03/06/2026
May's done. And it was a big month.
The budget dominated, and rightly so. Limiting negative gearing to new builds only from July 2027 is a structural shift, not a minor adjustment, and the market is already starting to process what that means.
Nationally new listings are running about 4.7% above the five-year average... but the more telling signal is that existing stock is sitting longer. Properties listed over 90 days are now making up a growing share of total inventory. Mortgage arrears are also holding at around 1.45% (below the 2024 peak) so this isn't distressed selling.
Heading into June, I'm watching new build enquiry levels, how lenders are responding, and whether the winter slowdown is as pronounced as usual. My instinct is it won't be.
My sources: CoreLogic Monthly Chart Pack May 2026; REIV May Clearance Rates; ABS May data
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