Tag: house prices inflation

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No relief in sight: Australia faces worst housing affordability in 30 years

No relief in sight: Australia faces worst housing affordability in 30 years

Housing affordability is now at its worst level in at least three decades, according to the PropTrack Housing Affordability Index – a new comprehensive measure of the share of homes that households can afford to purchase across the whole income distribution.

Affordability is toughest in New South Wales, Tasmania and Victoria. This deterioration in affordability has been driven by a dramatic rise in
mortgage rates, combined with rising home prices over recent years.

At the same time, sharply higher price growth throughout the pandemic has meant housing accessibility — how long it takes new buyers to save a deposit — remains incredibly challenging.

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Untapped potential: 3 reasons regional property markets are booming

Untapped potential: 3 reasons regional property markets are booming

The PropTrack Regional Australia Report for 2022 has been released and it’s giving us a deep insight into the state of the Australian regional property market. The report shows that there have been some significant changes in the market since the start of the pandemic, and many of these changes are likely to continue in the coming months.

According to the report, regional areas have seen a surge in demand, with many people moving out of the cities and into more affordable regional locations. This trend is expected to continue, with regional areas predicted to see further price growth in the future.

However, the report also reveals that not all regions are performing equally, with some areas experiencing more growth than others. It’s clear that regional buyers need to be aware of the local market conditions and trends, in order to make informed decisions when buying or selling property.

Overall, the PropTrack Regional Australia Report provides valuable insights into the state of the property market in regional areas. If you’re considering buying or selling property in these areas, it’s important to stay informed and make strategic decisions based on the latest market trends and conditions.

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Australian property market 2023: Brace for falling house prices

Australian property market 2023: Brace for falling house prices

With 2022 already seeing a retreat in house prices from their record highs, experts are now predicting that the falls will become more pronounced.

PropTrack’s Cameron Kusher discusses the expected downturn and the factors driving this trend. He explains how changes in interest rates, borrowing capacity, and the effects of the pandemic all contribute to the anticipated decrease in house prices outlined in the PropTrack Market Outlook report.

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Making sense of the real estate downturn

Making sense of the real estate downturn

Australia’s real estate market is undergoing a downturn, causing worry for property owners and investors.

Economic factors such as low interest rates, weakened economy, and tighter lending standards are affecting demand. Oversupply in certain areas, particularly in the apartment market, has led to decreased property prices. Moving from cities to regional areas has also impacted certain areas.

However, it’s important to note that the downturn is not affecting the entire country equally and some areas are still stable or growing. To make informed decisions about property ownership and investment, it’s crucial to understand the context of the market and not just focus on the downturn.

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Housing affordability: How other countries are tackling housing shortages

Housing affordability: How other countries are tackling housing shortages

REA Group and Proptrack economist Anne Flaherty explains how housing affordability and housing shortages has become an issue in recent years and what other countries, like New Zealand are doing to help, including lowering barriers for medium density development and build-to-rent developments to provide stability for renters.

0:37 What countries are struggling with housing affordability
1:48 Build-to-rent developments

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Is the great Australian dream of homeownership dead?

Is the great Australian dream of homeownership dead?

REA Group and Proptrack economist Anne Flaherty looks at falling rates of home ownership among Australians, rising house prices and the difficulties first home buyers have in saving a deposit.

0:25 Current state of housing affordability in Australia
1:26 Shifting home buyer perceptions

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Stamp duty reforms don’t go far enough to help homebuyers

Stamp duty reforms don't go far enough to help homebuyers

First homebuyers will be given the opportunity to choose between an upfront payment or a smaller annual property tax under reforms aimed at making home ownership more affordable in NSW.

The First Home Buyer Choice scheme is part of a multi-billion dollar housing package to be unveiled in the 2022-23 NSW Budget.

Under the new initiative, first homebuyers who opt into the property tax will pay an annual property tax of $400 plus 0.3 per cent of the land value of the property.

But while these reforms are a step in the right direction to bridge the affordability gap, they don’t go far enough as PropTrack economist Angus Moore explains.

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Multigenerational living: Should you live with your parents forever?

Multigenerational living: Should you live with your parents forever?

More Aussies are taking in their elderly parents, while fewer kids are flying the family nest, making instances of multigenerational living more common.

Once upon a time, this kind of living scenario wasn’t uncommon, with two or three generations more likely to live together under one roof. But it faded away over the past 100-odd years as rising wealth and societal changes in the West saw living in smaller family units favoured.

Now, for a number of reasons, chief amongst them affordability concerns, multi generational living is on the rise once more.

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Is now the best time to buy property?

Is now the best time to buy property?

New listings are up strongly, as activity ramps up as we enter spring selling season. So is now the best time for buyers to consider purchasing a property?

Choice for buyers continued to improve in August, with the total number of properties listed for sale lifting 3.9% month-on-month as market activity picked up ahead of the spring selling season.

August saw new listings in capital cities up 11.3% month-on-month after a seasonally quieter July.

Regionally, new listings were up 7.9% month-on-month in August.

Nationally, the total number of properties listed for sale was up 3.9% month-on-month in August as the busier month of new listings helped increase choice for buyers. The increase in the month brought the total number of properties actively listed for sale up 13.7% compared to a year ago – the largest year-on-year increase since 2010.

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How much more interest you’re paying on your mortgage

How much more interest you're paying on your mortgage

The RBA raised interest rates by another 50 bps in July, and the market expectation is that it’ll rise by another 1.5% by the end of the year. Homeowners in affordable, family-friendly suburbs may be most affected by the Reserve Bank of Australia’s recent interest rate rises, new data suggests, and PropTrack economist Angus Moore explains how this will affect mortgage holders.

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