There’s a new government, so what’s next for Australia’s house prices?There’s a new government, so what’s next for Australia’s house prices?
09/06/2022|Domain
Australia’s downward house price trend will not change despite a new federal Labor government being elected on the weekend, experts say.
Economists are predicting the property market will continue to soften despite new policies aimed at helping first home buyers, single parents and low-income earners get into the market sooner and a promise of 30,000 extra social and affordable homes.
CBA senior economist Gareth Aird said the policies won’t be enough to soften the impact of rising interest rates and the rising cost of living on Australian households.
“Regardless of who won the election, rising interest rates will be the one thing that shapes economic outcomes and the future of the housing market,” Aird said.
Sydney and Melbourne’s house prices had already passed their peak, with the harbour city’s prices flattening in the first quarter of 2022 and Melbourne’s down by 0.7 per cent, according to Domain.
Aird said the rest of the country is expected to follow suit, as the Reserve Bank of Australia continued to hike interest rates.
CBA is predicting prices nationally will flat line by the end of the year and drop by 8 per cent in 2023.
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