A new property data report shows house prices in Australia are growing at the slowest rate since May 2020.
The new PropTrack Home Price Index, which launched on Friday, revealed property price growth in March increased by just 0.34%.
The report, provided by property data analysis firm PropTrack (part of REA Group), is a monthly revised residential property price index aimed at delivering timely insights on home prices and market trends.
March’s results indicated growth falling slightly in Melbourne (-0.02%) while larger falls were recorded in Perth (-0.11%) and the Northern Territory (-0.13%).
Mortgage Choice national sales director David Zammit (pictured) said brokers could benefit from Australia’s home price growth slowing.
“Although house prices aren’t growing at the same pace as they did in 2021, the housing market remains strong,” Zammit said.
“A deceleration in house price growth and increased supply means some buyers won’t rush into purchasing decisions as quickly as they have been over the past year and then struggle to find lenders who can look after those financing needs within such tight time frames.”
Zammit said each quarter he was seeing more Australians engage mortgage brokers and the trend looked likely to increase with a greater choice of brokers available for buyers at no cost.
“Whether it’s slowing house price growth, the pandemic, or the RBA changing the cash rate, borrowers want trusted advice and to understand their options – and are increasingly turning to brokers as the trusted experts in property finance,” he said.
Zammit encouraged brokers to be adaptable in a changing property price market and to connect with their clients.
“Sharing information such as the PropTrack Home Price Index, making proactive outbound calls to offer a rate review, or using some of your aggregator’s marketing tools (think blogs, videos, how-to’s etc) are all things you can do to let clients know you’re there for them,” he said.
“In times of change, property purchasers want to understand their options and look for trusted advice from industry professionals who have their best interests at heart.”
Zammit said the PropTrack Home Price Index was an example of how brokers across the country can use REA Group data to provide new insights to clients.
“This monthly report will strengthen the property market insights our brokers provide to local, national and international clients ensuring prospective buyers can make the most informed property decisions,” he said.
Despite the slow price growth in March, there were areas showing impressive price growth over the 2021 calendar year, including Brisbane with a 27.02% increase, regional NSW at 26.85% and the ACT at 26.4%.
Zammit said the slight falls in house prices seen in March were unlikely to change the conversations brokers had with their clients.
“Brokers and their clients will hear a lot of noise about property markets and headwinds such as the federal election, rate rises, flood recovery and the rising cost of living,” he said. “This is the time to be checking in with your clients and completing a home loan health check to make sure they’re in the best position no matter what happens in the wider market.”
