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Australia News

NAB predicts that by 2023, home prices will fall by much to 22.3%

The National Australia Bank predicts that between 2022 and 2023, house values will decline by 23% in several states. The majority of Australia’s metropolitan cities, except Sydney, will witness a severe decline in housing values in 2023 due to the pandemic. NAB discovered that Hobart will have the most significant decline in home prices next year, with prices expected to decrease by 16.6% after falling by 6.4% this year. This could result in a 23 percent decline in Hobart home prices over the next two years, shaving as much as $174,000 off the price of a $758,000 median-priced home. The

March 7, 2024 No Comments

New Zealand News

New Zealand Home Prices Suffer Close Quarterly Drop

The New Zealand housing market saw one of its worst quarterly dips in the three months leading up to September, and it may not be done yet. CoreLogic New Zealand reports that the 4.1% quarterly decrease is second only to the 4.4% reduction during the 2008 financial crisis, which occurred 14 years ago. CoreLogic said on Wednesday in Wellington that property values had fallen for the sixth straight month, decreasing 1.5% after falling 1.8% in August. The annual rate of gain also reduced to 2.8%, the lowest since 2019. Property Slide The housing market quarterly declines the largest since 2008.

March 7, 2024 No Comments

Australia News

How the Australian real estate market has progressed over the past year.

The housing market is among the most susceptible to changes in interest rates. Eight consecutive rate hikes in 2022 to combat rising inflation sent shockwaves across the market and are still at the heart of the decline in Australian property prices. When comparing national home prices from November 2017 to November 2018, we see a yearly decline of 3.2 percent. However, Eliza Owen, chief of research at CoreLogic, says the decline’s speed has slowed “broadly since September.” Although some might consider this good news, she warned that next year could see a resumption of the slide. CoreLogic data reveals that

March 6, 2024 No Comments

Australia News

Indicators show that Australian property prices will decline in 2023.

There is one way to gain a sense of what will happen to Australian property values in 2023, notwithstanding the impossibility of predicting the future: look over the ditch. Since the Reserve Bank of New Zealand (RBNZ) began the current interest rate increase cycle in October 2021, New Zealand has served as a leading indicator for property markets and economies across the developed world. While some central banks, such as the RBA, were slow to join the campaign to combat inflation, other central banks worldwide followed the RBNZ in rapidly increasing interest rates. Since they were high in November last

March 3, 2024 No Comments

Australia News

The Australian Real Estate Market Declines Resulting To The Rise Of Domestic Rates

September results in property price reductions in capital cities as of October 4. In September, property values in Australia decreased by 1.4% as the market continued to cool in reaction to rising interest rates and greater living expenses. According to statistics supplied by CoreLogic, the reduction represented a little improvement over the 1.6% price decline in August. Tim Lawless, director of research at CoreLogic, said that “the lack of momentum in the speed of value drop was visible in the majority of capital cities and broad rest-of-state areas, with a few exceptions.” Sydney property values decreased by 1.8% in September,

March 3, 2024 No Comments

News

Boris Johnson, Boy George, and Kate Moss relocate in 2022

Then the removal trucks and the hot tub installers showed up after a period of speculation and clandestine negotiations. This year was no different for the capital’s A-listers when buying or selling luxury real estate. Many celebrities purchased new houses in the city’s most desirable neighborhoods or sold their vast mansions. The most notable celebrity house swaps of 2022 are listed here. The Highgate home Kate Moss purchased for $11.5 million. All eyes were on the remarkably featureless room the supermodel was dialing in from as she took the (virtual) witness stand during the Moss-Depp trial. It has been said

March 2, 2024 No Comments

UK News

The return of the world’s wealthy to London’s housing market and why it matters

If you’re searching for a barometer of the global economy, you might do worse than investigate the ultra-luxury segment of London’s real estate market. Prime Central London (PCL) has become a haven for the money of affluent foreigners for several decades, regardless of whether or not they choose to reside there. This resulted in a number of unintended consequences, the most notable being that trophy prices were established, and PCL was largely bordered by vacant buildings. Because of these exceptional conditions, PCL is again drawing attention as a preferred safe haven for international players seeking to conceal their wealth. Since

March 2, 2024 No Comments

Finance

London’s Property Market Is Seeing Improvements and a Rebound

London’s real estate market is more active as a result of increased post-Brexit certainty. The fourth quarter of 2019 witnessed a surge in sales in London’s luxury real estate market due to a 3% tax on foreign buyers of houses in the United Kingdom, which was included in Boris Johnson’s Conservative party’s election agenda. Compared to the same period a year ago, the number of transactions involving London’s most costly houses increased by 78%, as did the number of home sales in the city’s most expensive areas. As 2020 diminishes much of the uncertainty after the conclusion of the Brexit

March 2, 2024 No Comments

Investments

Is 2023 The Ideal Time to Buy A Property?

Even though the following OCR review is scheduled on February 22, Century 21 New Zealand owner Tim Kearins anticipates more excellent interest rate stability this summer. However, he cautions that this “won’t make it any simpler for many young Kiwis to acquire loans in the first place.” Kearins believes that the next six months might be an excellent time to purchase a house since the number of listings is increasing and sellers are becoming more realistic about pricing expectations. Even while getting a loan from a conventional bank in New Zealand still has its challenges, he advised not discounting the

March 1, 2024 No Comments

Australia Property

What do experts in Australia’s real estate sector anticipate will happen in 2023?

Indeed, 2022 has been a remarkable year full of unexpected developments. As recently as a year ago, the Australian property market was experiencing a nationwide boom, with remarkable increases seen most noticeably in Sydney and Queensland. Interest rates are hovering around 2% since the Reserve Bank of Australia (RBA) retained the cash rate at a record low level of 0.1% despite some mild headwinds. The RBA boosted the cash rate in May almost two years earlier than they had predicted. This routine continued for the following eight months. Price drops were seen across the board in the real estate market

March 1, 2024 No Comments