Declining Sydney property prices a forecast for the rest of Australia, experts say
2 years, 6 months ago

Declining Sydney property prices a forecast for the rest of Australia, experts say

ABC  

As interest rates rise, Sydney house prices are dropping and experts say it is a "bellwether" for what is about to happen across the rest of the country. Key points: Interest rates are driving the decline in value of Sydney properties The Reserve Bank of Australia increased the cash rate to 0.85 per cent. "If we see interest rates rise potentially another 150 or maybe even 200 basis point increase, it would increase mortgage repayments by about 24-25 per cent and lower borrowing capacity by about 20 per cent," PropTrack economist Paul Ryan said. "A lot of people are predicting a 10 per cent to 15 per cent fall in house prices, that will make it easier to put a deposit together." "Plenty of people will have bought way below the 20 per cent deposit," Mr Mickenbecker said.

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History of this topic

National house prices losing steam
3 weeks, 1 day ago

National house prices losing steam

ABC  

Nick Grimm: Housing prices rose nationally by 0.1% last month, but it looks like the market could be losing steam. Elizabeth Cramsie: Joe White is a real estate agent in Dunsborough in Western Australia. Elizabeth Cramsie: While rate cuts are expected at some point next year, he's not convinced it will bump up prices again. Elizabeth Cramsie: Real estate agent …

House prices rise just 0.1 per cent in weakest result since January 2023, CoreLogic data shows
3 weeks, 2 days ago

House prices rise just 0.1 per cent in weakest result since January 2023, CoreLogic data shows

ABC  

National home prices are losing momentum and anticipated interest rate cuts are unlikely to stop falls in house prices next year. New CoreLogic data shows house prices increased 0.1 per cent nationally in the last month of spring — the weakest Australia-wide result since January 2023. Brett D'Souza says he "made mistakes" when he tried to sell his home without …

Sydney and Melbourne house prices predicted to fall next year as Perth leads nation in value growth
1 month ago

Sydney and Melbourne house prices predicted to fall next year as Perth leads nation in value growth

ABC  

House prices in Sydney and Melbourne are set to decline further in 2025, while Perth is likely to experience the strongest growth among Australia's capital cities, according to SQM Research's latest Boom and Bust Report. City 2025 housing price forecast Perth +14% to +19% Brisbane +9% to +14% Darwin +5% to +8% Melbourne -5% to -1% Sydney -5% to -1% …

Mortgage rates: Bad news if you’re looking to buy a house in the next two years
1 month ago

Mortgage rates: Bad news if you’re looking to buy a house in the next two years

CNN  

Washington CNN — Americans looking to purchase a home in the next few years will have a tough pill to swallow. Mortgage rates are now expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Wells Fargo economists project mortgage rates to average 6.3% by the end of next year, according …

Why house prices are starting to fall
1 month, 3 weeks ago

Why house prices are starting to fall

ABC  

Sam Hawley: All focus this week will of course be on the US election and we'll be bringing you plenty of coverage. I mean, you know, what we've seen on a longer term perspective back, you know, I don't know, ever since I've been looking at it, you know, since the 60s or 70s, there's always been an ever increasing …

The cheapest home loan interest rate in Australia as banks slash rates
2 months, 3 weeks ago

The cheapest home loan interest rate in Australia as banks slash rates

Daily Mail  

Australian borrowers tempted by lower fixed rate mortgages should not jump in too soon, amid predictions of even better deals on offer in 2025. Macquarie Bank on Thursday slashed its two and three-year fixed rates by 20 basis points to 5.39 per cent - now Australia's lowest mortgage rate outside of a green loan. But their lowest fixed rates are …

New data reveals a record number of Australian homes surpassed $1 million property value mark
2 months, 4 weeks ago

New data reveals a record number of Australian homes surpassed $1 million property value mark

ABC  

A record number of Australian suburbs now have a median house or unit value above $1 million, according to a new report. New data from CoreLogic shows 29.3 per cent — or 1,057 — of the nearly 4,800 suburbs surveyed across the country now have a million-dollar median. Apollo Bay was one of two regional Victoria suburbs that saw median …

Will interest rate decline shake up California housing market?
3 months, 1 week ago

Will interest rate decline shake up California housing market?

