Weekly Market Update - January 23, 2019
By | 21st Jan 19

How will the property market perform over Australia Day weekend?

Property buyers across Melbourne are now heading across to more affordable suburbs as we saw in 2018.  Pakenham and Point Cook had the most sales with over 1,000 sales for the year.  Melbourne’s CBD has many apartments that are available for sale and there is a large over supply.  

New home approvals have hit a five year low as investors and developers step back amid falling property prices and tighter lending conditions from banks.  Total building approval are down at 33% for the year and that has been the biggest drop since 2009.

The big banks home loan growth has hit a fresh low. The growth in mortgage lending has made many banks tumble to its lowest levels in more than a decade as banks scrutinize loan applications more rigorously.  The number of new investor loans have dropped from 10% to 1% compared to 2015.