Housing is a significant part of Australia's A$1.95 trillion ($1.3 trillion) economy, with residential construction accounting for around 2% of total employment and 6% of the country's gross domestic product (GDP).
Property prices in key cities across the world increased by 3.5% on average in the second quarter of 2019, led by annual growth of 25% in Xi’an in Chine, the latest international index shows.
More countries and are seeing residential property price rises year on year than at any time in the last decade but the average rate of growth is slowing significantly, the latest global index shows.
National weekly rents in Australia increased by 0.3% over the second quarter of 2019, slower than the 1% increase the previous quarter and level with rental growth over the June 2018 quarter.
House prices falls in key cities in Australia have stabilised but values are down considerably compared to where they were a year ago, the latest national index data shows.
The pace of decline in Australia’s residential housing market slowed in May, down nationally by 0.4%, the smallest month on month fall for a year, the latest index data shows.
The price of land for new residential building has continued to rise in Australia despite a fall in demand for new build homes, according to the latest research.
Falling property prices eased slightly in key cities in Australia at the beginning of 2019 but six of the eight capitals and four of the seven rest of state markets saw a decline in January, the latest index shows.
The vast majority of people in Australia aspire to own their own home with independent research showing that over 92% of renters want to be able to buy a property in the future.
Home building activity in Australia reached an all-time high in 2018 but experts are predicting that the number if residential properties under construction will fall over the next two years.
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