A report from Domain News in Australia. "Savvy Sydney buyers can snap up houses in a handful of suburbs for prices last seen in 2015 as the property market continues its slide. Epping’s median house price has fallen to $1.45 million, Domain data for the March quarter shows. North Rocks fell to $1.068 million, Castle Hill to $1.305 million and Eastwood to $1.56 million."

"Selling agent Catherine Murphy said Epping was a perfect example after she sold a house for $1.258 million – just $8000 more than when it last sold in 2015. She said vendors who were selling in this current market were doing so out of necessity despite trying to get 2017 prices."

"'It’s like saying I want to sell my Holden for $100,000 to buy my Ferrari. No one cares,' Ms Murphy said."

The Property Observer. "Domain report Perth property prices are now nearly back to the levels seen at the end of 2011. 'That 2011 decline was the trough and was before the 2014 peak, so prices rose from their trough in 2011 up to the peak of 2014, and now they are back down to that trough of 2011 more or less,' said Domain senior research analyst Nicola Powell, meaning they are now nearly back to the levels seen at the end of 2011."

From Mortgage Business. "Chifley Securities announced a 16 per cent rise in property developers seeking urgent financial help as their project sales and pre-sales have waned, due in part to 'tighter lending controls.' 'Meanwhile, many investors are now sitting on the sidelines, forcing developers to arrange alternative arrangements to complete their projects or hold on to them until sales recover – in many cases through price drops of up to 30 per cent,' said Dominic Lambrinos, principal at Chifley Securities."

The Urban Developer. "Developer value-add incentives like rebates and low deposit terms have had little effect on Melbourne’s land market, with lot sales for the March quarter down 59.5 per cent from 2018."

"'There is a widespread view that lot prices are overvalued — particularly given falling values in the established housing market,' RPM chief executive Kevin Brown said."

"Recent land site sales include a $22.5 million acquisition of a 30-hectare landholding in Wallan in Melbourne’s north, reflecting a rate of $750,000 per hectare. 'Which is seen as real value in a market where rates per hectare have previously exceeded $2,500,000 in some corridors,' Kelly said."

The Mornington Penisula News. "Drops in property prices and the number being sold on the Mornington Peninsula are being blamed on changes to lending rules in the wake of the banking royal commission. However, the introduction of more comprehensive credit reporting in July will allow lenders to see a borrower’s full credit history, possibly making loans even harder to get."

"James Merchan, of Impact Realty Group, said the Mt Eliza market rose to a new median high in February 2018 of $1.173 million but the median had dropped to $1.058 million in this year’s March quarter – down 10.9 per cent. Frankston South’s median had dropped from a high in early 2018 of $841,000 to $720,200 (down 16.8 per cent) while Frankston’s median peaked in the same period at $621,300 but has since dropped to $543,200 (down 14.4 per cent)."

"With most needing a mortgage against their home, he said it would be 'wise to revisit your borrowing capacity.' 'The last thing you want is to sell your home and then realise that you can’t obtain a loan because of the tightening of credit,' he said. 'One of our buyers who attended multiple opens throughout 2018 had their borrowing capacity reduced from $1 million down to $650,000 without any changes to their situation.'"

The Australian Financial Review. "Fresh from selling almost half a billion dollars worth of luxury apartments overlooking St Kilda Beach, Financial Review Rich Lister Tim Gurner has dismissed the idea that cutting interest rates will boost the housing market."

"The real issue, he said, was access to debt. 'The market will not go back to normal because rates are cut. That won’t happen until APRA gets its mortgage serviceability changes through. Rates could be zero, but the market is driven by access to debt and the policies of the banks,' he said."