The housing market was going to drop 30pc during the pandemic but instead many areas are booming
3 years, 11 months ago

The housing market was going to drop 30pc during the pandemic but instead many areas are booming

ABC  

It seemed like the worst possible year to break into the housing market. Key points: Experts predicted COVID-19 would bring about a 30-per-cent drop in the housing market Instead, many people took advantage of "extraordinarily" low interest rates and stimulus packages and entered the market Some say the current market is here to stay for a little while, but that may not be "a good thing" When the health impacts of COVID-19 were still being counted, it was already clear the pandemic was going to corner the world into recession. "If they were not responding correctly — providing the right stimulus over the right timeframe — we could have had a major correction in the housing market," the SQM Research managing director said. "There's no question record low interest rates have stimulated first-home buyers," he said. He said 2021 is going to be "a tenant's market" for the CBD locations and "a landlord's market" for regional Australia — but beyond that, things would likely return to the pre-pandemic era.

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History of this topic

Housing crisis forces young Aussie friends to pool their savings together to buy a unit
7 months ago

Housing crisis forces young Aussie friends to pool their savings together to buy a unit

Daily Mail  

Exorbitant housing costs have forced two mates to pool their savings together just for the chance to buy a property. A pair of young Aussie mates, Oliver Pratt and Chris Bryant, have been forced to pool their savings for a chance to buy a home, albeit with a split mortgage Their battled to by a home comes as Brisbane has …

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, 3 weeks 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 …

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 …

Has Australia's housing boom hit the end of the road and could it take the economy down with it?
1 year, 11 months ago

Has Australia's housing boom hit the end of the road and could it take the economy down with it?

ABC  

While Argentina may have dispatched Australia to go on and win football's World Cup, there is one kicking contest where we are undisputed world leaders – that's economic can kicking. Many fixed mortgage rates were below 2 per cent, some for terms as long as four years, and the Reserve Bank governor had said repeatedly that rates were unlikely to …

What Australia's housing market has been doing over the past year
2 years ago

What Australia's housing market has been doing over the past year

ABC  

Few sectors of the economy are as sensitive to interest rates as the property market. The fall in national values was largely driven by capital city dwelling values dropping 5.2 per cent, while regional dwelling values rose 3.3 per cent over the same period, CoreLogic figures show. Economist Maree Kilroy expects further rate hikes in early 2023, with the cash …

New homebuyers enticed into market now face perfect financial storm
2 years, 4 months ago

New homebuyers enticed into market now face perfect financial storm

ABC  

Farheen Khan and her husband Faizan Afzal are about to achieve the great Australian dream — buying a home where their children can grow up, with nearby parks and a good school. Key points: Big government incentives in 2020 lured first homebuyers into the market But those same incentives also helped drive up housing costs Now rising interest rates are …

HomeBuilder and first home buyer grants made housing less affordable says Reserve Bank
2 years, 7 months ago

HomeBuilder and first home buyer grants made housing less affordable says Reserve Bank

ABC  

Government subsidies such as first home buyer grants and HomeBuilder have boosted demand for homes and helped push up house prices, with "pervasive" impacts on housing outcomes for some Australians, according to the Reserve Bank. She noted that solid rates of home-building during the past two years had been due to very low interest rates as well as government grants, …

Australia PM defends housing pitch as election looms
2 years, 7 months ago

Australia PM defends housing pitch as election looms

Al Jazeera  

Government plans would allow first home buyers to dip into their retirement savings for a deposit. Australian Prime Minister Scott Morrison has defended his election pitch to allow first-time buyers to use part of their retirement savings to buy homes in a bid to lure younger voters as the campaign entered its final week. Spending more money on a deposit …

Regional Home Guarantee may ease housing shortages but buyers will have to wait for new builds
2 years, 9 months ago

Regional Home Guarantee may ease housing shortages but buyers will have to wait for new builds

ABC  

Ongoing construction delays could blow out further due to a new scheme that encourages people to build homes in the bush, stakeholders have warned. Key points: The federal government said its Regional Home Guarantee would offer 10,000 places a year from October The scheme is designed to encourage people to build new homes in the bush The building industry is …

First home buyers hit with 'emotional rollercoaster' trying to break into sky-high property market
3 years, 2 months ago

First home buyers hit with 'emotional rollercoaster' trying to break into sky-high property market

