The value of Australian houses rose by $450 million in the March quarter, the highest rise on record, bringing renewed calls for action to address the growing housing affordability crisis. According to the latest figures by the Australian Bureau of Statistics (ABS), Australian residential dwellings surpassed $8 trillion for the first time. New South Wales…
Australian Housing Values Rise to Record Levels as Affordability Crisis Worsens
June 16, 2021
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Housing Affordability Problems Drive More Australians out of the City
May 11, 2021
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The falling affordability of homes may lead to a second wave of growth in the Australian regional housing market as buyers are pushed out of the cities to cheaper, regional areas. CoreLogic head of research Eliza Owen told The Australian that since most capital cities were sitting at record high prices, movement to the periphery of…
Single Parents to Be Able to Buy Homes With Two Percent Deposit
May 10, 2021
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The Treasury has announced additional home loan assistant measures to help more Australians become homeowners as part of the 2021-22 budget. Single parents with dependent children will be able to purchase a home with a deposit of two percent. It will be under the Family Home Guarantee, which the government will establish to provide 10,000…
Total Value of Australian Homes Surpasses $8 Trillion
May 6, 2021
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The red-hot Australian housing market has broken another record as the total value of the residential real estate has reached an estimated $8.1 trillion (US$6.2 trillion) in April, property analyst CoreLogic revealed. “This puts Australian residential property at around four times the size of Australian GDP and around $1 trillion more than the combined value…
Australian Rents Rise at Fastest Rate in 15 Years
The Australian rental market has risen at the fastest pace since May 2007, with the national rental rate up 3.2 percent over the first quarter of this year, property researcher CoreLogic found. However, Corelogic’s research director Tim Lawless said the growth was uneven, and the “headline reading hides the sheer diversity” of market conditions around…
HomeBuilder Construction Deadline Extended by 12 Months
April 20, 2021
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Existing applicants for HomeBuilder are being given an extra 12 months to commence construction as new home building has reached its highest levels in 21 years. On April 17, Treasurer Josh Frydenberg and Housing Minister Michael Sukkar announced an extension of the construction commencement requirement for the HomeBuilder scheme from six to 18 months, meaning…
Banks Should Not Let Lending Practices Slip: RBA
April 13, 2021
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The Reserve Bank of Australia (RBA) has warned banks not to let lending standards fall as the financial sector could be shaken from any debt blow out under a housing price correction. In its biannual financial stability review (pdf), the central bank stressed the importance of the financial sector avoiding excessive risk-taking in the form…
Reserve Bank of Australia Holds Cash Rate Amid Red Hot Housing Market
April 7, 2021
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The Reserve Bank of Australia (RBA) has said it would continue to “carefully” monitor trends in housing borrowing after announcing it will hold the cash rate at the current record low 0.1 percent. Following the bank’s monthly meeting, RBA Governor Philip Lowe noted Australia’s economic recovery was much stronger than initially expected. However, despite the…
Australian Home Prices Grow at Fastest Rate in 32 Years
The value of Australian homes has grown in March at its fastest rate in 32 years as buyers turn their attentions away from regional areas to the capital cities, according to property researcher CoreLogic. The latest data shows that national growth in home values reached 2.8 percent last month, the highest since October 1988 (3.2 percent)….
Bank Forecasts Australian Housing Market to Surge by 17 Percent
March 25, 2021
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Rising house prices across Australia are expected to continue as owner-occupier’s rush to take advantage of record-low interest rates and government incentives. Sydney residential prices, which have already surpassed the 2017 peak, are expected to rise 19 percent this year. While Perth house prices are also predicted to rise 19 percent, followed by Hobart (18…
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