There’s a spring in the step of the real estate markets across the country as we head into October. As anticipated, new listings have increased across all capital cities over recent weeks. The largest number of new listings were seen in lockdown capitals Sydney and Melbourne.
CoreLogic reports that we’re experiencing the highest level of housing turnover for twelve years. Almost 598,000 house and unit sales were recorded for the year ending August 2021.
This is the highest number of sales since 2004 and a 42 per cent lift on the annual number of sales over the same period in 2020.
The International Monetary Fund has issued a warning to the Australian property market, and want local regulators to step in to slow the market down.
Australian big banks are in agreement, issuing a similar warning only days before. The IMF suggested increased interest rates, tighter lending rules, increased home building and reform to generous housing-related tax benefits.
At this stage though, the Reserve Bank is working with APRA to look at the introduction of macroprudential regulation in the coming quarters, which will more than likely take into account increased assessment rates or a purchasers debt to income ratio.
Download and read the full Market Essentials – October 2021 Report.