Australian Property

Sydney house prices continue to bounce back, according to the CoreLogic daily dwelling values index.

The Albanese Government’s proposed $10 billion Housing Australia Future Fund (HAFF) aims to finance the construction of 30,000 social and affordable homes over five years.

Westpac has forecast that Australian rents will continue to hyper inflate until mid-2024 because of soaring international migration.

Factors such as the former Coalition government’s HomeBuilder scheme saw new house starts rise to 149,000 in 2021. However, the Housing Industry Association (HIA) forecasts that just 96,310 houses will be built in 2024, due to the impact of rising interest rates.

Australia’s rental market tightened over the pandemic due to a desire for more space, the growing trend to working from home and the need for home offices.

Property industry profits are crashing following the collapse in home sales and the steepest correction in property prices on record.

Research by financial and property services groups LongView and PEXA argues that demographic factors like rapid population growth, rather than interest rates, are the key reason why Australia’s housing prices have soared over recent decades.

McGrathmaggeddon returns: Real estate guru John McGrath says he had “never been more excited” about the future of the housing market and his eponymous firm as he predicted house prices to start rising from next year after already bottoming out in most markets.

After all seven of his properties sold on Saturday – his best result since May 2022 – leading Sydney auctioneer and Real Estate Influencer, Tom Panos, declared “the market correction is coming to an end”: In his YouTube report following the auctions, Panos noted that “vendors are listening to the market”.

I have warned repeatedly that surging Australian property rents would place upward pressure on the Consumer Price Index (CPI) in 2023, causing the Reserve Bank of Australia (RBA) to respond with higher interest rates (other things equal).

Long-term readers will recall that one MB’s favourite share market whipping boys is McGrathmageddon.

Below is an article I wrote for News.com.au, which was published over the weekend: Australia is in the midst of a huge crisis but it’s one we created for ourselves – and it’s hard to see a way out right now.

CoreLogic’s daily dwelling values index has recorded an unexpected rebound in capital city dwelling values, which have risen 0.1% over the past 12 days.

This week we witnessed the beginnings of a rear-guard action to rescue Australia’s housing market, with the Australian Prudential Regulatory Authority (APRA) flagging that it would soon lower the mortgage repayment buffer.

CoreLogic’s daily dwelling values index, which tracks price changes across the five major capital city markets, rose by 0.05% in the week ended 16 February.

SMH columnist, academic, and immigration lunatic, Jenna Price, has offered a “deranged” solution to Australia’s rental crisis: forcing households to rent out their spare bedrooms: My neighbours will hate me, but I must write this, for the good of the nation and the future of our children.

Last month’s raids by the Australian Federal Police (AFP) on a $10 billion money laundering syndicate involving Australian property has once again shined a bright spotlight on the holes in Australia’s anti-money laundering (AML) regime.

With Sydney dwelling values down roughly 14% from their February 2022 peak, real estate agents are beginning to see forced sellers who can no longer afford their mortgage repayments.

Let me show you how Australia’s corrupt Game of Mates works.