The Australian property market is showing strong signs of a rebound with lenders and buyers alike taking advantage of the rising prices.
Data from the Australian Bureau of Statistics show that owner-occupiers and investors drove the surge in June, with respective rises of 4.5% and 6.2%.
Experts are attributing this to what is known as ‘FOMO’ (fear of missing out) with buyers wanting to get in before prices continue to rise, citing significant price drops which didn’t occur.
This rise is despite borrowing capacities being cut by a third with the Reserve Bank introducing 12 rises in the past year.
Auction clearance rates have also remained unseasonably strong, with PropTrack recording about 70 per cent of homes selling under the hammer in Sydney and Melbourne.
One factor helping younger buyers is the support coming from their parents, with many willing to support a favourable purchase.
