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