The Australian property market is sending mixed but mostly grim signals. In Sydney, Lord Mayor Clover Moore is pointing the finger at state-owned land, arguing the government must “do more” and proposing a plan to convert tourist hotel rooms into thousands of permanent residences to tackle the worsening affordability crisis.
Buyers, meanwhile, are fighting back with their wallets. Last weekend was described as a key test for the property market, with a high volume of homes for sale and buyers showing “scant FOMO” — fear of missing out. Lowball offers have become an increasingly common tactic as confidence wavers. In Western Australia, borrowers face the “bleakest outlook in the nation,” driven by constrained housing supply and limited availability of suitable properties.