Strong conditions in the Australian housing market continue, and June is expected to be another real estate ‘Groundhog Day’.
While more sellers have been lifting asking prices midway through campaigns compared to previous years, Domain’s Dr Nicola Powell says that this trend is easing and “proves that the strong pace of price growth recorded this year is unlikely to continue at such a rapid rate”.
Australia’s combined capital city median house price notched the sharpest quarterly increase in more than eighteen years, with Sydney and Canberra showing the fastest acceleration.
Meanwhile, thousands of investors are expected to offload apartments in the Sydney and Melbourne CBD, with a new survey by ME bank showing that 23% of investors want to sell their property in the next 12 months due to higher vacancy rates and plummeting rents in the CBD.
The federal budget was announced last month with a variety of measures impacting real estate. However, the most significant windfall is that taxes relating to investment property remain unchanged. In addition, the government extended the First Home Loan deposit scheme. It also introduced a new deposit scheme to support single parents, the Family Home Guarantee, and made changes to the First Home Super Saver Scheme.
Download and read the full Market Essentials – June 2021 Report.