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.
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.
For every property they are marketing, Victorian agents must now provide a fact sheet with comparable sales, median prices, and estimated sale price, under new underquoting laws that come in today.
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.