Australia Property

With people dipping into savings to shore up spending and a decline in property services, Australia’s economy slowed more than projected in the September quarter. Growth in gross domestic product slowed to 0.6% from 0.9% in the previous quarter and 0.7% from the last June quarter. The 5.9% annual rate was an improvement over the prior year when about half of the economy was locked down due to Covid. The new Springfield housing subdivision in Ipswich, Australia. The rise in the third quarter of 2018 was driven by consumer spending buoyed by higher incomes and reduced savings. The ABS said

A new analysis finds that smaller capital cities will shine in 2023, providing the greatest value for property searchers, whereas regional locations were the hot destinations to purchase this year. Canstar’s annual Rising Stars Report, which tracks the Australian real estate market and is driven by investment research company Hotspotting, has identified which areas are most likely to see property price increases in 2023. Based on sales, price growth, vacancy rates, rental growth, infrastructure expenditure, and amenity availability, 110 property sites were selected nationwide. After factoring in current prices, Adelaide, Brisbane, and Perth all had the highest expected gain in

Homebuyers may be excused for assuming that, by the age-old adage “buy low, sell high,” investors would pour into the housing market during a slump. But this puzzle lacks one component despite decreased property costs and other variables that make brick-and-mortar attractive to landlords, such as low vacancy rates and growing rents. This is a result of rising interest rates, according to analysts. Recent increases are the primary reason for investors’ inactivity, resulting in higher mortgage repayments and increased uncertainty. Higher mortgage rates have effectively discouraged investors from joining the market, even though it is less expensive to acquire an

The significant rise in Australian property prices in 2020 and 2021 is no secret to anybody who has tried to sell or buy a home in the last few years. However, real estate values have been declining recently, and in certain cities, the decline has been significant. Two of the most pressing concerns for investors are how far the market will drop and whether the real estate market will also collapse. According to Eliza Owen, Head of Research, Australia at CoreLogic, “Australia’s housing market had a recent high in April 2022; at that time, the market had grown by around

An open house sign and an overhead picture of a regional Australian property market. The booming local real estate market may be gone. Australians who saw the outbreak as a chance to test the local real estate market may regret doing so as prices fall. Recent data from CoreLogic indicates that the regional housing bubble caused by COVID-19 has popped. According to CoreLogic’s Regional Market Update report, the regions with the most expansion during the boom are currently experiencing the most contraction. In six of the most sought-after lifestyle markets, home prices dropped by six percent or more in the

The most significant drops in house prices ever recorded occurred in Sydney, Melbourne, Brisbane, and Canberra during the past quarter, leaving prices in all the capitals $53,000 lower than in March this year. According to the most recent Domain Home Price Report, the declines have been so severe that house values have fallen below where they were last year in three cities: Darwin at 4.4%, Sydney at 2.8%, and Melbourne at 2%. Dr. Nicola Powell, director of research and economics at the Domain, blamed the sharp spike in interest rates, which have risen at the quickest rate since 1994, as