The Australian property market has turned.
After a spectacular surge in prices through 2016 and most of last year, the major cities are now seeing price declines, and auction clearance rates continue to point to year-on-year falls in prices for the foreseeable future.
While some pullback in prices was expected after the performance of recent years, the big question now is how it’s all going to play out. There is evidence of discounting by real estate agents of 10% or more on some properties in pockets of the market that have been continuously strong performers, and there have also been some signs of tighter lending by Australian banks.
To talk through it all we’re joined on the latest episode of the Devils and Details podcast by Pete Wargent of Allen Wargent property buyers. Wargent is a chartered accountant and a former director at Deloitte, and is one of the most respected property commentators in the country, with a detailed knowledge of how broad markets as well as individual properties have been performing.