Australia is on track for its biggest housing decline in 40 years and many buyers are sitting it out. But it’s turning into an opportunity for investors.
Ashley Williams has a 200-apartment project ready to launch, but is holding off. The former Rich Lister’swon’t promote the Sturt Street development in Melbourne’s Southbank to off-the-plan buyers until the picture around interest rates is clear.
Sydney, where values are still sitting 8.8 per cent above where they were before COVID-19 and the onset of record-low borrowing costs, was unlikely to give up all that ground, as were the other state capitals, which are still banking double-digit gains on their pre-pandemic levels.The national 8.6 per cent decline from the recent national housing market peak indicates it has further to fall to reach the widely expected 15 per cent decline.
“The apartment market is underpinned by a severe lack of supply, record low unemployment and booming migration, and our banks are confident in lending to our buyers. And it seems as though interest rate hikes are coming to an end, which will further boost the market.” Meriton actually raised the prices of its sale apartments in November and December and sales were unchanged, Mr Triguboff said.
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