WEARY househunters, struggling to get a grip amid one of the strongest house price humps in recent history, can finally breathe a sigh of relief. It’s the property industry’s Hump Day, for homebuyers at least.
The frenzied climb is over and the market has finally turned, according to the latest Australian Bureau of Statistics Residential Property Price Index.
The December quarter weighted average price growth across eight capital cities was just 0.2 per cent. That makes the June quarter’s growth look positively supercharged at 4.7 per cent.
Even Reserve Bank Governor Glenn Stevens seemed to be celebrating the “moderation in house prices”, telling today’s ASIC annual forum that while “moderation” was not the “direct objective of the supervisory measures”, it was “in my judgement helpful”.
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Steep property price growth seems to be over for this cycle, new data shows, providing welcome relief for househunters on a search rollercoaster.