Highspec Properties News Today

Uncertainty over the timing of the rate cut is driving more homeowners to downsize to reduce debt, which is adding competitive pressure to this segment of the housing market, according to experts.

Worsening affordability for houses, tight supply in the high density housing sector and increased first-home buyer demand could fuel upturn in the sector.

The accepted wisdom that an apartment is a stepping stone to buying a house is being called into question by high house prices and lacklustre capital gains for units.

Buyers are piling into open homes earlier than usual, anticipating tighter competition ahead if rates are cut later this year.

Homebuyers could have a rare chance to snag a good deal in early 2024 across Sydney and Melbourne, but the opportunity won’t last, property experts say.

Declines in the NSW North Coast beach haven are accelerating as owners find it tough to hold on to their holiday homes.

Prices in some of the city’s more expensive suburbs were boosted by scarce supply and increasing demand from buyers keen to take advantage of a decline in values sparked by rising interest rates.

Some motivated sellers are accepting offers that are hundreds of thousands of dollars lower than the property was bought for during the recent boom.

The mid-range segment in the vicinity of $1 million to $1.5 million in the northern NSW hot spot had crumbled, one buyer’s agent said.

Values also slumped by more than 10 per cent in just five months across 22 suburbs in Melbourne and Brisbane, data from CoreLogic shows.