Australian Property

The International Monetary Fund’s (IMF) latest report, entitled Housing Market Stability and Affordability in Asia-Pacific, included the below chart showing why house prices must continue falling in both Australia and New Zealand if homes are to become affordable: Specifically, the red chart lines denote median housing prices.

According to the CoreLogic daily dwelling values index, home values across the five major capital city markets had fallen 8.7% below their April 2022 peak at the end of December.

Over the weekend, Canada introduced a ban on foreigners buying properties.

CoreLogic’s daily dwelling values index recorded a 1.4% decline in Brisbane dwelling values over the month of December to be down 5.0% over the final quarter of 2022.

The demand for mortgages has taken a severe hit in response to the Reserve Bank of Australia’s (RBA) aggressive monetary tightening.

CoreLogic has released rental data for December 2022, which shows that rents nationally soared by 10.2% in the 2022 calendar year amid the tightest vacancy rates on record.

2022 was the worst calendar year on record for Australian house prices, according to the CoreLogic daily dwelling values index.

According to InvestorKit data expert, Arjun Paliwal, Australian house prices could begin to rise as soon as April 2023 due to a rental crisis and, in the case of New South Wales, changes to stamp duty that will improve borrowing capacity and push more first home buyers into the market.

CoreLogic’s daily dwelling values index, which tracks price movements across the five major capital city markets, fell another 0.29% in the week ended 22 December.

In July’s “Great Housing Debate” against Chris Joye, Stephen Koukoulas (‘The Kouk’) forecast a peak-to-trough fall in Australian dwelling values of only 7% based on the CoreLogic index.

The Reserve Bank of Australia’s (RBA) Minutes of its December Monetary Policy Meeting notes that soaring residential rents are becoming a key driver of Australia’s inflation.

SQM Research has released its final rental vacancy report for 2022, with the nation’s vacancy rate remaining zipped tight at just 1.0% in November, down from 1.8% a year earlier: SQM’s asking rents series also recorded extreme 25.1% annual rental growth at the national capital city level.

Housing Minister Julie Collins has named outgoing Mirvac CEO Susan Lloyd-Hurwitz to lead the federal government’s interim National Housing Supply and Affordability Council.

Canstar’s sixth annual Consumer Pulse Report, which is based on survey responses from 2,157 adults, found that “close to two-fifths (39%) of homeowners and more than one-quarter (27%) of investors are not prepared” for further interest rate increases in 2023.

Master Builders Australia (MBA) has used its submission to a review of the nation’s immigration system to call for an increase in the skilled visa cap from 142,000 to 200,000 places, along with other measures such as a pilot program to bring in South Pacific construction workers.

It is easy to have the feeling that the latest 0.25% interest rate hike from the Reserve Bank of Australia (RBA) was ‘one too many’ for the property market.

Data from InfoTrack shows that the 3.0% of cumulative interest rate hikes from the Reserve Bank of Australia (RBA) has tanked property sales.

CoreLogic’s daily dwelling values index, which measures price changes across the five major Australian capital city housing markets, fell another 0.30% in the week ended 15 December.