Budget not enough to help affordability in Sydney, Melbourne, but good news for the rest of Australia
The budget's First Home Super Savers Scheme might alleviate some housing affordability pressures, but is unlikely to help first-home buyers who want to live close to the city in Sydney and Melbourne.
Auction clearances indicate real estate market could be drifting lower
The auction clearance rate of Australia's capital cities was 74.6 per cent last week, virtually flat with the previous week's result. But Sydney and Melbourne's clearance rates are in a downward trend, says CoreLogic.
The preliminary clearance rate across Australia's five capital cities last week was 76.9 per cent, up from 69.8 per cent the previous week, according to CoreLogic.
Melbourne’s median house price recorded its fastest pace of quarterly growth since 2013 during the March quarter, smashing through the $800,000 barrier for the first time, according to new data from the REIV.
More properties went to auction last week than in any other week of the year, but the increase in supply did nothing to dampen demand - the nation-wide clearance rate rose to 77.6 per cent.