The Sydney and Melbourne property markets are showing ‘clear signs of recovery’ with auction clearance rates hitting more than 70 per cent in both the capital cities, says RiskWise Property ResearchCEO Doron Peleg.
The property market will remain weak well into 2020 unless the RBA cuts interest rates and these are passed on by the banks. However, it was the introduction of lending restrictions by APRA, followed by the greater scrutinisation of loan applications as a result of the Royal Commission, that was the catalyst for the downturn, says Doron Peleg, CEO of RiskWise Property Researchwhich has just released its latest Quarterly Risks & Opportunities Report.
With the Melbourne housing market continuing to cool, upgraders are in a position to exploit opportunities and grab themselves good properties for the long term.
Melbourne is facing enormous undersupply issues and, therefore, dramatic housing unaffordability which will only get worse if nothing is done to address the situation.
The impact of Melbourne’s West Gate Tunnel Project on dwelling prices will be positive for some but negative for others, according to the latest analysis by RiskWise Property Research.
