Is Australia heading towards a buyers’ market? | The Business | ABC News [Video]

Australia’s multi-speed property market results in a confusing start to the spring selling season. Property listings are up, but demand is down, leading to a slow start in Australia’s largest cities, Sydney and Melbourne. CoreLogic’s data reveals prices have continued to rise in August, with home values increasing in Sydney (+0.3 per cent), Brisbane (+1.1 per cent), Adelaide (+1.4 per cent) and Perth (+2 per cent).
But there were declines in Melbourne (-0.2 per cent), Hobart (-0.1 per cent), Darwin (-0.2 per cent) and Canberra (-0.4 per cent) in the month.
SQM Research Managing Director Louis Christopher says there’s downward pressure on prices from increased uncertainty about when interest rates are going to be cut and government policies aimed at slowing down the rate of migration.
He’s not expecting a crash because of the shortage of housing. He says sellers in Sydney and Melbourne are more willing to negotiate, indicating the market is swinging back to buyers but property is still very expensive.
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