Posted: December 7th, 2014 | Author: Verity Penfold | Filed under: Australian Home Prices | Tags: ABS, Australian Home Prices, HIA, RBA, Real Estate News, Urban Planning | Comments Off on Building Approvals Bounce Up, But Have They Peaked?
The number of dwellings approved for construction has jumped in the latest official figures. The Bureau of Statistics estimates that more than 17,000 homes were approved in October, seasonally adjusted, an 11.4 per cent increase on the previous month.
That recovered the ground lost in September, when approvals fell around 11 per cent. Apartment approvals entirely drove the latest result, jumping by more than 31 per cent as house approvals fell marginally.
The Housing Industry Association is encouraged by the rise in the number of dwellings approved for construction. HIA senior economist Shane Garrett said approvals have been volatile lately, but there are still healthy signs for the sector :: Read the full article »»»»
Posted: August 5th, 2014 | Author: Michael Courtenay | Filed under: Australian Home Prices, Real Estate News, Urban Planning | Tags: Australian Home Prices, Homes For Sale Melbourne, Melbourne Property, Real Estate News, Sydney Investment Property | Comments Off on Building Approval Fall Marks Peak Home Building Boom?
Official figures from the Australian Bureau of Statistics – ABS – on new home approvals have raised questions over whether the building boom is peaking. The ABS figures for June show 15,659 new dwellings were given local government go-ahead that month, down 5 per cent from the month before.
Despite the fall, which was more than twice what economists expected, dwelling approvals are still up by a massive 16 percent on the same time last year. The notoriously volatile apartment approvals figure, which is frequently skewed by large developments, fell 10.5 per cent in June, but still remains more than 23 per cent above last year’s level.
Detached house approvals fell a more modest 2.2 per cent at the start of winter, but are also up a more modest 13.1 per cent over the past year. The Housing Industry Association, which represents residential builders, says slow land release is likely to have capped the most recent construction boom.
Despite the downturn in new builds, home prices surged as the real estate market recovered from it’s autumn slump. Overall Australia’s home price boom shows little sign of slowing, with Sydney and Melbourne again driving price gains after a brief lull :: Read the full article »»»»
Posted: June 29th, 2014 | Author: Michael Courtenay | Filed under: Australian Home Prices | Tags: Australian Home Prices, Homes For Sale Melbourne, Melbourne Property, Real Estate News | Comments Off on Is Australia’s Property Bubble About to Burst?
Is the Australian property market ‘in danger of overheating’ According to New York-based ratings agency Moody’s it’s getting mighty close to bursting, and could seriously affect the country’s economy.
Moody’s warns that the Australian property market is in danger of ‘overheating’ and rising housing prices could also jeopardise the country’s economic and financial stability, the agency blames low interest rates for fueling rising house prices, and says the trend can’t continue.
Despite such warnings, house prices continued their rise in the first quarter of 2014, with average year-over-year growth in Australia’s 8 largest cities crawling up to 8.3 percent, marking the highest growth rate in nearly four years.
House prices in Australia’s most populated city, Sydney, rose 16 percent over the past 12 months, while the Melbourne property market increased to 9.9 percent, according to RP Data figures :: Read the full article »»»»
Posted: March 28th, 2014 | Author: Michael Courtenay | Filed under: Australian Home Prices | Tags: ABS, Australian Bureau of Statistics, Australian House Prices, First Home Buyers, HIA, Housing Industry Association, Population Growth | Comments Off on More Pressure on First Home Buyers
Latest figures from the Housing Industry Association – HIA – suggest it will become even harder for first-time buyers to enter the housing market, according to the report affordability has waned, and 2014 is likely to see further gains in residential property prices, locking out more first timers.
The HIA’s Affordability Index eased by 0.5 per cent in the December quarter, as the impact of previous interest rate cuts declined. Hobart reported the biggest fall of the capital cities, with a 9.2 percent drop. That was followed by Sydney, down 4.4 percent, Perth, 2.5 percent, the ACT 1.2 percent and Brisbane 1 percent.
However affordability in both Melbourne and Adelaide rose by 5.5 percent during the quarter, the HIA report suggests that addressing the supply of affordable housing is one of the most prominent policy challenges facing all levels of government. In a separate report, population growth has also put pressure on housing affordability :: Read the full article »»»»
Posted: November 27th, 2013 | Author: Diana Detaux | Filed under: Apartment Stalker, Australian Home Prices, Real Estate News | Tags: Aged-care, Apartment Living, AUSTRALIA, Australian Property Market, Population Demographics Government Policy Politics, real estate, Seniors, Urban Development Planning | Comments Off on Apartment Demand Increases as Baby Boomers Fight Gen Y For Life-style
One of the most significant social changes in the past 30 years has been our aging population, over the coming decades this aging will polarize, affecting not only the lifestyle choices of the greying population, but the economy of successive generations as well. As Baby Boomers seek to downsize responsibility, are they biting at chunks of the property market also sought-out by Gen Y?
A decade ago a house on a quarter acre block might have been the dream lived out by the average Aussie Baby Boomer, but new research suggests they are increasingly looking at apartment living, the same corner of the market chased by their grandchildren.
Policy-makers, planners and developers need to get creative as two generations converge on the same portion of an already under-stress property market.
The Australian Bureau of Statistics – ABS – projects that population growth will see an even higher demand on housing, the converging generations – Baby Boomer vs Gen Y – has the potential to kick-start a steep rise in apartment prices unless developers start planning for seriously increased demand :: Read the full article »»»»