The claim is based on several factors: Melbourne’s rising population, an expectation of a rates cut, and resilient apartment prices. UPA suggests that the shelving of a few residential developments has helped this along.
Then, at the start of May, the Australian Financial Review followed up with news that Sydney price falls might be easing too.
Reuters is also getting in on the potential good news act, reporting on 1 May that the drop in housing prices may be “past the worst”. Reuter’s information comes from CoreLogic, indicating that though prices area still falling, they’re not doing so as quickly as before.
At around the same time, C21 Chairman Charles Tarbey told REB that “so-called property experts” had been trash-talking the industry with their predictions of crashes, creating inaccurate price predictions and more negative fallout rather than focusing on the positives.
All in all, there’s some growing feeling that the reforms already made to lending criteria, some increase in credit availability, predicted lower interest rates and perhaps buyers seeing the potential of entering the market now, might lead to house prices stabilising at least in some states and key cities over the next six months.
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