‘Are they going to fall enough?’ The renters waiting for the house price downturn to change their fortunes

Canberra student George Lucas wonders whether house prices will fall enough to give renters the opportunity to turn into homebuyers. Photograph: Hilary Wardhaugh/The Guardian

Australian renters had little reason for hope until a prolonged property price slump began offering something rare: a chance to escape.

When prices first began to ease in March, 26-year-old Canberra student George Lucas was sceptical. “They were talking about it falling and then it didn’t fall that much,” Lucas said. “That was the moment I was like, ‘oh, it’s all a bit ruined’.”