Chief Economist · Meridian Capital Partners · Sydney, New South Wales
David Nguyen is chief economist at Meridian Capital Partners, where he has led housing and capital markets research since 2019. He previously spent nine years in the economic analysis department of a major Australian bank and is a regular contributor to parliamentary housing inquiries.
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Melbourne enters spring with the deepest pool of stock of any capital city. Agents report vendors are pricing to meet the market rather than testing it, keeping clearance rates stable even as choice widens.
Melbourne has spent four years underperforming the national index. The reasons are structural rather than cyclical, and they explain why rate cuts have had less effect here than anywhere else.
The May cut lifted median borrowing capacity by about $34,000. Sales volumes across the combined capitals are 2 per cent lower than the same period last year.
The sector has moved from pilot to fixture, and is now large enough to influence advertised rents in the inner city.