LA Times  

The interest rate on a 30-year fixed mortgage has fallen from above 7% in May to the low 6% range as of last week. For many prospective homebuyers, the last two years have been brutal as high home prices and mortgage rates produced the most unaffordable housing market since the 2000s bubble. Experts attribute the recent decline in mortgage rates …

Is there a generational divide in Australia's spending habits? Here's what the data tells us
3 months, 2 weeks ago

Is there a generational divide in Australia's spending habits? Here's what the data tells us

ABC  

Are we in a baby boomer boom? An internal Reserve Bank note said the difference in consumption growth is "consistent with differences in household balance sheets" because older households benefit from higher interest rates. "So you can't blame the boomers, as so many people like to do, for perhaps demand running a little bit hotter than the Reserve Bank would …

CoreLogic house price data shows home values still rising but growth is slowing
3 months, 3 weeks ago

CoreLogic house price data shows home values still rising but growth is slowing

ABC  

In what will be disappointing news for first home buyers, Australian house prices have continued to rise over the past month, according to new data. Average dwelling values climbed by 0.5 per cent in August, the 19th consecutive monthly increase in house prices tracked by CoreLogic's Home Value Index. Australia's capital cities were evenly split on house price rises and …

Australian property prices remain resilient despite economic headwinds
5 months ago

Australian property prices remain resilient despite economic headwinds

ABC  

Australian house prices have risen for a sixth straight quarter, according to analysis by Domain. "The housing market remains resilient despite low consumer sentiment, economic pressures and high interest rates," Domain's chief of research and economics, Dr Nicola Powell said. "Supply still remains constrained overall, weighed against a surge in demand from strong population growth and a tight rental market," …

As property prices grow, a new study forecasts Greater Sydney's market remaining unaffordable into next decade
5 months ago

As property prices grow, a new study forecasts Greater Sydney's market remaining unaffordable into next decade

ABC  

It's no secret that property prices in Sydney are eye-wateringly high. But according to a new study, property prices across Greater Sydney will be unaffordable for anyone on a single median income until at least the next decade. According to the results, quarterly repayments — including houses, apartments and townhouses — in 2031 for those on a median full-time income …

Untold riches and enormous debt: why property will hold sway at the next RBA meeting
5 months, 1 week ago

Untold riches and enormous debt: why property will hold sway at the next RBA meeting

ABC  

For richer, for poorer. Australia's world record-breaking mortgage debt levels mean further rate rises could tip the economy into recession. But one more rate hike could change that Photo shows An out of focus man and woman walk past a building with glass sliding doors and a sign reading Reserve Bank of Australia. When prices started to tank after the …

This rundown property is unlivable... but it just sold for a staggering amount above reserve - in another sign of Australia's dire housing market
5 months, 4 weeks ago

This rundown property is unlivable... but it just sold for a staggering amount above reserve - in another sign of Australia's dire housing market

Daily Mail  

A dilapidated house in Sydney's east has sold at auction for $800,000 over its reserve price in yet another example of Australia's dire housing market. This run-down property in Sydney's east sold for $2.6million on the weekend The house features uneven floors, peeling paint, tiles missing and part of ceiling has collapsed In a similar auction also on Saturday, a …

Real estate agents weigh profits against prices as property market finds yet another gear
6 months, 1 week ago

Real estate agents weigh profits against prices as property market finds yet another gear

ABC  

In short: The Australian property market appears to have shifted up another gear. "I think we will probably be in a situation where we're no longer seeing such astronomical price growth in a couple of years from now," said CoreLogic's head of research, Tim Lawless. "And that lack of available supply, against what seems to be quite high demand, is …

Extraordinary rise in value of Aussie homes - here are the states with the largest jumps
6 months, 1 week ago

Extraordinary rise in value of Aussie homes - here are the states with the largest jumps

Daily Mail  

The combined value of Australian residential dwellings soared to a record $10.7trillion in the March quarter, according to new Australian Bureau of Statistics data. On Tuesday, the ABS reported that the total value of homes in Australia rose by $209.4billion in the first quarter of 2024, bringing the average home value to $959,300, up $14,300 in just three months. Across …

