Housing market could still see major recession to come as coronavirus ravages economy
4 years, 5 months ago

Housing market could still see major recession to come as coronavirus ravages economy

ABC  

In ordinary times, they're inseparable. Housing demand in the dumps Only a few months back, normally sober commentators were predicting a housing market crash of up to 30 per cent. Still, late last week, ratings agency S&P predicted a 10 per cent drop in our housing prices nationally as the virus numbers gathered pace in Victoria. Housing credit numbers released last week saw loan growth collapse to just 3.1 per cent, the lowest in around half a century. Sharp rise in unemployment could trigger house price crash The spread of coronavirus across Australia could see unemployment reach about 10 per cent and house prices drop 20 per cent, says one economist.

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History of this topic

As it happened: ASX flat ahead of tomorrow's budget, business conditions and household spending fall
7 months, 3 weeks ago

As it happened: ASX flat ahead of tomorrow's budget, business conditions and household spending fall

ABC  

It's no secret that building approvals — a key forward indicator of future supply in housing — are grinding along at 12 year lows, but that doesn't mean things won't deteriorate further. Capital Economics Marcel Thieliant argues the downturn in home building has much further to run as a pipeline of unfinished homes left over from the pandemic is drying …

National Cabinet is turning its attention to Australia's housing crisis — and an important shift could be coming
1 year, 4 months ago

National Cabinet is turning its attention to Australia's housing crisis — and an important shift could be coming

ABC  

A staple of debates about housing affordability in Australia over at least the last four decades has been lack of housing supply. It will consider both the rental market and housing supply in the broad, amidst continuing pressure from the Greens — who have been trying to leverage their refusal to support the government's housing fund to gain federal interventions …

There is a perfect storm brewing for the housing market and it could make buying your own home a pipedream
1 year, 8 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 …

How the pandemic triggered Australia's worst rental crisis
2 years, 3 months ago

How the pandemic triggered Australia's worst rental crisis

ABC  

Single mother Tilly Eastwood says the worst part of being priced out of the rental market isn't living in a garage with her three children. Domain's Dr Powell says "roaring" interstate migration, which became the key driver of the housing market when the international border closed, has sent Queensland's asking rents through the roof. Seven factors driving Australia's rent crisis …

Is America on the verge of a new housing collapse?
2 years, 4 months ago

Is America on the verge of a new housing collapse?

Daily Mail  

House prices could fall by up to 20 percent next year if there's a recession, experts warn - and property in some areas of the country is overvalued by as much as 72 percent. Boise, where the current average house is worth $526,050 according to Zillow, is almost 72 percent overvalued, although a recession is only expected to wipe 20 …

What is happening to the global housing market – and what comes next?
2 years, 6 months ago

What is happening to the global housing market – and what comes next?

The Independent  

House prices worldwide are starting to plateau and maybe fall. Some analysis of Land Registry figures by Bloomberg shows that flat prices are 10 per cent off their peak reached in the middle of 2020, whereas house prices have continue to climb. “If we stay around six,” says Zandi, “I think that the market will adjust and we’ll eventually get …

Economic Survey: COVID restriction affected demand, supply of housing sector
2 years, 11 months ago

Economic Survey: COVID restriction affected demand, supply of housing sector

India TV News  

Highlights Demand and supply of residential housing sector was affected by Covid-induced restrictions It revealed that no of unsold residential units have witnessed significant drops during 2nd wave Decline in housing transactions have also been much less during 2nd wave of Covid Demand and supply of the residential housing sector was affected by Covid-19-induced restrictions, the Economic Survey 2021-22, tabled …

Half of buyers cannot find affordable home
3 years, 10 months ago

Half of buyers cannot find affordable home

NL Times  

Every second person looking to buy a home in the Netherlands has trouble finding one that fits in their budget, according to a study conducted by the I&O-research among more than two thousand Dutch people. Half of the potential buyers said they had difficulty finding an apartment where the rent was lower than 750 euros per month or, alternatively, an …

Australian property bubble hasn't yet burst, but can house prices keep rising amid the pandemic?
4 years, 2 months ago

Australian property bubble hasn't yet burst, but can house prices keep rising amid the pandemic?

