Has the property market peaked?
Interesting that we are now seeing property market commentators reflect that the market, particularly in Sydney and Melbourne Metro areas, is approaching the peak or perhaps we are there.
What is interesting about this is that we had the looming spectre of our regulators looking at making changes to lending in order to slow down the market - could it be this is no longer necessary?
Additionally, the legislation which is currently before Senate to reverse some of the super stringent responsible lending standards - things like the forensic investigation of your living expenses with no real allowance for discretion - had stalled. Could it be this will move forwards now?
Absolutely, there are concerns about the property market; its interesting to see that this may have reached its natural peak.
Some of the signs being quoted as indicators:
Buyers, tired of missing property after property - are leaving the market in frustration. One of the biggest issues we saw in early 2021 was too many buyers for the existing properties on the market - this will certainly help it.
Additionally, we are seeing sellers who had been holding off starting to list their homes - which also adds to the available stock levels, and obviously eases pressure on the supply/demand shortfall.
Real estate agents anecdotally are seeing this reflection, perhaps this is coming around.
What does it mean? Maybe there are more opportunities now, or perhaps at least you'll have some time. What the commentators are saying is they don't anticipate prices to fall given that overall we are able to afford our properties which is certainly good news for those who have bought recently.