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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Many Australians on income support priced out of the rental property marketA new report by housing advocacy group Everybody's Home outlines the issue as being largely driven by rent increases and no-grounds evictions, and are calling for urgent reform.
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