Housing Investors Take up Slack
Investors are being lured back into the property market through the prospect of higher rents and price growth, helping to pick up the slack from departing first-home buyers. Even though rents are rising more gradually than expected, housing investors are taking up a bigger share of the housing market, the latest figures show.
House Price Growth at 6-yr High in First Quarter
Australian house prices grew at their fastest annual pace in six years last quarter as demand for homes in ritzier suburbs proved resilient to rising interest rates, a private report showed. The data come as the Australian government rolled out plans to clamp down on foreign residential property ownership amid growing concerns about a shortage of housing supply.
Housing Shortfall Worsening: Report
A nationwide housing shortfall has expanded far beyond expectations, a new report says, as many people are priced out of the home ownership dream. And the assessment for the next two decades is bleak as an exploding population is projected to outpace property development in a massive housing crunch that requires a "substantial" government response, the report says.
Cashed up Investors Price out Buyers
First home buyers are rapidly being priced out of the property market as cashed up investors snap up properties amid a housing shortage. Martin North, managing consulting director of Fujitsu Consulting, says a buoyant economy and strong jobs prospects have spurred established home owners to invest in property or upgrade their homes as house prices continue to rise.
New Homes in Demand despite Rate Rises
East coast borrowers are still hungry for new homes despite recent interest rate rises and the roll back of the first home buyers scheme, a survey shows. The Australian Property Institute's property directions survey found 94 per cent of respondents in Sydney, Melbourne and Brisbane believe interest rates will be higher over the next 12 months.
Melbourne and Sydney Lead the Price Surge
Australia's housing market might be booming, but the shape of that boom varies by town and state. For the past year, the sharpest growth in prices has been in Sydney and Melbourne. Research by property monitoring companies and official figures suggest the price rises appear to be the result of exuberant demand amid a trickle of new housing supply.
Property Development Set to Pick up
Property developers Lend Lease Ltd, Mirvac Ltd, Stockland, Ltd, Walker Corporation Ltd and Goodman Group Ltd have committed more than $15 billion to new projects in recent months, The Australian Financial Review reports. The commitments signal a pick-up in the sector as banks increase lending and developers take advantage of Australia's recovering economy, the paper says.
Home Owners Keen to Invest
More than two thirds of Australians are keen to re-invest in the property market. According to a new poll, 61 per cent of Australians would access equity in their property to fund another investment, while 23 per cent said they would use equity to complete renovations.
Houses Still Driving Capital Growth in Sydney
With some reports that growth in unit prices around the country has been outstripping that of house prices recently, it's interesting to look at how units have been performing against houses in Sydney in the past quarter or two and over the longer term. First, we're talking only about capital growth.
Problem is the Shortage of Land, Not Rates
Rising interest rates will not end the desire to buy property in an undersupplied housing market, real estate agents say. A lack of housing meant people were buying properties quickly and the 0.25 percentage point increase in rates yesterday would have little impact on the decisions of those in the market for something new. But some home buyers might feel the squeeze.
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