House prices continued to rise across the nation and have now grown at the fastest pace since mid-1989.
INCOME
Experts have revealed first-home buyers now need an average deposit of more than $110,000, while monthly repayments have also skyrocketed.
First-home buyers could take up to 15 years to save the deposit needed for their Great Australian Dream, according to new research.
Residential property prices keep climbing and while the pace has slowed, experts predict there’s still steam left in the booming market.
Despite rolling lockdowns and closed borders, Australian capital city markets have defied the odds with home values continuing to rise.
The central bank reiterated it will not raise the cash rate from its record low of 0.10 per cent until inflation is sustainably between two and three per cent.
The Credit Suisse Global Wealth Report has declared Australian households the worlds richest.
The time to save a deposit to buy an entry-level house has blown out by an additional four months on average across capital cities.
For 55 millionaires, the 2018-19 financial year was very good. Not only did they earn more than $1m, they paid no net tax.
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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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