According to property researcher CoreLogic, the value of Australia’s residential housing market surpassed $9 trillion (U.S.$6.6 trillion) in September, just five months after reaching $8 trillion (U.S.$5.8 trillion). Housing prices soared 20.3 percent over 12 months since the Reserve Bank of Australia lowered the official interest rate to 0.1 percent in Nov. 2020, and the…
Total Australian House Value Surpasses $9 Trillion, Rising $1 Trillion in 5 Months
Mortgage Lending Rules Tightened to Rein in Australian Property Market
October 6, 2021
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The Australian Prudential Regulation Authority (APRA) has announced long-expected changes to home loan lending rules to cool the property market. In a letter to lenders on Wednesday, APRA said they expect lenders to increase their serviceability buffer, which banks use to assess a borrowers’ ability to repay the loan, from 2.5 percent to 3 percent….
Australian Treasurer Signals for Home Loan Crackdown Amid Rising Household Debt
Australian Treasurer Josh Frydenberg has met with regulators over the need for plans to address the ballooning levels of household debt. Last Friday, Frydenberg spoke about the current state of the housing market with the Council of Financial Regulators, chaired by the Reserve Bank of Australia (RBA) governor Philip Lowe and which members include the…
Evergrande Collapse Expected to Be Contained: Australian PM
The collapse of Chinese property giant Evergrande will be contained before it will significantly affect the Australian economy, Prime Minister Scott Morrison said. “When it comes to Evergrande, this is principally an issue in China, and that addresses their financial stability,” Morrison told reporters in Washington D.C. ahead of the Quad Summit. Morrison discussed the…
Reserve Bank of Australia Passes the Baton for Tightening Home Loan Policy to Government and Regulators
The Reserve Bank of Australia (RBA) has clearly distanced itself from the responsibility to control residential housing prices, passing it onto the government and industry regulators. In an online address, RBA governor Philip Lowe said that raising interest rates would address house price concerns at the expense of other areas of the economy. “I want to…
Australian House Prices Jump to a New Record High, but Emerging Signs of Market Cooling
Australian residential property prices continued to surge, revealing record levels of growth over the three months to June, according to new figures. The Australian Bureau of Statistics (ABS) revealed on Tuesday that home prices rose 6.7 percent—the strongest quarterly growth figure since ABS began tracking the data in 2003. “The continued growth in property prices…
Australian CBD Office Vacancy Remains Solid, Except Melbourne Where It Hits 20-Year High
August 5, 2021
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According to a new report, demand for office space in Australia’s Central Business Districts (CBD) has defied expectations by remaining surprisingly solid, except Melbourne, which has dropped to its lowest level on record. The Property Council of Australia’s (PCA) Office Market Report revealed that overall CBD vacancy edged higher from 11.1 to 11.2 percent in…
Essential Workforce Hit by Rental Affordability Crisis
August 2, 2021
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Essential care and service workers are facing a rental crisis in Australia as an analysis found that rent has risen to over one-third of workers’ weekly income in a majority of the country’s geographical regions. Affordable housing campaign group, Everybody’s Home, cross-referenced SQM Research rent data with the basic hourly wage of workers in disability…
Median House Price Pass $1M in 3 Australian Capital Cities, Over $1.4M in Sydney
The median house price for Sydney is racing towards $1.5 million, while two other Australian capital cities have also passed $1 million (US$740,000), according to figures released on Thursday. The Domain House Price Report for the June 2021 quarter revealed that the Sydney median house price had reached over $1.4 million (US$1m) after rising an astonishing 8.2…
Sydney Luxury Home Market Set to Lead the World in Growth, Topping Miami and LA
Sydney’s luxury home market is expected to lead the world in growth, with London-based global real estate consultant group Knight Frank predicting a 10 percent price jump in 2021. In its latest research, Sydney is also forecasted to top Miami (6 percent) and Los Angeles (5 percent) in prime residential property price growth this year….
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