From CoreLogic comes their 2019 house price outlook:
The lack of credit availability is a key factor in the current housing market downturn and forms one of the major differences relative to previous declines where the catalyst for a turn in the market has typically been changes in monetary policy settings (interest rates) or an economic shock such as the Global Financial Crisis or the recession back in the early 1990s. Credit availability has been tightening, especially for investment purposes, since early 2015 after the first round of macro-prudential policies was introduced by APRA. Importantly, the second half of 2018 has seen a sharp reduction in the value of owner occupier lending which reflects a tightening of lending standards and a heightened risk assessment from lenders, as well as a modest lift in mortgage rates due to funding cost pressures faced by lenders.
Full report here.
