Australian Property

Following on from yesterday’s post on CoreLogic’s daily dwelling values index results for July, which showed that Australian dwelling values fell for the 10th consecutive month, CoreLogic has released its full results, which also cover the smaller capitals and regional areas (see next table).

by Chris Becker Here’s another casualty from the “negative price growth” in Australian houses: Genworth.

Yesterday’s housing finance data from the Reserve Bank of Australia (RBA) delivered further bad news for Australia’s housing market.

From the ACCC: Meriton to pay $3 million for misleading consumers on TripAdvisor 31 July 2018 The Federal Court today ordered serviced apartments accommodation provider Meriton Property Services Pty Ltd, trading as ‘Meriton Serviced Apartments’, to pay penalties of $3 million for manipulating TripAdvisor reviews, in breach of the Australian Consumer Law.

There’s big debate going on.

The mortgage squeeze that is already hammering parts of Sydney is about to get much worse.

By Martin North, Principal Analyst at Digital Finance Analytics: Today we look at the current home price dynamics, as we are still seeing the property sprukiers saying that, first now that prices have fallen, it’s a great buying time and second, that prices will stay high because of the lack of supply.

By Leith van Onselen If you ever want a classic example of why Australia needs to implement a broad-based land value tax (LVT), look no further than the following, via Domain: Politicians’ promises for new rail lines can send property prices into overdrive, experts say, with real estate in Mernda surging after tracks were laid.

Just in from the Housing Industry Association (HIA): “New home sales rose 2.0 per cent in June 2018, the first rise this year,” stated HIA’s Principal Economist, Tim Reardon.

By Leith van Onselen The epic boom in Sydney high-rise apartment construction: Threatens to send apartments prices tumbling into next decade, according to several leading property analysts: Sydney-based SQM Research director Louis Christopher said the city’s apartment prices were “nowhere near the bottom”.

Via Domainfax: Suburbs in Sydney’s inner west have borne the brunt of the city’s steepest annual drop in property prices since the Global Financial Crisis.

CoreLogic released its auction report yesterday, which reported a decrease in the preliminary national auction clearance rate to 58.4% from 60.6% last weekend (later revised down to 57.0%).

Via Banking Day: Supercharged growth in its mortgage book remains a pillar of the Macquarie Group story, with the Australian mortgage portfolio of its banking arm expanding by five per cent to A$34.3 billion over the June 2018 quarter.

By Leith van Onselen The HIA-CoreLogic Residential Land Report has been released, which revealed a whopping 29.3% rise in Melbourne’s median lot price per square metre, with the typical median Melbourne lot value surging to $359,000: “In Sydney, residential land prices peaked at $479,000 per lot in the September 2017 quarter.

Some folks never learn, via the AFR: More than 10 lenders, including Commonwealth Bank, Westpac Group and Suncorp are increasing honeymoon rates on home loan products by up to 55 basis points for investors and home buyers.