Australia’s official interest rate has jumped to 0.35 per cent in its first rise in nearly 12 years after sitting at the historic low of 0.1 per cent for the past 18 months.
RBA governor Philip Lowe said now was the right time to begin withdrawing extraordinary monetary support put in place to help the economy during the pandemic, and signalled further lifts to interest … Read the full post »
Real estate sales are facing headwinds as buyers and sellers grow more wary ahead of the federal election campaign and the possibility of rising interest rates.
In the first three months of 2022, 23,748 homes went under the hammer, making it the busiest March quarter since records began in 2008. For comparison, there were 19,004 capital city homes taken to auction in the first quarter … Read the full post »
After two years of soaring prices experts have ruled Sydney’s pandemic-induced real estate boom “officially over”.
Auctions in the NSW capital are passing in without opening bids, clearance rates are falling and more properties are taking prior offers, with conditions only likely to get tougher if interest rates rise later this year, as predicted.
The boom is 100 per cent over. In … Read the full post »
The global pandemic has activated remarkable shifts in the Australian housing market. From the temporary shutdown of cities, a new-found popularity of moving to regional areas and the introduction of various government home buying incentives, the COVID-period has had distinct impacts on the composition of buyers and the dynamics of the housing market.
-Australian home values rose 25%, … Read the full post »
CoreLogic’s 2022 Women & Property report for Australia and New Zealand, released on International Women’s Day, suggests women continue to have less overall share of property ownership than men, making them potentially disadvantaged by recent wealth gains from real estate.
In January 2022 in Australia, 26.6% of residential property had female ownership, compared to 29.9% male ownership.“Given there’s a high level of equity held … Read the full post »
Although the next move from the Reserve Bank will be to raise rates, they may not rise as quickly as expected. The annual pace of housing price growth is expected to continue to be slow, and we expect a continued moderation in buyer demand.
Greater willingness from vendors to list their properties will provide more choice, improving the imbalance between supply of properties … Read the full post »
National Auction Market Preview
Auction volumes were up 38.7% week on week as auction activity surges in the larger capital auction markets.
This week 2,467 capital city homes are scheduled to go to auction, up 38.7% from the 1,779 auctions held last week. Compared to this time last year (1,496), this week’s volumes are up by nearly 1,000 auctions and up 85.5% … Read the full post »
Sydney house prices have hit a record median of $1.6 million, new figures show, after climbing almost $1100 a day in 2021. According to Domain figures, Greater Sydney house prices skyrocketed by 33.1 per cent – almost $400,000 – last year, climbing 6 per cent in the final quarter alone to a median of $1,601,467.
It’s the steepest annual increase since Domain records began in … Read the full post »
Property prices have soared this year on the back of ultra-low interest rates, government stimulus, cash saved during lockdowns, a shortage of homes for sale and a desire for more space from families stuck at home.
A year of records in property:
A record number of properties were sold across Australia. Sales volumes reached the highest levels in almost 18 years, at … Read the full post »
Sydney’s and Melbourne’s pandemic property boom is losing momentum as the gap widens between vendor expectations and what buyers are willing to pay. There has been a noticeable shift on the ground, with fewer buyers at inspections and auctions every week thanks to an influx of new listings added to the market.
SQM Research’s Christopher’s Housing Boom and Bust Report 2022 shows a total of … Read the full post »