Sydney, Melbourne property markets showing price weakness, other capital cities have positive growth: CoreLogic
The Australian property market overall has seen seven consecutive months of small price drops, according to the CoreLogic home value index.
This weakness was mostly in Melbourne and Sydney, where the most expensive markets are.
The head of CoreLogic, Tim Lawless, considers this to be due to tighter lending restrictions for property investors.
However, In other recent news, the lending restrictions on investor loan books placed on banks over the last several years are soon to be lifted by the Australian Prudential Regulation Authority (APRA).
This change give a boost to housing prices and sales volumes over the next several years as the effects flow through the markets.
In the other capital cities, house prices were flat to higher in the home value index.
Lawless believes low interest rates and strong population growth trends should provide a “soft landing” for the property market.
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https://www.businessinsider.com.au/in-just-six-months-australias-housing-market-has-been-turned-on-its-head-2018-5