Mallee’s newest and stressed home buyers are at risk as Australia’s housing market buckles after Labor’s shock $77 billion tax increases, Member for Mallee Dr Anne Webster said yesterday.
National home values fell 0.4 per cent in June – the sharpest monthly drop since December 2022 – with values down 0.7 per cent over 3 months.
Buyers’ confidence has deteriorated sharply, with auction clearance rates across Victoria, falling to around 47 per cent, well below long‑run averages.
Other states have seen similar drops.
Prominent Horsham real estate agent, Wes Davidson, expressed his shock, saying:
“We are now seeing the biggest lack of confidence in real estate that I have ever seen in over four decades in the industry. I am seeing clearance rates at record low levels across the country. They are lower than in the first couple of weeks of COVID, and that was a pretty uncertain time. Now people are saying we’re in a more uncertain time because aspirations are being killed by these regulations”, Mr Davidson said, in comments Dr Webster repeated in the House of Representatives before Question Time on Tuesday.
Dr Webster noted that in parts of Mallee, while house prices have doubled in recent years off a low base, new and financially strained homeowners alike are at risk from a drop in price due to the collapse in market confidence.
Image: Key Locksmith Castle Close – Free photo on Pixabay
