Australia News

Landlords Cannot Solve Australia’s Housing Crisis.

Most federally elected members of the Australian Labor Party are also landowners. This may be why they have been unable to solve the housing shortage. In Australia, the property problem is once again the main topic of conversation. The ninth consecutive interest rate hike by the Reserve Bank of Australia can put millions of people under even more financial strain on account of their mortgages. The main piece of housing legislation pushed by the Labor administration has been halted in Parliament due to its many flaws. Then, rather uncomfortably, it came out that Prime Minister Anthony Albanese is a landlord

February 16, 2023 No Comments

Australia News

Sydney Housing Crisis: 35% Increase to Renters

Millie Bannister was already worried about the rising cost of living in Sydney when she got a note from her landlady proposing a 35% rent rise. The 26-year-old executive director of the mental health organization Allknd says the rent rise will alter her lifestyle and career goals, prompting some to suggest that the state government should set price limits. Moreover, she said it was raised by $60; the new rise is $270 per week, or 35%, or roughly $12,000 annually. The situation is depressing and disheartening, and almost devastating. Allknd did not think that a typical individual can afford a

February 10, 2023 No Comments

Australia News

Why first-time homebuyers are at a five-year low

As a result of increasing mortgage rates, decreasing costs, and the fear of investing in a sinking market, the number of first-time homebuyers has dropped to levels not seen since 2017. According to ABS data, only 7646 first-time purchasers obtained mortgages in December. New lending agreements have been relatively low since June 2017 (7,642). Ray White chief economist Nerida Conisbee stated that first-time purchasers were discouraged from purchasing due to the possibility of future Reserve Bank interest rate hikes and the associated ambiguity. Both purchasers and vendors were scared off, which reduced the number of houses available for sale and

February 8, 2023 No Comments

Australia News

Australia’s Real Estate Prospects For 2023

We highlight some fundamental elements supporting the growth of Australia’s diverse real estate markets. The Australian real estate market will continue to be influenced by various variables in 2023. There are some bright spots in the next year’s economic and financial prospects, provided you know where to look. Several of the most critical drivers of success in the Australian real estate market are discussed in this article. Residential property market outlook In 2021, after relative stagnation, the residential real estate sector saw explosive expansion. As a result of interest rate increases and increasing prices, 2022 saw much-reduced volumes entering the

January 30, 2023 No Comments

Australia News

Australia’s rich listers are busy trading up over the holidays.

During the holiday season between Christmas and New Year’s, Australia‘s ultra-wealthy have been purchasing and selling luxury residences, such as the $130 million paid by Atlassian Co-founder Scott Farquhar for the Point Piper trophy property ‘Uig Lodge. It’s a record for Australia’s real estate market, representing the highest price ever. According to realestate.com.au, Mr. Farquhar and his investment banker wife, Kim Jackson, purchased a house on Wentworth St. before Christmas, even though it had yet to be posted with agents. Uig Lodge, located on a 3,300 square meter plot, was constructed at the start of the past century to evoke

January 27, 2023 No Comments

Australia News

A healthcare real estate firm reported a $65 million decline in property portfolio value.

The only healthcare-focused property trust listed on the NZX, Vital Healthcare Property Trust (VHP), has seen its property portfolio lose $65 million in value in the last six months. Having just had an independent appraisal of more than half of the company’s assets, VHP, which owns 47 properties spanning Australia and New Zealand, made the news. Stuff reports that the value of the healthcare real estate company’s $3.6 billion portfolio at the end of September fell by 1.9% from the end of June, while the value of the company’s 16 New Zealand subsidiaries, which included hospitals, medical offices, and ambulatory

January 10, 2023 No Comments

Australia News

Property market instability will haunt homeowners in 2023.

There are junctures in the history of Australian families that alter the trajectory of their lives for the foreseeable future. The RBA decreased the cash rate from 17.5 percent to 17.0 percent on February 23, 1990. For the following three and a half years, the cash rate would be reduced steadily until it reached its current low of 4.75 percent. For many Australians, worrying about interest rate hikes became a thing of the past as their threat vanished in late 2010. This turning point permanently altered the homeownership landscape and households’ mentality. The current situation, however, with Australians facing the

January 9, 2023 No Comments