Call for incentives as auctions collapse

PROPERTY markets around Australia continued to struggle over the weekend, with auction clearance rates now below 50 per cent in the key markets of Sydney and Brisbane.

Head of the Real Estate Institute of Victoria Enzo Raimondo said with 1200 people arriving in Melbourne every week, the market was population driven. “Melbourne offers a good lifestyle and cheaper housing,” he said. “Melbourne is offering good value for money and people are being drawn by that.”

He said the federal budget needed to have incentives for housing affordability right around the country and not just for first home buyers. “A lot of focus is given to first home buyers, but they make up less than 20 per cent of the market,” he said. “Much of the rest of the market needs assistance as well. The budget has to address affordability across the board.”