There are fears some cities in Australia are facing a looming housing affordability crisis as property prices explode.
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New market research shows that 10 suburbs across the country are possibly the worst places to invest.
New listings are starting to lift as the Spring property season kicks off, but they are still sitting below average.
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.
Cheap money and government incentives have pushed property prices to fresh record highs during the pandemic.
Despite rolling lockdowns and closed borders, Australian capital city markets have defied the odds with home values continuing to rise.
Australians need to fork out $955,927 when buying at the nation’s median house price, which jumped 5.8 per cent over the quarter.
Australian house prices are rising at their fastest rate in more than 17 years.
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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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