Property market finally slowing down as Australians save their tax cuts

The Reserve Bank’s aggressive interest rate settings are finally bringing the property market to heel, with new figures revealing a slowdown across the nation’s capital cities as more homes go up for sale and landlords struggle to ramp up rents.

House values also slipped in Hobart – by 0.2 per cent to $692,504 – and in Canberra – down 0.2 per cent to $966,684.The lift in values is being driven by the nation’s mid-sized capital cities which all experienced an increase, led by a 1.6 per cent jump in Perth to $830,965. But along with Adelaide and Brisbane, the three cities are also showing signs of a slowdown in growth.

CoreLogic’s measure of rents increased by 0.1 per cent through the September quarter, the smallest change in a three-month period in four years. “Our affordability metrics indicated that the median income household would require around a third of their income to service the median rent value across Australia in June,” he said.

There have also been worries that the stage 3 tax cuts, worth $24 billion in their first year of operation, would also add to inflationary pressures.

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