Australian Property

Twice before Australia has managed to backfill its housing bubble.

By Leith van Onselen According to investment bank Morgan Stanley, housing sentiment has crashed in Sydney and Melbourne, adding weight to the view that both markets are facing corrections.

Cross-posted from Martin North: The root cause of the [house price] falls is simple; credit is harder to get.

CoreLogic released its auction report yesterday, which reported a further fall in the preliminary national auction clearance rate to 57.6% from 59.7% last weekend (later revised down to 56.2%).

From Mirvac: Pretty soon it’ll be the other way around.

By Leith van Onselen It hasn’t taken long for new Melbourne Lord Mayor, Sally Capp, to confirm that she’s still acting as the Victorian executive director of the Property Council of Australia.

By Leith van Onselen From the Housing Industry Association (HIA) comes another dose of hypocrisy: “Overseas migrants tend to be concentrated in the 20-30 age range, or the key first home-buyer segment,” said HIA senior economist Shane Garrett.

By Leith van Onselen The deflation of Sydney’s and Melbourne’s housing markets rolls on, with both jurisdictions reporting further price falls this week.

By Leith van Onselen A mayor from Melbourne’s Outer-East has accused aspiring home buyers locked out of the market of not being willing to sacrifice: YOUNG people struggling to buy their first home are “not willing to sacrifice enough” to break into the property market, an eastern suburbs mayor has said.

By Leith van Onselen The Housing Industry Association (HIA) has released new forecasts of housing starts, which are expected to fall 17% in total to 2020: As you can see, dwelling starts are expected to fall just 1.5% in 2018 before falling another 11.5% in 2019 and 5% in 2020.

That’s the picture painted by today’s APRA banking numbers for April.

By Leith van Onselen The 2016 Census painted a dire picture for Sydney’s growing army of renters.

By Leith van Onselen Treasury secretary John Fraser appeared before the Senate economics committee yesterday, whereby he stated that the banking royal commission may lead to stricter lending standards in the sector, which could in turn potentially result in a “credit crunch”.

Via Westpac comes everything you wanted to ask about house prices but were afraid to ask.

By Leith van Onselen The Tenants Union claims that Australia’s rental security is amongst the poorest in the world, making many renters second class citizens: In most states and territories, legislation covering residential tenancy agreements has been periodically reviewed, with Tasmania and the ACT the two jurisdictions where laws have been most recently updated.