Australian Property

It is clear that Australia is on the verge of another house price boom.

*See updates at the bottom of the article.

The Australia Institute (TAI) used to talk sense on immigration.

According to Cotality (formerly CoreLogic), Australian rental affordability was at a record low at the end of 2024, with the median household required to spend 33% of their income to rent the median home.

Australia’s auction market has gathered strength over recent months. Last week’s national final auction clearance rate of 70.0% was the strongest result since the week ending 11th February 2024 (70.3%).

The chair of the government’s National Housing Supply and Affordability Council (NHSAC), Susan Lloyd-Hurwitz, who is a former chief executive of property developer Mirvac, has warned that Australia faces a generational housing crisis.

According to Cotality (formerly CoreLogic), the average home in Australia is now valued at around $1,020,000.

For almost two decades, household formation rates for 25 to 34-year-olds have been tanking.

The National Housing Accord is an Australian government initiative aimed at addressing housing supply and affordability by committing to building 1.2 million new homes over five years, starting from 1 July 2024.

The Albanese government announced that it will bring forward its 5% home deposit scheme for first home buyers by three months.

The latest Westpac consumer sentiment survey showed that Australians have become bullish on house prices.

Recall that the federal government has set a fantastical target to construct 1.2 million homes over five years, from 1 July 2024.

Cotality has released its final auction results for last weekend, which recorded a clearance rate of 71.7% for Sydney—the highest of the major capital cities.

The second day of the Canberra productivity roundtable will reportedly debate how to reduce the backlog of development projects awaiting environmental approval. Danielle Wood, chair of the Productivity Commission (PC), will address roundtable attendees in the morning in her session titled “Better Regulations and Approvals”.

Australian home prices hit a fresh record high in July, with more growth expected following the latest interest rate cut from the Reserve Bank of Australia (RBA).

The solution to the rental crisis is being played out across Australia’s two most similar nations: Canada and New Zealand.

At the end of 2024, CoreLogic (now Cotality) reported that the national dwelling value to income ratio and the percentage of income required to service a new mortgage were tracking at a record high.

Wetspac with the note.

At the end of 2024, Australian rental affordability was tracking a record low, according to Cotality (formerly Corelogic), with the median household required to spend 31% of their income on renting the median home.

In the run-up to the 2022 federal election, Labor promised to implement a smaller immigration program if elected.

Last week, the Reserve Bank of Australia (RBA) cut the official cash rate by 0.25% to 3.60%, the third rate cut this year.

Since the COVID-19 lockdowns started in Australia in March 2020, the nation’s capital city home prices have risen at vastly different rates.

The Housing Industry Association (HIA) has launched a preemptive attack on moves to curb investor tax concessions, such as negative gearing and the 50% capital gains tax (CGT) discount.