Overview

• Auction clearance rates rose to 70% following Labor's election victory, signaling increased buyer confidence and market activity.
• The Reserve Bank of Australia is expected to cut the cash rate by 25 basis points on May 20, with markets predicting additional reductions through November.
• Major lenders, including ANZ, have preemptively lowered fixed and variable home loan rates, creating opportunities for borrowers to refinance or negotiate better terms.
• Housing supply remains constrained, with March building approvals at 15,000 dwellings, about 50% below post-COVID peaks, exacerbating affordability issues.
• Government initiatives, such as the expanded 5% deposit scheme starting in January, aim to support first-home buyers but may further drive up property prices.