city except Canberra last month but, despite home values dropping 0.5 per cent nationally in April, CoreLogic says the pace of decline is slowing.”
On IFA, they have been talking about the bottoming out of property prices:
“CoreLogic head of research Tim Lawless said that a range of indicators, including home loan activity and auction clearance rates, show that the housing market may have “moved through the worst of the downturn”, with the rate of decline in values slowing since hitting a monthly low point in December 2018 (-1.1 per cent).”
Building approvals have slowed down again: Australian building approvals tumble again as apartment work dries up
On Elite Agent they were discussing the wider economic and political implications of the property situation: The federal election, the property market, and the elephant in the roo
In other news
Tasmanian property market cooling as investors look interstate, Real Estate Institute report shows
Australia’s property crunch bad but far from a disaster – so far
Can Australia’s property market turn around?
Foreigners helped pop our property bubble
Will the RBA cut interest rates tomorrow?
