Arabic version: تحول سوق الإسكان يفيد المشترين لأول مرة مثل مهدي

Australia’s housing market is undergoing significant changes, creating both winners and losers. First-time buyers are finding opportunities as the market cools, according to SBS News. Mehdi, a 43-year-old Iranian refugee, recently secured a three-bedroom home in Melbourne’s outer north, a feat he attributes to the current softening conditions in the housing market.

After a year of searching, Mehdi’s offer was accepted this week. He expressed relief, noting that the past three months have shifted the landscape, allowing him more options as fewer people are purchasing property due to rising interest rates. He emphasized the importance of finding a single-floor house due to his leg amputation, making the purchase particularly significant for him.

New forecasts from Domain predict a decline in house prices, with Sydney expected to fall by up to 7 percent and Melbourne by up to 8 percent over the next 12 months. Factors such as higher interest rates, federal budget tax reforms, and global uncertainties are contributing to this downturn. While Sydney, Melbourne, and Canberra are likely to see price drops, Brisbane, Adelaide, and Perth are expected to experience price growth due to tight supply and strong demand.

Experts suggest that first-home buyers like Mehdi are benefiting from reduced competition as investors withdraw from the market. Domain’s chief residential economist noted that the changes in tax treatment have diminished investor activity, providing an opening for first-time buyers. However, caution is advised, as property values may fluctuate in the near term.

The political response to the housing market forecasts has been mixed. Education Minister Jason Clare expressed skepticism about the projected declines, asserting that the government’s own forecasts suggest sustainable growth. In contrast, former Nationals leader David Littleproud criticized the government’s approach, claiming it negatively impacts home equity for sellers. For Mehdi, the ongoing political debate feels distant as he celebrates his new home, a significant milestone in his journey as a refugee in Australia.