Demand for rental properties remains sky high in the capital city of Queensland, Australia, following months of interstate migration from some of the most heavily locked down cities in the country. The latest figures from the Australian National University and CoreLogic, a property data firm, showed that rental vacancies in the Greater Brisbane area—around 2.5…
Rental Market Under Pressure in Brisbane, Australia After Lockdown-Driven Migration
September 8, 2022
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‘Out of Touch With Reality’: Queensland Peak Body Criticises Green Party’s Rent Freeze Bill
A real estate peak body in Queensland has criticised the Australian Greens Party for proposing a bill that would suspend rental prices in the state, saying it was out of touch with reality. This came after Greens MP Amy MacMahon tabled a private member’s bill to the Queensland parliament on Aug. 31. If approved, it…
Housing Market in Regional Australia Continues to Grow While Prices Fall in Capital Cities
Regional South Australia has seen its housing market reach a new peak, with property prices in the area hitting “significant growth” as home prices continue to fall across the country, according to PropTrack’s latest report. Meanwhile, Adelaide was the last capital city to record a price fall this year, making it the strongest performing capital…
Housing Downturn Spreads Across Australia as Home Values Tumble in August
Australian housing values fell for the fourth consecutive month in August as interest rates continued to hike, marking the sharpest drop in nearly four decades. According to real estate data provider CoreLogic, national home values dipped by 1.6 percent to $738,321 (US$500,000) during the month, with the downturn observed in every capital city except Darwin….
Australian Building Approvals Plunged Amid High Costs and Interest Rates
The Australian housing industry saw a sharp fall in the number of buildings approved in July amid soaring building costs and interest rate hikes. According to the Australian Bureau of Statistics (ABS), total building approvals across the country tumbled by 17.2 percent in July compared to a modest 0.6 percent drop in June. The sharp…
Hundreds of Customers to Face Long Wait After Queensland Builder Collapses
Queensland’s building watchdog has stepped in to help affected customers following the collapse of a residential builder, but hundreds of homeowners in the Australian state are not likely to see their homes completed any time soon. Oracle Homes went into liquidation on Aug. 24, causing about 70 staff to lose their jobs and halting building…
Don’t Leverage Chinese Interference Fears Just to Sell Real Estate: Australian PM
August 24, 2022
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Australian Prime Minister Anthony Albanese has said taxpayers cannot buy every plot of land in the Pacific that may be subject to Chinese interference while warning against encouraging real estate promoters to leverage geopolitical tensions in the region. The prime minister’s response comes after retired Australian businessman Ian Gowrie-Smith appeared on Nine Entertainment’s A Current…
Australian House Values Continue Falling While Rental Market Continue Trending Down
August 19, 2022
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Australia’s rental market remains tight as the residential property market continues trending downwards. Rental vacancies in the CBDs of Sydney and Melbourne fell to 2 percent and 3.4 percent, respectively, in response to the return of international arrivals, according to SQM Research (pdf). Meanwhile, the rental vacancies of other capital cities edged slightly higher but…
Mortgage Rates Remain High as Big Banks Anticipate Recession
August 4, 2022
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News Analysis Canada’s big banks dominate the mortgage market and aren’t helping homebuyers and housing affordability with lower mortgage rates for the time being. Analysts point to the banking oligopoly in Canada as a major factor in the lack of competitive options for consumers as compared with the United States. Like other industries, the big…
House Prices Drop Sharply in Major Australian Cities in July
Australian house prices continued to fall as five out of eight capital cities saw a drop in prices in July, with Sydney and Melbourne leading the downward trend. According to real estate data provider CoreLogic, Australian home values dipped by 1.3 percent in July, the third consecutive monthly drop, following a near 29 percent national…
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