Since Covid-19 struck, Australian house prices have been rising, entering a neutral or positive zone for the first time.
According to Domain’s latest quarterly report, first-time homebuyers are driving demand for homes that are being introduced to the market due to low interest rates, tax cuts, and preferences for changes in life after lock-in. In September, home prices rose by 0.9%. The quarter accounted for 4.6% of the quarter in the capital city market.
At the same time, “market hibernation” kept Melbourne’s performance stable, unchanged in the September quarter, while buyers waited for listings. Compared with the June quarter, this is a big improvement across the country. In the June quarter, house prices fell by 2%, while prices fell by 2.2%. After a small increase earlier this year, the percentage of unit income was obtained.
However, the unit price fluctuated. Darwin rose by 4.5% in just three months, and Hobart fell by 9.1%.
“Due to high vacancy rates, low total rental yields and reduced opportunities for capital gains, it may take some time to return to investors.” Powell said the government’s actions have stagnated troubled sales, and the market is still intact. .
“The proposal to relax lending standards early next year and the prospect of an upcoming interest rate cut will encourage people to borrow.” “However, less scrutiny of borrowers will make it easier to get mortgage loans, making it easier and faster to obtain credit- This is likely to stimulate housing demand, which in turn will support housing value.”
https://theurbandeveloper.com/articles/first-home-buyers-drive-house-prices-up