ABC  

After years of dire predictions that Australia's property bubble could burst, national house prices continue to withstand the otherwise devastating impact of the coronavirus pandemic, and once again the doomsayers have been proven wrong. It's a question I asked AMP Capital chief economist Shane Oliver, who in late March at the onset of the pandemic in Australia, had warned that …

CoreLogic property value index finds 'remarkable' rise in house prices for October
4 years, 2 months ago

CoreLogic property value index finds 'remarkable' rise in house prices for October

ABC  

House prices across Australia have risen overall for the first time since the start of COVID-19. Key points: House prices were up nationally in October It follows five months of national declines during the coronavirus pandemic Melbourne is the only capital city market that did not record a rise in values in October Monthly data from CoreLogic shows that, as …

Covid crisis to stabilize, not decrease Dutch housing prices: ABN Amro
4 years, 3 months ago

Covid crisis to stabilize, not decrease Dutch housing prices: ABN Amro

NL Times  

Instead of decreasing home prices in the Netherlands, the coronavirus crisis will instead stabilize them, according to ABN Amro economist Philip Bokeloh. Earlier this year, the bank expected the crisis to result in a 2 percent drop in home prices next year, now it expects prices to remain stable. According to Bokeloh, a big reason for the housing market to …

House prices to bounce back in 2021 after modest falls during coronavirus pandemic, CBA predicts
4 years, 4 months ago

House prices to bounce back in 2021 after modest falls during coronavirus pandemic, CBA predicts

ABC  

Australia's biggest home lender says house price falls so far during the pandemic have been surprisingly small, and its internal modelling is predicting a quick rebound everywhere except Melbourne. Key points: CBA is now forecasting a 6 per cent fall in capital city property prices due to COVID-19, down from 10 per cent initially But the bank warns that Melbourne …

US home construction surges 22.6%, third monthly increase
4 years, 4 months ago

US home construction surges 22.6%, third monthly increase

Associated Press  

WASHINGTON — Construction of new U.S. homes surged 22.6% last month as homebuilders bounced back from a lull induced by the coronavirus pandemic. The Commerce Department reported Tuesday that new homes were started an annual pace of nearly 1.5 million in July, highest since February and well above what economists were expecting. housing starts blew the roof off of expectations …

Housing market is still going strong and propping up the economy
4 years, 4 months ago

Housing market is still going strong and propping up the economy

CNN  

New York CNN Business — The housing market continues to be a bright spot inthe United States economy that has been ravaged by coronavirus. “Homebuyer demand remains robust, inventories are tight, and there is a need for new units to keep the pace of sales going,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association, in a report Tuesday. …

Seeking political stability, good quality of life, 1 in 4 people likely to move house in next 12 months due to Covid-19
4 years, 5 months ago

Seeking political stability, good quality of life, 1 in 4 people likely to move house in next 12 months due to Covid-19

Hindustan Times  

One in four people worldwide are more likely to move home in the next 12 months as a result of COVID-19 pandemic with most of them seeking a different property in the same location, according to the Knight Frank Global Buyer Survey released on Wednesday. Besides, buyers expect property prices to decline over the next 12 months although 53% of …

Melbourne lockdown could cause coronavirus recession to last all year, economists warn
4 years, 5 months ago

Melbourne lockdown could cause coronavirus recession to last all year, economists warn

ABC  

Melbourne-based NAB chief economist Alan Oster has been in the profession for more than 40 years and he's seen a fair few economic crises in his time, but nothing compares to this. Recession could last 'whole calendar year' It's generally accepted that Australia recorded two successive quarters of negative growth in the March and June quarters, even though the latest …

Coronavirus likely to see Sydney house prices fall for 18 months, economist warns
4 years, 5 months ago

Coronavirus likely to see Sydney house prices fall for 18 months, economist warns

ABC  

Sydney's property prices will inevitably fall for 18 months — and "maybe even beyond that" — because of coronavirus, an economist has warned. Key points: Demand for rental properties in Sydney has been declining Demand for rental properties in Sydney has been declining Economist Sarah Hunter says landlords could look to sell, but prices could decline for 18 months Economist …

How bad is COVID for house prices compared to other great crashes of history?
4 years, 5 months ago

How bad is COVID for house prices compared to other great crashes of history?

ABC  

Experts say a decline in Australian house prices since the beginning of the COVID-19 pandemic is not yet anywhere near as steep as other historic market crashes, but this time there's little ammunition left to blast the economy — and the real estate industry — out of a trough. "Through the second half of 2019 the market was very much …

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic
4 years, 6 months ago

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic

ABC  

The fate of the economy, at least as far as the eye can see, has been resting on how well the authorities can control the spread of coronavirus. He says the current unemployment rate is actually more like 11.5 per cent, despite Australian Bureau of Statistics figures showing the "headline" rate is a fraction over 7 per cent. "I think …

Why Melbourne's public housing towers have 'explosive potential' for coronavirus to spread
4 years, 6 months ago

Why Melbourne's public housing towers have 'explosive potential' for coronavirus to spread

ABC  

Nine Melbourne public housing estates are in their third day of a "hard lockdown", brought about by fears coronavirus has the "explosive potential" to spread within the units. "Those towers have a large concentration of people in a small area," acting Australian Chief Medical Officer Paul Kelly said on Sunday. Victorian Public Tenants Association executive officer Mark Feenane said while …

Will Victoria's harsh lockdown of public housing buildings work?
4 years, 6 months ago

Will Victoria's harsh lockdown of public housing buildings work?

