Australian Property a Bad Investment?
Channel: Daily Insight
Date: 21/01/2020

Australian property prices are in the news again (Have they ever not been?). We Australians love hearing about the latest property news, whether that’s because we’re a prospective buyer waiting for a dip in the market, or one of the more than 2 million property investors who are hoping for the complete opposite. There’s an internal ideological struggle in Australia between those who already own a house (or increasingly, houses), and those who don’t. Sadly, I fit into the latter. Looking at recent news headlines: “Western Australian property market remains bleak”; “Australian house prices keep rising, but former RBA boss Ian Macfarlane can’t see a crash coming”; “Bleak prospects for new tenants moving to Canberra, the city with Australia’s highest rent”. The Perth market is the worst performer having been in a continual decline since around 2014. Darwin is the next worst performer with prices having retreated heavily over the last five years. Brisbane showed a little bit of a rebound over the last quarter, but nothing to write home about. Adelaide prices seem to have flatlined and are seemingly on the decline. But news reports say otherwise. The nation’s capital Canberra is following a similar trend to Adelaide. Property prices have kind of flatlined, but Canberrans are facing a different kind of issue — their rental market is becoming completely unaffordable. Hobart prices are continuing to head upwards. Sydney prices, after a two-year decline, are also heading back up, along with Melbourne who are also following a similar trend. Thanks to these three markets (well, mainly Sydney and Melbourne), capital city average property prices are on the rise. But are we just getting ourselves into another bubble?

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Former RBA governor Ian Macfarlane by Mick Tsikas, file photo: AAP

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