The hope is new borrowing rules will take some steam out of house and property prices without giving the rest of the economy a whack.
DEBT
Financial regulators have confirmed they are moving to clamp down on housing market risks .
The Commonwealth Bank of Australia’s chief executive says he is increasingly concerned with rising house prices and household debt levels.
Officials fronted a parliamentary committee to wrestle with what is driving record property price growth, and what can be done about it.
The latest figures from the Australian Bureau of Statistics reveal mortgage refinancing skyrocketed to an all-time high in June, 2021.
Construction company Pindan group has gone into external administration, potentially leaving hundreds of subcontractors thousands of dollars out of pocket.
Private sector credit (effectively outstanding loans) rose by 0.4 per cent in March – the biggest increase in 13 months.
Home buyers now need to be making a six figure salary to afford the mortgage on an average house or apartment in Sydney
More than one in six households in Sydney city and inner south are holding an apartment worth less than the mortgage balance.
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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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