ABC  

The major escalation in Victoria's coronavirus crisis comes as a major imposition on about 3,000 residents of public housing towers in Melbourne's north. The Victorian actions should stem the spread of the virus within these nine public housing blocks, but there are cases still being found in parts of Melbourne outside the locked-down postcodes. The current surge of infections means …

UK house prices fall for first time in eight years, as coronavirus hits property market
4 years, 6 months ago

UK house prices fall for first time in eight years, as coronavirus hits property market

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK house prices fell 0.1 …

Coronavirus house price slide worsens, but First Home Loan Deposit Scheme attracts new buyers
4 years, 6 months ago

Coronavirus house price slide worsens, but First Home Loan Deposit Scheme attracts new buyers

ABC  

The coronavirus-induced slide in Australian housing values accelerated last month, as more sellers put their homes on the market. Key points: CoreLogic's index shows a 0.8pc slide in capital city home values and 0.2pc fall in regional prices in June Melbourne and Perth had the biggest property price falls of 1.1 per cent CoreLogic analyst Eliza Owen says the consensus …

Coronavirus put 40,000 construction jobs at risk
4 years, 7 months ago

Coronavirus put 40,000 construction jobs at risk

NL Times  

If the government does not intervene, employment in the construction sector could fall by 40 thousand full-time jobs next year due to the coronavirus crisis, the economic institute for construction EIB said in a report on Friday. According to the EIB, construction has a "late-cyclical character", which means that the effects of the corona crisis will only be felt in …

Can Australia build its way out of the coronavirus economic slump, with public housing the priority?
4 years, 7 months ago

Can Australia build its way out of the coronavirus economic slump, with public housing the priority?

ABC  

With Australia's remarkable success to date in limiting the health crisis caused by COVID-19, attention is turning to what a recovery from economic impact of the virus might look like. The fact that the Victorian initiative has been labelled the state's "biggest spend on social housing since the global financial crisis" tells us something: social housing seems to get priority …

Why COVID-19 WON'T make houses more affordable for young, first-home buyers despite economic crisis
4 years, 7 months ago

Why COVID-19 WON'T make houses more affordable for young, first-home buyers despite economic crisis

Daily Mail  

The coronavirus crisis is unlikely to make real estate affordable for young, first-home buyers despite predictions of double-digit price falls, experts say. In Sydney, just 1.4 per cent of home sales in May were forced or urgent, the same level as February before the COVID-19 lockdowns, property sales website Domain has revealed. Distressed sales rates Sydney: 1.4 per cent Melbourne: …

Dutch housing market largely unaffected by coronavirus crisis
4 years, 7 months ago

Dutch housing market largely unaffected by coronavirus crisis

NL Times  

So far the coronavirus crisis seems to have had little effect on the Dutch housing market, according to realtors association NVM. Since mid-March, when the Netherlands went on intelligent lockdown to curb the spread of the coronavirus, NVM brokers sold around 2,500 to 3 thousand homes per week. The price per square meter was over 1 percent higher between mid-April …

With coronavirus upending house prices, four property experts have their say on whether you should buy
4 years, 7 months ago

With coronavirus upending house prices, four property experts have their say on whether you should buy

ABC  

House prices are just one of the many things upended by the coronavirus pandemic in Australia. "Over the next one to two years, we would expect that property prices will see a decline, probably of no more than 10 per cent nationally." "Potentially it's good for those who have the ability to buy a home, because potentially we may see …

CBA warns Australia risks 32 per cent house price crash in a 'prolonged downturn', flags $1.5 billion coronavirus-hit to bank
4 years, 7 months ago

CBA warns Australia risks 32 per cent house price crash in a 'prolonged downturn', flags $1.5 billion coronavirus-hit to bank

ABC  

Australia's biggest home lender is warning Australian house prices could tumble by a third if coronavirus leads to a "prolonged downturn" and extended period of high unemployment. Key points: CBA announces an unaudited profit of $1.3b for the first three months of 2020 The bank is setting aside $1.5b for potential coronavirus-related losses, bringing total credit provisions to $6.4b CBA …

Coronavirus: Chinese seek Australian property market bargains
4 years, 7 months ago

Coronavirus: Chinese seek Australian property market bargains

Daily Mail  

Young Australians hoping to buy an affordable home after the coronavirus crisis may have their dreams crushed by bargain-hunting Chinese buyers. Economists surveyed by Finder forecast Sydney house prices would fall 10.2 per cent by next year, Melbourne by 9.2 per cent and as all other capital cities suffered declines of at least eight per cent. The Australian dollar, which …

