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For decades Australian house prices have grown. This is what a fall could mean
After decades of growth Australian house prices are slowing. Here's what a fall could look like.
Following a shake-up to negative gearing and the capital gains tax (CGT) discounts, the housing market has stalled and auction clearance rates are down.
There's some consternation among investors and home owners about a decrease in property values — and their concerns are backed by the big banks.
NAB has predicted a 2 per cent drop across major capital cities, while Commonwealth Bank has revised their growth estimate to 3 per cent, down from 5 per cent.
Prices are already sliding, with a reported 1.2 per cent decrease in Sydney last month alone.
Looks like I bought at the peak of the housing market, but that’s OK
I shouldn’t be celebrating the slowdown of the Australian property market. I just bought my first home six months ago and am mortgaged up with nearly half of my income going towards repayments. If you count the strata fees, my housing costs are closer to 60 per cent of my pay cheque after tax.
Is that fun? Well, not hugely. And I’d be lying if I said the habit I picked up during my house-hunting days of checking the going prices in my area, and my building, has disappeared. I still regularly scan real estate listing websites to see whether I snagged a bargain – hint: I didn’t – and to get an indication about whether the decades of mortgage repayments ahead of me will be made up for by growth in the value of my property when (hopefully one day) it comes time to upsize.
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