PHOTO: Ray White
The Ray White chairman Brian White has called the bottom of the property market in the wake of the Coalition’s return to government.
Although the latest price data – for the first two thirds of May – shows a market still in decline albeit with a moderation in the pace of price.
Labor’s planned wind back of the negative gearing and capital gains tax discounts along with opposition Treasury spokesman Chris Bowen’s dismissal of people’s concerns over the risk of negative equity in their homes had “ricocheted through the whole community”, Mr White told The Australian.
Brian White noted the market had worries over Labor’s policies and there had been uncertainty surrounding the election which had been a drag on confidence.
Prices in both Sydney and Melbourne have fallen more than 10 per cent over the past year, with values dropping 7.2 per cent on a national basis, according to CoreLogic.
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