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Australian housing prices will continue to dip slightly over the next few months then level out, Mario Rehayem has predicted.
Despite the release of increased auction clearance rates last week for Sydney (above 60%) and Melbourne (57%), the Pepper Homeloans sales and distribution director said it is still too early to get excited.
Until now Sydney's clearance rates have languished in the mid-50s, and Melbourne also saw a surge in renewed activity.
But the Brisbane market did continue to struggle - posting only a 30% clearance rate.
Speaking to MortgageMix, Rehayem said he believed it would take the Queensland market "at least" 18 months to recover.
But he did concede that property investors should be in a good place right now as "rates are low, rental is high and in demand."
In addition, Rehayem predicted property's outlook for the rest of the year to remain flat-lined.
"The housing market will continue to suffer until the government starts to release land in the right areas for the right price," he said.
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