Brisbane sheds its sleepy image with surging house values — now only second to Sydney
6 months, 3 weeks ago

Brisbane sheds its sleepy image with surging house values — now only second to Sydney

ABC  

So, you still think of Brisbane as the sprawling, steamy, sleepy backwater in Australia's deep north? There's such a shortage of houses and units that anyone with the means to buy – locals, along with the 116,260 new arrivals from overseas and interstate last year – is camping out in crappy rentals across the city, doom scrolling on real estate …

Latest figures show huge change to Australia's property market compared with a year ago
7 months ago

Latest figures show huge change to Australia's property market compared with a year ago

Daily Mail  

Homeowners are becoming more confident about putting their properties on the market, with the latest figures showing 40 per cent more homes available than there were 12 months ago. The latest PropTrack listings report revealed the Aussie property market saw the strongest new listings for the month of April since 2021 'If we look in Sydney and Melbourne, the number …

Why Australia's housing crisis is expected to get even worse - and correcting it could take years
8 months ago

Why Australia's housing crisis is expected to get even worse - and correcting it could take years

Daily Mail  

Australia's housing crisis will get worse before it gets better and the Albanese government is under growing pressure to do more to fix it in next month's budget, a new report says. A backlog of half-built home and stalls on new projects are projected to worsen Australia's housing crisis, experts say The economist wasn't confident the government's goal of building …

Has the great Australian dream of affordable home ownership turned to a nightmare?
8 months, 2 weeks ago

Has the great Australian dream of affordable home ownership turned to a nightmare?

ABC  

Almost everyone recognises the problem. A recent study by the US Federal Reserve Bank of Dallas found that while higher rates since 2021 had made life tougher for home buyers, affordability would have been even worse if rates hadn't risen because housing prices would have risen more. Since the turn of the century, lower interest rates have allowed home buyers …

Where in Australia house prices are surging the most... and the so-called 'affordable' market where prices climbed by just $140,000
8 months, 3 weeks ago

Where in Australia house prices are surging the most... and the so-called 'affordable' market where prices climbed by just $140,000

Daily Mail  

House prices in Australia's capital cities have surged by up to 20 per cent in the past year as immigration hit an all-time high. In Perth, the median house price has surged by 20 per cent during the past year to $735,276 to still be Australia's most affordable mainland state capital city market, new CoreLogic data showed CoreLogic research director …

'I don't think it's a Ponzi scheme,' economist says, as median property values rise by $63,000
9 months ago

'I don't think it's a Ponzi scheme,' economist says, as median property values rise by $63,000

ABC  

In short: The price of the median national dwelling has reached an all-time high of $765,762, according to CoreLogic. Over the past 12 months, CoreLogic's Home Value Index has risen 8.9 per cent, as demand exceeds supply. CoreLogic's interactive Mapping the Market tool found that 88.4 per cent of the 4,625 house and unit markets analysed nationally saw values rise …

The worrying graph that shows Australia is going the wrong way in building the 1.2million new homes it needs to solve the housing crisis
9 months, 1 week ago

The worrying graph that shows Australia is going the wrong way in building the 1.2million new homes it needs to solve the housing crisis

Daily Mail  

A plunge in home approvals has cast severe doubt over the federal government's ambitious plan to build 1.2million homes in five years. Australia's new house approvals are slumping casting severe doubt over the federal government's promise to build 1.2milion homes in five years To meet the Albanese government's targets, 20,000 homes will need to be built every month from July …

House prices continue to rise despite higher interest rates, inflation and cost of living
9 months, 3 weeks ago

House prices continue to rise despite higher interest rates, inflation and cost of living

ABC  

In short: Home values rose 0.6 per cent in February, with increases in every capital city except Hobart, according to CoreLogic. Home values rose 0.6 per cent in February, with increases in every capital city except Hobart, according to CoreLogic. "It's pretty unusual for economic conditions to be so weak but the housing market showing this really strong trend," CoreLogic's …

