Australia’s housing rental growth is slowing down from record highs in 2022, reducing the pressure on struggling renters. However, housing experts warn that the future outlook of the rental market is uncertain. According to the real estate data provider CoreLogic, the Australian rental market entered the highest upswing period in the company’s 18-year record during…
Rental Growth Slows Down Across Australia, but Market Outlook Remains Uncertain
State Opposition Locks Horns With Government Over Housing Affordability
January 8, 2023
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AustraliaBusiness & MarketsChris Minnseconomic policiesGlobal Real EstateNew South Walesreal estateWorld
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Housing affordability has become the next political battleground in Australia’s most populous state as the state Labor Party offers to cut stamp duty (a one-off tax to the government) for 46,000 first-home buyers. New home buyers around the country have struggled to keep up with rising property prices over the last decade; and while there…
National Housing Accord Needs Renovation
New laws to set up a Housing Australia Future Fund aren’t expected to save people from tipping into housing stress or homelessness. “The Commonwealth has gone from an F on housing to a C-minus, and they should be aiming for an A,” Joel Dignam, executive director at advocacy organisation Better Renting, told AAP. Australians have…
South Korea Eases Real Estate Regulations in Seoul as Home Prices Tumble
January 4, 2023
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Asia & PacificBusiness & MarketseconomyGlobal Real EstateInvestmentreal estateSouth KoreaSouth Korea's property marketWorldYoon Suk-yeol
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South Korea’s Finance Ministry said Tuesday that it would ease property regulations in the majority of districts in the capital Seoul in an effort to stabilize the nation’s weakening property market. The ministry said that Seoul and its adjacent metropolitan areas would no longer be designated as “speculative districts” from Thursday, allowing home buyers to…
Housing Decline Picks up Speed Again
Australia’s property downturn has again picked up pace, but Melbourne is the only capital city getting close to erasing the entirety of its pandemic upswing. Home prices fell another 1.1 percent in December, CoreLogic data shows, amounting to a 5.3 percent total decline in 12 months. The notable drop follows a few months of more…
Canada Bans Most Foreigners From Buying Residential Property
January 2, 2023
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Business & MarketsCanadaeconomic policiesforeign banGlobal Real EstateInvestmentpersonal financereal estateresidential propertyWorld
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The Canadian government has implemented a temporary ban on foreigners buying residential property for two years. The Prohibition on the Purchase of Residential Property by Non-Canadians Act took effect Jan. 1, as Ottawa attempts to ease a housing shortage among Canadian citizens. The ban was approved by the Canadian Parliament on June 23, to make homes…
Greens Accuse Government of Subverting Democratic Processes Over Move to Address Housing Crisis
January 1, 2023
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Australiaaustralia housing crisisBusiness & Marketseconomic policiesGlobal Real EstateJulie Collinsmax-chandler matherreal estateWorld
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The Greens have said they will target the federal government’s National Housing Supply and Affordability Council after Housing Minister Julie Collins announced that the outgoing CEO of property developer Mirvac, Susan Lloyd-Hurwitz, will head up the interim body. Max-Chandler Mather, the Greens spokesperson for Housing and Homelessness, said the decision to appoint a property developer as…
Average Incomes Not Enough to Buy a Home
Property prices may have cooled off, but the average sole earner still can’t afford the repayments on a mid-priced house in every capital city, bar Perth. Canstar analysis shows the dream of home ownership is still well out of reach for people on average incomes as rising interest rates continue to erode borrowing power. To…
Netherlands Imposes Rent Control on 300,000 Homes to Deal With Affordability Crisis
December 16, 2022
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Business & Marketseconomic policiesEuropeGlobal Real EstateInternationalNetherlandsreal estaterent freezeWorld
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The Dutch government will control how much landlords can charge renters in a plan supposed to alleviate ongoing housing affordability problems. Over 300,000 homes will be affected by the plan with rental prices to be cut by an average of 190 euros (US$202) per month. The maximum rent allowed will be 1,100 euros (US$1,171) and…
Shanghai Luxury Properties Panic for Discount Sale as Wealthy People Prepare to Flee
In the face of the economic downturn and China’s tough anti-COVID campaign, Chinese wealthy people are scrambling to flee the country, selling their luxury homes in Shanghai and other first-tier cities at steep discounts and cutting their shares in listed companies to cash out. According to Shanghai property media, since October, local secondhand luxury properties…
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