March 9, 2024
Featured

Phuket real estate fluctuates in response to urban flight

The real estate market in Phuket, Southeast Asia’s top resort destination, is seeing drastic changes due to urban flight and a steady influx of new lifestyle inhabitants. The rising demand for detached houses and more enormous condos has become the island real estate mantra. Since 2019, when over 9 million sun seekers visited Phuket, the island has seen a dramatic shift. Most of these visitors came from mainland China. At that time, condo developments catering to first-time investors sprung up around Phuket. Many carried hotel chains’ names and assured high rates of return. However, COVID-19 quickly put a damper on

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March 9, 2024 No Comments
Australia News

Signs That Australia’s Rental Industry Is Going To Explode

In most areas, property rentals increased by double digits over the last year, as shown by the September rental report from PropTrack. The proportion of rental properties advertised on realestate.com.au for less than $400 decreased from 41.8 percent at the outbreak’s onset to 19.3 percent in September 2022. Similar to PropTrack’s rental series, other data sources have shown a double-digit yearly rise in Australia’s asking rentals. During the pandemic, the need for additional space, the rising tendency to work from home, and the requirement for home offices constricted the rental market in Australia. This has led to a dramatic decline

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March 9, 2024 No Comments
New Zealand News

ANZ predicts a 27% drop in home values

The ANZ bank has raised its previous prediction of a 15% drop in home values from their late 2021 high to a current estimate of a 20% drop. Although housing market predictions are laden with ambiguity, ANZ analysts said in their monthly magazine Property Focus that it is “abundantly evident” prices will likely continue to decrease given the health of the global and local markets. When corrected for wage inflation, the expected reduction in property values is nearly 27% before prices return. These numbers not only indicate a sharper decline in home values than was anticipated, but they also suggest

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March 9, 2024 No Comments
Australia News

Australian borrowers are in an ideal situation to withstand rising interest rates

According to Shayne Elliott, chief executive officer of ANZ, a large Australian bank, many Australian borrowers are ahead on their mortgage repayments, which should protect them from a rough landing when interest rates climb. This year, the Reserve Bank of Australia has raised the official cash rate six times in a row, bringing it to 2.6%. As a result, mortgage rates have increased from approximately 2% to between 5% and 6%. As the central bank combats inflation, the property market in Australia will likely face the weight of rising interest rates. Thursday on CNBC’s “Squawk Box Asia,” Elliot stated that

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March 9, 2024 No Comments