Home buyers are diving back into the market as Sydney and Melbourne prices stabilise
As property prices in Australia’s two largest markets, Sydney and Melbourne, start to find a bottom, buyers are beginning to flock back. The latest figures from the Australian Bureau of Statistics (ABS) show Australians borrowed 1.3% more in June than they did in May, and it’s being put down to the property market. With prices plummeting in both capital cities since 2017, the month of May saw buyers return to the market as auction sales ticked up to their highest level in 18-months. “Consistent with recent house price movements, the decline in new lending commitments for dwellings has slowed in recent months,” ABS director of financial statistics Ben Dorber said in a statement accompanying the new numbers. “In June we saw rises in new lending commitments for both owner-occupier and investor dwellings for the first time in over a year.” Read more: https://www.businessinsider.com.au/home-buyers-are-diving-back-into-the-market-as-sydney-and-melbourne-prices-stabilise-2019-...