Price gap between houses and apartments widens to new record as land values surge in capital cities
10 months ago

Price gap between houses and apartments widens to new record as land values surge in capital cities

ABC  

In short: CoreLogic data shows the price gap between apartments and standalone houses has widened by 45 per cent since March 2020 and January 2024. "It's not like this is just Sydney or Melbourne pushing the numbers around, it's happening across every capital city to some extent," Mr Lawless said. Mr Lawless said the widening gap between house and unit …

Alan Kohler exposes Australia's 'worst financial mistake' - and boomers are the ones benefiting
10 months, 1 week ago

Alan Kohler exposes Australia's 'worst financial mistake' - and boomers are the ones benefiting

Daily Mail  

This video is no longer available This video is no longer available The ABC's finance expert Alan Kohler has described the housing affordability crisis as Australia's worst ever financial mistake. Adelaide, he pointed out, is now Australia's second least affordable capital city when the state's average, full-time salary is compared to the city's median property price. In January, the median …

Property values have risen for 12 straight months. Here's how much prices have lifted or fallen in each capital city
10 months, 2 weeks ago

Property values have risen for 12 straight months. Here's how much prices have lifted or fallen in each capital city

ABC  

Three capital cities continue to power the national property market, with prices rising by 0.4 per cent in January to start off the new year. Brisbane Monthly change: 1 per cent increase 1 per cent increase Brisbane median house value: $888,628 $888,628 Median unit value: $568,595 It was the pockets on the outer fringe of Brisbane that recorded the biggest …

Will 2024 finally be a happy new year for the Australian economy?
11 months, 2 weeks ago

Will 2024 finally be a happy new year for the Australian economy?

ABC  

When we said "happy new year" last week, for the first time in quite a while it may actually turn out to be true, at least in an economic sense. That kind of forecast has traders on the financial markets fully pricing in a Reserve Bank rate cut by September this year, on hopes that inflation will be close to …

Property prices see 'significant decline' in some suburbs and regions despite housing market rebound
1 year ago

Property prices see 'significant decline' in some suburbs and regions despite housing market rebound

ABC  

Property prices "defied expectations" to hit record high values this year, but some suburbs and regional areas have bucked the trend and seen "very significant declines" in their median house prices in the past 12 months. Key points: Data from PropTrack shows suburbs of greater Hobart have seen median house prices fall by more than 10 per cent in the …

Housing Boom and Bust Report tips property price to fall in 2024 as interest rates weigh
1 year, 1 month ago

Housing Boom and Bust Report tips property price to fall in 2024 as interest rates weigh

ABC  

Australian real estate is set for a double-dip downturn, according to a leading analyst, as interest rates finally weigh on property prices and for-sale listings surge. Key points: SQM Research is forecasting flat to falling home prices for most cities except Perth and Brisbane in 2024 High interest rates, rising unemployment and an increase in distressed sales are expected PropTrack …

Property values are tipped to reach a new high. Here's how much prices have risen in each capital city
1 year, 2 months ago

Property values are tipped to reach a new high. Here's how much prices have risen in each capital city

ABC  

With Australia's median property value set to hit a new peak by the end of 2023, what does that mean for where you live? Adelaide Monthly change: 1.7 per cent increase Adelaide median house value: $742,909 Median unit value: $464,414 The September quarter saw Adelaide recording the highest capital gain at 4.3 per cent, pipping out Brisbane and Perth. Brisbane …

Australia's housing divide masks real interest rates pain
1 year, 3 months ago

Australia's housing divide masks real interest rates pain

ABC  

If it feels like we're in uncharted territory when it comes to keeping a roof over your head, you're right. So by splitting that line out into the different groups of people it represents, you can see that it's the increase in mortgage costs that has driven housing costs to record highs. If you only look at the typical housing …

The charts that show how Australia’s rental market got so broken
1 year, 3 months ago

The charts that show how Australia’s rental market got so broken

ABC  

Sometimes, being a renter in Australia just plain sucks. CoreLogic's head of residential research Eliza Owen says in this "landlord's market", requests for homelessness services have been increasing every year since 2012. "Lower income households are more likely to be in the private rental market they're seeing much higher levels of incomes required to service rents," Owen says. "In the …

