I wouldn’t get too excited about these results. We speak to hundreds of brokers and agents each week via HelpMeChoose.com.au, and the news for the future is not good.
Put simply, the changes the banks have made to their LVR and deposit requirements are going to severely limit the access of first home buyers to finance. This in turn will lead to lower auctions clearance rates in that section of the market, and when that falls the general market follows.
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There may be dark days ahead for residential property prices.