PHOTO: Australian property
Property is back in the news and making headlines again.
But in a very different way to this time last year.
Rather than being worried about property armageddon, now the commentators questioning how strong the markets will be. In fact, a recent forecast by SQM Research suggests dwelling prices could rise by more than 15% in Melbourne and Sydney next year.
After struggling for two years, the Australian housing markets are on the up, delivering positive growth for four months in a row.
Three interest rate cuts, reduced uncertainty about housing, tax cuts, positive media coverage and easing in the overly tight bank lending guidelines have together enabled significant improvement.
Buyers are back borrowing money and looking for a new home or investment, and sellers are tentatively returning to the market.
This month, Corelogic reported the largest month-on-month gain in their national home value index since May 2015.
Nationally, property values recorded the fourth consecutive month of growth in October, taking growing value 2.9% higher of the quarter.
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