Have home prices bottomed? While low housing inventory stymies sales, bidding wars prop up prices
1 year, 4 months ago

Have home prices bottomed? While low housing inventory stymies sales, bidding wars prop up prices

Associated Press  

LOS ANGELES — The U.S. housing market remains in a deep sales slump, but the worst declines may be over when it comes to home prices. If mortgage rates remain elevated and inventory continues rising, the combination could weigh on home prices and cause the national median sales price to dip this fall, said Lisa Sturtevant, chief economist at Bright …

House prices are falling, but here’s why it would be wrong to give up on bricks and mortar
1 year, 4 months ago

House prices are falling, but here’s why it would be wrong to give up on bricks and mortar

The Independent  

Homeowners can be forgiven for worrying about the news of a slump in house prices, but all is not doom and gloom. Whereas April and May’s hot inflation figures raised the prospect that the UK could be an outlier on inflation among advanced economies, prompting an ugly spike in borrowing costs, June’s reading largely allayed those fears. The Nationwide data …

Interest rate pause no help for regional Victorian home owners selling properties as repayments increase
1 year, 5 months ago

Interest rate pause no help for regional Victorian home owners selling properties as repayments increase

ABC  

Bronte Harrop has decided she cannot afford to be a home owner, despite having a stable full-time job where the 27-year-old earns above-average income. Key points: Interest rates being held this month provides little relief for struggling home owners and renters One couple has lost tens of thousands of dollars on the sale of their home Regional house prices have …

Buying or selling? How to deal with rising mortgage rates and falling house prices
1 year, 5 months ago

Buying or selling? How to deal with rising mortgage rates and falling house prices

The Independent  

For millions of Britons who had plans to move house or get on the property ladder this year, the latest mortgage misery coupled with the cost of living crisis makes paints a grim picture. Ross Lacey, director and chartered financial planner at Fairview Financial Management, said: “As a homeowner, if you want to move then even if your property price …

May home sales rise with near record-few on the market and biggest annual price drop since 2011
1 year, 6 months ago

May home sales rise with near record-few on the market and biggest annual price drop since 2011

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes edged higher in May and the national median sale price posted its biggest annual drop in more than a decade, as a near all-time low supply of available properties constrained the housing market. Existing home sales rose 0.2% last month from April to a seasonally adjusted annual rate of 4.3 million, …

Peter Costello issues a wake-up call to young Australians complaining about house prices
1 year, 6 months ago

Peter Costello issues a wake-up call to young Australians complaining about house prices

Daily Mail  

Nine chairman and former treasurer Peter Costello has claimed young Australians are prioritising overseas holidays over saving for a house deposit. Peter Costello, who was treasurer under Liberal PM John Howard, claimed young people would rather spend money on travelling than saving for a house How long it takes to save for a mortgage deposit SYDNEY: 14.3 years in a …

There is a perfect storm brewing for the housing market and it could make buying your own home a pipedream
1 year, 7 months ago

There is a perfect storm brewing for the housing market and it could make buying your own home a pipedream

ABC  

This isn't supposed to be happening. It's now entirely possible the Reserve Bank won't get inflation down to 2-3 per cent, regardless of whether it raises interest rates again. It went into orbit through the pandemic, as the RBA slashed interest rates to a whisker above zero, and returned to Earth after the reserve bank began its savage series of …

Two-thirds of young Aussies have given up on ever owning a home, shock statistics reveal
1 year, 8 months ago

Two-thirds of young Aussies have given up on ever owning a home, shock statistics reveal

Daily Mail  

A worrying number of young Australians have given up on ever owning their home, a new survey has found. A Resolve Political Monitor poll published on Monday showed 54 per cent of respondents on middle incomes and 63 per cent in the low income bracket think they will never be able to afford their own home. Sydney's median house prices …

IMF warns Australian housing market at high risk of mortgage defaults ahead of global economic downturn
1 year, 8 months ago

IMF warns Australian housing market at high risk of mortgage defaults ahead of global economic downturn

ABC  

The level of risk in Australia's housing market is the second-highest in the developed world, the International Monetary Fund has warned. Key points: The IMF has downgraded its global economic growth outlook to 2.8 per cent this year, stoking fears of an economic downturn It says Australia's housing market has one of the highest risks of mortgage repayment defaults in …

Could interest rates in Australia fall after the collapse of two US banks?
1 year, 9 months ago

Could interest rates in Australia fall after the collapse of two US banks?

