There are fears some cities in Australia are facing a looming housing affordability crisis as property prices explode.
AFFORDABILITY
An annual property tax is high on the newly appointed NSW Premier’s priority list, as he puts economic reform at the centre of his leadership.
The increasing impost of stamp duty is restricting the number of properties that come onto the market, contributing to record-high prices.
Experts warn mooted rules limiting lending could worsen the housing affordability crisis.
Apart from higher prices making it harder for our kids to get into the property market, there is the broader impact on the economy.
Bubbles must – by definition – go “pop”. And our housing market just hasn’t. Nor is it likely to.
Residential property prices keep climbing and while the pace has slowed, experts predict there’s still steam left in the booming market.
Affordability across regional property markets has deteriorated at a faster rate than the capitals due in part to the flight of populations out of cities.
Some Sydney homes in the city are still available at a more affordable price.
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South East Queensland’s unprecedented sales swell continues to attract interstate developers and underpin major projects, with ID_LAND, Little Projects, Sammut Group, Azzura Corporation and Pikos Property making big progress on more than $800 million worth of new developments in recent weeks.
Property price records are tumbling across Victoria, with more than 170 suburbs in Melbourne laying claim to a median house price of $1 million or more, while several key regional locations have also breached the seven-figure barrier.
New lending restrictions will affect different parts of the property market more than others - dig into the details and find out what the changes mean for first homebuyers, investors and trade-up buyers.
Australians downsizing to luxury apartments are driving a rapid rise in prestige property values, with sales of apartments worth $10 million or more in the first half of the year running at nearly eight times more than the 10-year average.
Pent up demand from Sydney buyers emerging from lockdown and Melbourne purchasers likely to soon follow is expected to result in a resumption of the big price gains recorded in the first half of 2021, with both cities remaining in a state of housing undersupply.
Victoria’s state government has made a range of changes to its Windfall Gains Tax prior to it being introduced to Parliament, but industry groups say the move is the “wrong tax at the wrong time” that will have a big negative impact on housing affordability.
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