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Building Approval Fall Marks Peak Home Building Boom?

Posted: August 5th, 2014 | Author: | Filed under: Australian Home Prices, Real Estate News, Urban Planning | Tags: , , , , | Comments Off on Building Approval Fall Marks Peak Home Building Boom?

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 »»»»

Is Australia’s Property Bubble About to Burst?

Posted: June 29th, 2014 | Author: | Filed under: Australian Home Prices | Tags: , , , | Comments Off on Is Australia’s Property Bubble About to Burst?

Is Australia's Property Bubble About to BurstIs 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 »»»»