ABC  

Tuesday was an extraordinary day for bond market traders as they witnessed extreme price movements — and this matters for millions of Australians because the price movements reflect where interest rates are heading. Why Silicon Valley Bank collapsed Photo shows A company sign next to a parking lot displays the numbers 3003 and letters svb The sudden demise of Silicon …

Australia's rental vacancy rate at lowest level since before COVID-19 pandemic
1 year, 9 months ago

Australia's rental vacancy rate at lowest level since before COVID-19 pandemic

ABC  

The percentage of rental properties available in Australia is at its lowest level since before the start of the COVID-19 pandemic, with data showing the rental market has tightened significantly in capital cities and regional parts of the country. Key points: Australia's rental vacancy rate has decreased by 0.1 percentage points to 1.47 per cent in February, the lowest rate …

The cost-of-living crisis has roots in property but whether you rent or pay a mortgage, there's a dark tunnel ahead
1 year, 9 months ago

The cost-of-living crisis has roots in property but whether you rent or pay a mortgage, there's a dark tunnel ahead

ABC  

If you're a regular consumer of media, you'll likely often be warned of an impending crisis somewhere. Moody's Investors Service stated the obvious this week in a research note: "In February, new home loan borrowers needed an average 30.9 per cent of monthly income to meet monthly mortgage repayments, up from 26.4 per cent in May 2022", when interest rates …

Australians feeling the sting of inflation and rising interest rates could soon face a recession — and more pain
1 year, 9 months ago

Australians feeling the sting of inflation and rising interest rates could soon face a recession — and more pain

ABC  

What happens on the other side of trouble? The National Accounts, which also measure inflation with what's called the GDP "price deflator", has the cost of living rising at 9.1 per cent. AMP senior economist Diana Mousina puts the "recession probability in the next two years as high, around 40 per cent". "That's almost half the 4.7 per cent annual …

House price falls ease in February with Sydney posting a rise as real estate listings dry up
1 year, 9 months ago

House price falls ease in February with Sydney posting a rise as real estate listings dry up

ABC  

A lack of properties for sale and the first rise in Sydney home prices in more than a year have stabilised real estate values across the nation. Key points: The CoreLogic home price index fell 0.1 per cent nationally in February, the smallest fall since May 2022 Sydney home values rose for the first month since January 2022 Westpac is …

Sydney housing crisis: Newtown home sells in just three minutes - $360,000 above asking price
1 year, 9 months ago

Sydney housing crisis: Newtown home sells in just three minutes - $360,000 above asking price

Daily Mail  

It sold for $360,000 above the reserve price at the auction One family forked out $3.11million for the Newtown house An auction for a Sydney home wrapped in three minutes An auction for an 'unusual' city home has ended in mere minutes and gone $360,000 above the reserve price - showing at least some places appear to be immune to …

Mortgage prisoners trapped by negative equity are renting out their homes
1 year, 10 months ago

Mortgage prisoners trapped by negative equity are renting out their homes

ABC  

People who cannot afford to pay their mortgages or sell without taking a loss are increasingly putting their properties onto the heated rental market instead. Key points: House prices nationally have dropped nearly 9 per cent on average from their most recent peak Real estate agents are starting to see forced sellers who can no longer afford their mortgages Some …

The risk of Australia entering recession has just risen
1 year, 10 months ago

The risk of Australia entering recession has just risen

ABC  

There are early signs Australia's economy is buckling under the strain of inflation and cost-of-living pressures. "As regards consumer spending specifically, a sharp curtailment due to higher interest rates and weaker house prices remains the major downside risk for the economy this year." Economists predict that despite recent drops in retail sales and house prices, the Reserve Bank will likely …

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