Australians across the countries have endured a hike of 7.3 percent in residential construction costs in 2021, the highest growth rate recorded since March 2005. Despite the costs easing somewhat towards Christmas, experts fear that the cost relief in Q4 of last year might not last long as the country continues to suffer from disruptions…
Steeply Rising Building and Renovating Costs To Hit Australians
February 15, 2022
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New Loans Pick up as Australian House Prices Continue to Grow
February 1, 2022
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New Australian housing mortgage commitments rose 4.4 percent in December to a record high value of $32.8 billion (US$23.3 billion) as house prices in the country continue to climb. The Australian Bureau of Statistics (ABS) revealed that it was driven by a 5.3 percent increase in the value of new owner-occupier loans. The average loan…
Australia’s National Median House Price Exceeds $1 Million
After a year of rapid growth, Australia’s national median house price has broken the $1 million (US$714,000) mark, according to Domain’s latest House Price Report. A house in Sydney at median price rose to $1.6 million over the year, the median house prices in Melbourne and Canberra have passed $1.1 million, and remaining capital cities…
Australian Homeowners Profit From Sales Amid COVID-19 Lockdowns
January 18, 2022
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A new report by CoreLogic revealed the September quarter saw the highest level of profitability for property sales in more than a decade. The rate of profit-making resales across Australia rose 92.4 percent during the three months and was the fifth consecutive quarter where the rate of profit-making sales increased. The national median gain was…
Australian Property Values Ended the Year 22 Percent Higher but Subdued Conditions Expected in 2022
January 6, 2022
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The Australian property market grew 22.1 percent during 2021 on the back of low interest rates but ended the year on a subdued note CoreLogic revealed, with the national median house value in December only rising one percent, down from 1.3 percent in November. It reflects the cooling market as the monthly growth rate had continued…
Booming Property Market Deters Renters From Having Children in Australia: Study
A new study has suggested that rapid growth of the housing market can influence both outcomes and intentions of families to have more children. The research, led by University of Sydney economists and published in the Journal of Housing Economics, measured people’s intentions for more children against property prices. It found that when the property…
Australian Auction Clearance Rates Slip as Owners Rush Into the Market
Successful auction rates in Australian capital cities have fallen under 70 percent as homeowners rush to list their properties to cash in on the booming market. According to CoreLogic, 4,136 homes were taken to auction this week, making it the second busiest auction week on its records after the previous week with 4,251 auctions. During…
The Face of Investors Is Changing, More Millennials Participating: CBA Study
December 3, 2021
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New research found that the COVID-19 pandemic accelerated the trend of millennials becoming self-directed investors, with the most favoured investments being property and shares. The Commonwealth Bank of Australia (CBA) conducted a study of 1,000 people during April 2021 and revealed 43 percent of millennials in the group were investing with the intention to create…
Australia Experiencing a Housing Crisis, Needs Social Housing Fund: Think Tank
November 29, 2021
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The Grattan Institute has said in their latest report that Australia is experiencing a housing crisis, where citizens are now spending a greater proportion of their income on housing than in the past. The think tank called on the federal government to create a Social Housing Future Fund to finance new social housing stock, which…
Money Laundering Drives up Australian House Prices: Senate Hearing
A Senate hearing has heard how illegal financial gains from overseas are being pumped into the Australian property market, driving up house prices across the country. “Australia has become the destination of choice for illicit financial flows … which too often end up in the property market,” Serena Lillywhite, the CEO of Transparency International Australia, told a Senate…
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