Australian Property

Propertybuyer CEO Rich Harvey has told The AFR that he expects an upturn in distressed property sales by mid-2023.

Below is Westpac’s latest analysis on Victoria’s (Melbourne’s) housing correction, which looks “firmly locked in” and “still has some way to run”. Vic remains firmly locked in a material housing market correction. Turnover is down 30% from its 2021 high (albeit with declines exaggerated by last year’s delta disruptions).

Below is Westpac’s latest analysis on Sydney’s housing correction, where values have fallen by more than 11% from peak, according to CoreLogic’s daily dwelling values index.

Roy Morgan Research has modelled the direct impact of the existing 2.75% lift in the Official Cash Rate (OCR), as well as a further expected rate increase in December.

Below is an edited extract from Westpac’s latest Housing Pulse, which forecasts further heavy price falls for Australian property on the back of aggressive interest rate hikes from the Reserve Bank of Australia (RBA).

Research conducted for the Community Housing Industry Association reveals that there will be 940,000 households in housing stress by 2041, up nearly 50% from 640,000 in the 2021 census.

Multi-billionaire apartment developer, Harry Triguboff, has penned an article in The Australian calling for the NSW Government to “end the planning paralysis” so that he can build low quality dwellings, wherever he likes, and sell them to the Chinese.

The CoreLogic daily dwelling values index, which tracks price changes across the five major capital city markets, fell another 0.29% in the week ended 17 November.

PropTrack has released data showing that the share of properties newly listed for sale on realestate.com.au for less than $600,000 hit a record low in October despite recent home price falls.

The Housing Industry Association (HIA) expects detached housing starts to total 123,370 in 2022, which is 17% lower than in 2021.

CoreLogic has released its final auction figures for last weekend, which revealed the lowest clearance rate in nearly three months off volumes that were down more than one third from a year ago: There were 2,170 auctions held across the combined capital cities last weekend, down 38.7% from this time last year (3,539).

So much complete rubbish in the iMSM today about Australia/China relations.

CoreLogic’s daily dwelling values index shows that Australian home values have fallen 7.2% from peak, following the Reserve Bank of Australia’s (RBA) 2.75% of monetary tightening: According to NAB Economics Group’s latest Forward View, the bank expects Australian house prices “to continue to fall well into 2023 as rates continue to rise”.

According to The AFR, “the international education sector is surging back to life with a huge turnaround in just one year in the number of students who intend to study in Australia”.