Weekly Market Update - May 7, 2019
By Advantage Property | 6th May 19
House sales have dropped to their lowest levels since Paul Keating was Prime Minister as property values across the country are now falling. The Reserve Bank is now under pressure to cut interest rates. The number of home sales has now fallen by around 20% over the past year to its lowest level since 1996.
Many of the houses acquired for the East-West link are now struggling to be re-sold after the government decided against building the Freeway connection. This would have assisted in connecting the Eastern and Western suburbs of Melbourne and hopefully remove much traffic congestion. These properties are now selling for over $100,000 less than they were purchased by the Government for.
Australian’s wealth has hit a seven year low. The property market correction and stock markets performance have seen Australian’s wealth drop 2.1% in the last quarter and more than any other period during the last 7 years.