However, new research published by the property analysis company CoreLogic reveals that hope may be misplaced.
Throughout the 2018-19 fiscal year, the share of home sales trading at less than $ 400,000 over capitals remained largely unchanged from the previous year, despite the property market as a whole slipping 8.7 percent for houses and 5.9 percent for units .
"Throughout the 2018-19 fiscal year, 26.0 percent of all homes sold nationally were under $ 400,000, and 32.5 percent of all unit sales were under $ 400,000," said research analyst Cameron Kusher.
To put that into perspective, the year before, the proportion of units selling for less than $ 400,000 was slightly higher at 26.3 percent, and the proportion of homes selling for less than $ 400,000 was only 31 percentage.
"It's interesting to note that the share of unit revenue below $ 400,000 has increased a lot more for units than houses," Kusher said.
In regional Australia, the proportion of houses selling for less than $ 400,000 is much higher – 42.8 percent. It's the same for unit sales, with 54.3 percent of sales being for properties under $ 400,000.
And where the share is largely unchanged in capitals, for home buyers in regional areas, the proportion of properties selling for less than $ 400,000 has "seen a significant decline".
In fiscal year 2017-18, 44.1 percent of home sales and 55.6 percent of unit sales were below $ 400,000.
"The next financial year could look very different from what we have seen in the 2018-19 financial year," Kusher added.
“We are only in mid-August, and we have already seen interest rates lower twice, serviceability floors on mortgages being reduced, and some recent increases in home values in the major capitals.
“Although no significant increase in home values is expected, there is an expectation of a moderate rise in house values, as a result of the 2019-20 fiscal year fewer sales are expected to be under $ 400,000 than those recorded in 2018-19. "
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