Window of opportunity is opening up in Australia’s housing markets

Despite all signs to the contrary, markets are now throwing their arms open

New York Weekend Edition /
Jun.June 23, 2018 08:15 PM

(Credit from back: Pixabay; U.S. Air Force photo by Staff Sgt. Alexander W. Riedel)

After foreign buyers were laden down by new taxes and rules to deter them from Australia, new controls imposed on lenders are providing an unexpected opportunity for them to break into Australian’s hottest housing markets after all.

The mix of factors means that “vendors that are in the market at the moment are those that have to sell,” explained agent Catherine Cashmore of Anderson Cashmore Real Estate Advocates to Mansion Global.

Though taxes for foreign buyers will still be a factor, the buyer’s market means prices will be comparatively lower given the current conditions, which, according to economists, are lacking any factors that would indicate prices might be starting to climb back up again.

Since last September, home prices have been falling in most markets across the country, with Sydney seeing a 4.2 percent decrease and Melbourne logging a 1.2 percent fall. [Mansion Global]Erin Hudson


Related Articles

arrow_forward_ios
REBNY's James Whelan, Sen. Brad Hoylman and Assemblymember Emily Gallagher (Getty, Whelan via Anuja Shakya)
Bill to audit 421a gets hearing as pols put subsidy in crosshairs
Bill to audit 421a gets hearing as pols put subsidy in crosshairs
REBNY's James Whelan with Sen. Julia Salazar and Sen. Jabari Brisport (Getty, Brisport via Jabari for State Senate, Whelan by Anuja Shakya for The Real Deal)
It’s back: Lawmakers propose ban on broker fees
It’s back: Lawmakers propose ban on broker fees
Exterior and amenities of 85 Jay Street in Dumbo. (Front & York)
Two Brooklyn homes asking $8M go into contract
Two Brooklyn homes asking $8M go into contract
740 Park Avenue and 24 Leonard Street (Google Maps)
Steven Mnuchin’s Park Avenue pad tops Manhattan contracts last week
Steven Mnuchin’s Park Avenue pad tops Manhattan contracts last week
(Getty)
Where the lawsuits challenging NY’s 2019 rent law stand
Where the lawsuits challenging NY’s 2019 rent law stand
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
Robert Millard and 9 East 88th Street (MIT Corp, Google Maps)
Former Lehman exec lists Carnegie Hill mansion for $38M
Former Lehman exec lists Carnegie Hill mansion for $38M
April’s occupancy levels climbed to 61.6 percent, above March’s 60.9 percent. (iStock)
Demand for short-term rentals surges past pre-pandemic levels
Demand for short-term rentals surges past pre-pandemic levels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...