In a recent National Housing Market Update by CoreLogic, it’s been reported that the Australian real estate market has found a floor and showing signs of uplift, with five of the eight capital cities recording a rise in value of the past month.
The uplift in market activity has been attributed to lower mortgage rates that have not been seen since the 50’s. Lower mortgage rates also also eases buyers’ access to credit. There has also been a sense of regained confidence in the markets after the federal election.
The CoreLogic update also notes that with fewer listings on the market and strong buyer demand, there’s a good amount of competition between buyers. Auction clearance rates in Sydney and Melbourne, which were above 70 per cent, also indicate a better alignment between buying and selling price expectations.
With signs of uplift, now is an interesting and promising time for the real estate market.