E - PAPER
CURRENT MONTH
LAST MONTH
Australia Housing Boom Builds As Prices Soar Most Since 1988
The rise in property prices has been fueled by record-low borrowing rates, an improving economic outlook, an under-supply of new houses and government incentives. Australia’s housing boom
BY
Realty Plus
Published - Saturday, 03 Apr, 2021
The rise in property prices has been fueled by record-low borrowing rates, an improving economic outlook, an under-supply of new houses and government incentives.
Australia’s housing boom ramped up in March as the nation’s economy and labor market continue to recover strongly from the pandemic.
Nationwide house values surged 2.8% in March, the largest increase since October 1988, CoreLogic Inc. data released on 1st April showed. Sydney led the appreciation, surging 3.7% last month and up 6.7% over the first quarter.
“The last time Sydney housing values recorded a quarterly trend this strong was in June/July 2015," said Tim Lawless, head of research at CoreLogic. “Following this brief surge, the pace of growth rapidly slowed as limits on investor lending kicked in to slow the market."
The rise in property prices has been fueled by record-low borrowing rates, an improving economic outlook, an under-supply of new houses and government incentives. Goldman Sachs Group Inc. expects prices to climb 15% over the next two years as people search for bigger homes, with more space to work in, amid rekindled fears of buyers missing out.
While housing prices are climbing from Singapore to Canada and the U.S., a return to boom times in Australia threatens to swell an already worrisome pile of household debt and make it harder for young people to buy their first home. Australia’s prudential regulator is considering possible measures it can take to cool prices to rein in excessive risk-taking.
RELATED STORY VIEW MORE
Nigeria Shows Widening Transparency Gap in Real Estate
Singapore Private Home Rents Set To Climb By 10-15%
Saudi Arabia’s Ambitious Projects from World’s Largest Airport to Skyscraper
NEWS LETTER
Subscribe for our news letter
E - PAPER
-
CURRENT MONTH
LAST MONTH
REALTY+ SPECIAL ISSUES
Test Magazine
THE TECH TITANS 2022
COFFEE TABLE BOOK 2022
Anniversary Issue 2022
Anniversary Issue 2020
VIDEO GALLERY VIEW MORE
