A record interest rate hiking cycle puts the fear of death into homeowners. But the so-called crash could be over already.
On today’s The Briefing episode, we talk to one of Australia’s leading property market analysts, Tim Lawless from CoreLogic, explaining what this means for first-home buyers.
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Lawless said this was not the most significant downturn the Australian housing market had seen.
The largest downturn ran between the middle of 2017 and 2019, with the capital city index falling by 10.2 per cent.
it’s still a uncertain that the recent downturn we have been through is actually the trough,”Lawless said.
We saw housing values on a capital city index drop by 9.7%, so nearly as much as the previous record drop,”he added.
For beginners, one month of fall was meaningful, but it didn’t necessarily mean there might not be more down the track.
He said that in terms of days on market discounting, properties took less time to sell recently, and vendors didn’t need to negotiate as much anymore after rates eased off slightly.
The firm advice they give to any first home buyer is don’t try to time the market. You sort of make these really high decisions like purchasing a home on your own time frames, on your own budgets, on your own balance sheets.”
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