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1.Market Observations, 8.Was Sticky

6 June 2019 (AFR) – The bottom is in sight, but wait for the rebound – Let’s not get ahead of ourselves

(6 June 2019, AFR, p33, Robert Harley, Contributor)

Historic periods of decline (Corelogic, AFR)

Historic periods of decline to recovery (Corelogic, AFR)

‘Let’s not get ahead of ourselves. Sure, the house price slide is coming to an end. But a sharp rebound in general prices is unlikely, and from, a social and economic perspective, unwanted. The sentiment towards housing has clearly turned. The Commonwealth Bank, Mirvac and Stockland have all reported strong jumps in inquiry following the federal election. Last week, eight bidders chased an older, red texture brick home in Sydney seaside suburb of Bronte to $2.8 million – $800,000 above the reserve. “It went crazy,” says Richardson & Wrench’s Andre Frack. These graphs, from CoreLogic, show that when the sentiment towards housing shifts, prices can rebound rapidly.’

Read more (and see more graphs) at AFR.com (might need AFR login access, or try: AFR.com/trial)

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