‘The heat is coming out’: Signs Australia’s housing market is returning to ‘normal’
There are signs that Australia’s property market is returning to “normal”.
Data from realestate.com.au shows a dip in prospective buyers searching for property online.
Director of economic research at the REA Group, Cameron Kusher, says there has also been a slight weakening in the number of sales.
“There are definitely some signs that a little bit of heat is coming out,” he said.
“Obviously prices are going up quite quickly but the stimulus the government provided has now been withdrawn as well.”
But Mr Kusher stressed that doesn’t mean a real estate price collapse.
“Normal over the last 10, 15, 20 years has still been pretty strong price growth and I’m certainly not expecting that we’re going to see the growth in property prices stop in its tracks, but I do think we’ll see slower levels of growth going forward.”
Press PLAY below for Mr Kusher’s full analysis