House prices up despite coronavirus, finds CoreLogic
4 years, 8 months ago

House prices up despite coronavirus, finds CoreLogic

ABC  

Despite a sharp drop in market activity and a severe weakening in consumer sentiment, home price rises were recorded across most capital cities, driving national house prices up 0.3 per cent in April. Some economists have predicted a 30 per cent fall in house prices, but Mr Lawless said that was "extreme". "Our house view is we probably would see …

Affordable housing to be worst hit as COVID-19 lockdown halts works; property rate cut unlikely to spur demand: Experts
4 years, 8 months ago

Affordable housing to be worst hit as COVID-19 lockdown halts works; property rate cut unlikely to spur demand: Experts

Firstpost  

Sanjay Dutt, managing director and chief executive officer of Tata Realty and Infrastructure, said developers have been absorbing rising labour costs, interest costs and raw material costs. “Only if all of us survive and our projects are completed, then only we will be able to do business,” he said while addressing a webinar organised by the National Real Estate Development …

Affordable housing will be most affected due to COVID-19 lockdown: Experts
4 years, 8 months ago

Affordable housing will be most affected due to COVID-19 lockdown: Experts

Live Mint  

Affordable housing will be the most affected due to countrywide lockdown imposed to arrest the spread of COVID-19, a cross-section of industry experts said on Thursday. "Only if all of us survive and our projects are completed, then only we will be able to do business," he said while addressing a webinar organised by the National Real Estate Development Council. …

Coronavirus Outbreak: Real estate industry sentiment plunges to record low during January-March quarter, survey says
4 years, 8 months ago

Coronavirus Outbreak: Real estate industry sentiment plunges to record low during January-March quarter, survey says

Firstpost  

New Delhi: The real estate industry sentiment plunged to an all-time low during January-March as stakeholders turned pessimistic, foreseeing an adverse impact of the Covid-19 pandemic on demand-supply and liquidity in the market, a survey showed. According to property consultant Knight Frank and industry bodies FICCI and NAREDCO, the real estate sector, which showed signs of revival during the October-December …

Coronavirus to decrease home prices in NL: ABN Amro
4 years, 9 months ago

Coronavirus to decrease home prices in NL: ABN Amro

NL Times  

After years of skyrocketing prices and ever increasing home sales, the coronavirus and measures to curb it will be a blow to the Dutch housing market. A combination of side effects from measures to flatten the Covid-19 infection curve will result in far fewer home sales this year, and home prices falling next year, ABN Amro said in a report …

Coronavirus Outbreak: Cement demand to fall sharply this fiscal, says Crisil; could hit slowing realty sector further
4 years, 9 months ago

Coronavirus Outbreak: Cement demand to fall sharply this fiscal, says Crisil; could hit slowing realty sector further

Firstpost  

The cement demand in India would contract by an unprecedented 20-25 percent this fiscal if the country is unable to contain the pandemic by May The ongoing NBFC crisis had hit the real estate sector in India. Now, the cement demand in India is expected to fall sharply by 20-25 percent in the current fiscal year if the COVID-19 pandemic …

National house prices hold up in March, but it's just a matter of time before coronavirus reduces property gains
4 years, 9 months ago

National house prices hold up in March, but it's just a matter of time before coronavirus reduces property gains

ABC  

The impact of coronavirus is starting to trickle through to house prices, but it is early days yet with price rises across most capital cities still driving national dwelling prices up 0.7 per cent last month. Key points: The March reading on national house prices was the lowest monthly gain since the market lifted in July last year, property data …

Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets
4 years, 10 months ago

Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets

NPR  

Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets Enlarge this image toggle caption Steve Dipaola/Reuters Steve Dipaola/Reuters A dramatic drop in mortgage rates may give prospective homebuyers a chance to afford the house they've been eyeing — or may lower monthly payments for homeowners who refinance. But there's a silver lining in this market mayhem for homeowners …

House price falls may be ending, but do not expect another boom
5 years, 5 months ago

House price falls may be ending, but do not expect another boom

ABC  

The game is rigged and the fix is in. Indeed, some forecasters are tipping that the recent 0.1 and 0.2 per cent monthly price increases for Sydney and Melbourne — in Sydney's case, the first increase in almost two years — portend further, bigger rises later this year. A recent paper by two Reserve Bank economic researchers, Trent Saunders and …

The housing bust and why it's likely to continue
5 years, 8 months ago

The housing bust and why it's likely to continue

ABC  

That's the problem with tearaway booms. That's because the housing market is being undermined by two potent forces; much tighter credit conditions and a looming supply glut. On Friday, the Reserve Bank cast aside its longstanding "she'll be right" attitude with a laundry list of worries about the local economy; many of them sheeted back to the state of our …

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