ABC  

For over a year, Brisbane couple Eve Anderson and Jordan Roberts have spent every weekend at back-to-back open homes. Property prices outstripping wages The couple are among thousands of first home buyers competing with cashed-up investors and owner-occupiers in a housing market that's running red hot across the country. "You need a return on investment because it's not your forever …

Coronavirus stimulus grants lead to record building approvals but industry shortages emerging
3 years, 11 months ago

Coronavirus stimulus grants lead to record building approvals but industry shortages emerging

ABC  

Elly Hope was not planning for her first home to be a new build, but when the opportunity arose, she grasped it. Key points: A record 463 new homes were approved in Tasmania in December A record 463 new homes were approved in Tasmania in December Builders are crediting home builder grants with pushing approvals up Builders are crediting home …

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 …

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 …

When homes earn more than jobs: How we lost control of Australian house prices and how to get it back
4 years, 4 months ago

When homes earn more than jobs: How we lost control of Australian house prices and how to get it back

ABC  

Real home prices across Australia have climbed 150 per cent since 2000, while real wages have climbed by less than a third. Long-term Australian real price index for housing and construction prices ) In contrast, we show, real Australian home prices have soared 215 per cent since 1980 and have shown few signs of reversion to long-term trends, despite brief …

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 …

Coronavirus expected to encourage more first-home buyers in Australia
4 years, 5 months ago

Coronavirus expected to encourage more first-home buyers in Australia

Daily Mail  

The coronavirus pandemic is expected to encourage more first-home buyers to take advantage of lower prices and less competition - but there are risks. In April, during the first full month of the COVID-19 pandemic, first-home buyers living in their own property made up 37.4 per cent of new loans - the highest level in a decade. National Australia Bank …

Scott Morrison flags coronavirus stimulus for builders, amid reports scheme will include cash grants for home renos
4 years, 7 months ago

Scott Morrison flags coronavirus stimulus for builders, amid reports scheme will include cash grants for home renos

ABC  

The residential building industry and the arts are the focus of a new round of coronavirus economic stimulus being finalised by the Federal Government. Key points: Scott Morrison refused to be drawn on reports that cash grants for home renovations would be part of the scheme Scott Morrison refused to be drawn on reports that cash grants for home renovations …

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: …

Stimulus payments having 'profound impact' on households amid coronavirus pandemic
4 years, 8 months ago

Stimulus payments having 'profound impact' on households amid coronavirus pandemic

ABC  

The Federal Government's stimulus payments are having a "profound impact" on Australia's households, with a surge in unemployment payments more than offsetting the fall in income from job losses so far. Key points: The report found Gen Z and Millennials were most affected by income loss to date The payments have more than offset the reduction in household income from …

Australia's coronavirus spending to protect economy dwarfs the GFC stimulus package
4 years, 9 months ago

Australia's coronavirus spending to protect economy dwarfs the GFC stimulus package

ABC  

The Federal Government's economic response to the coronavirus pandemic has been sweeping, including payments for job seekers and "job keepers", as well as wage subsidies and support for businesses. By comparison, Mr Morrison's response to coronavirus will be worth an estimated 3.3 per cent of Australia's gross domestic product this budget year — and 6.1 per cent next year. How …

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 …

Coronavirus is unpredictable and moving quickly, so will Prime Minister Scott Morrison's stimulus package be up to the job?
4 years, 9 months ago

Coronavirus is unpredictable and moving quickly, so will Prime Minister Scott Morrison's stimulus package be up to the job?

ABC  

Prime Minister Scott Morrison's economic stimulus package is designed to do three things: support confidence, boost investment and keep Australians in a job. Morrison had been hoping his $17.6 billion stimulus package would provide some confidence to investors, and stem the bleeding on the stock exchange, but his announcement was overwhelmed by Trump's decision and Australia's share market ended up …

Someone has to lose for first homebuyers to win: This is who it should be
5 years, 7 months ago

Someone has to lose for first homebuyers to win: This is who it should be

ABC  

On housing, the contrast between the two major parties couldn't be clearer. The Coalition's First Home Loan Deposit Scheme is the latest plan that is supposed to arrest the decline in home ownership among younger Australians. It would also mean that single first home buyers on less than $125,000 a year, or couples earning less than $200,000, could save $10,000 …

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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