National housing markets have continued to rise over April but growth rates were significantly lower than the strong results reported over March. The national capital city median house price increased by just 0.4% to $1,129,408 over the April quarter compared to the March quarter, according to the latest data from My Housing Market. The national…
Australia’s biggest bank, CBA, has revised its cash rate forecast, reducing the number of predicted RBA cuts in 2024 from three 0.25 percentage point cuts to just one, scheduled for November. This decision comes on the back of stronger-than-expected inflation data from the ABS last Wednesday. Last week, Westpac’s economic team also updated the bank’s…
The continuing holiday period provided generally steady results over the weekend in most capitals, with higher number of seasonal listings remaining a feature of auction markets. Auction results around Australia, Saturday April 27th 2024: Capital City This Saturday Last Saturday Auctions Rate Auctions Rate Sydney 667 72.3% 528 66.6% Melbourne 823 65.2% 801 69.4% Brisbane…
Australia is slowly moving through an enormous (though temporary) spike in overseas migration. The ABS reports Australia’s population increased by 2.5%, or 660,000, in the year to September 2023. Its latest regional migration data reveals the areas with the highest migration levels through the 2022-23 financial year (FY23). This has been driven by a combination…
With Australia’s population moving through the fastest rate of growth since the 1950s, our cities and towns are naturally densifying. At a national level, the population density of 3.5 people per square kilometre (sq. km) is among the lowest in the world, highlighting our highly urbanised population where half the populace lives in the three…
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Most property investors would give their second garage to know what’s going to happen to interest rates, wouldn’t they? While earlier this year many commentators thought interest rates would fall by the middle of the year, now the narrative is that interest rates will remain higher for longer than we had hoped. Even as wars…
I keep careful track of consumer confidence because it’s a good indicator of what’s ahead for our economy and property markets. And the latest ANZ-Roy Morgan Consumer Confidence report shows it dropped 3.2pts to 80.3 this week to its lowest level so far this year. The index has now spent a record 64 straight weeks…
Australia’s home prices have set another record. According to the latest Domain House Price Report, the combined capital house and unit prices experienced another quarter of growth — the fifth consecutive rise for houses and the fourth for units. The report indicates that while the pace of price growth has slowed compared to the previous…
Despite the challenges of cost-of-living pressures and high-interest rates, property prices just keep rising. This trend is driven by a number of factors, including a chronic shortage of new homes at a time of strong population growth, high building costs, and a tight rental market, all of which boost housing demand. The shortage of new…
The housing sector in New South Wales is facing a significant downturn, with apartment constructions plummeting since the introduction of additional taxes in 2017. Tim Reardon, the Chief Economist at the Housing Industry Association, highlights a stark 50% drop in unit commencements compared to previous years. “We’re witnessing apartment starts in NSW revert to levels…
