Property consultant CoreLogic said its index of home prices for the combined capital cities rose 0.8 % in June, following a rare 1.1 % drop in May
Chinese property investors are turning their backs on Australia as a series of measures designed to cool one of the world's hottest real estate markets targets foreign buyers
Property consultant CoreLogic said its index of home prices for the combined capital cities fell 1.1 % in May, the weskest monthly result since November 2015
Building approvals have been on a decline since last August,with the once-booming apartment sector the biggest hit, data from the Australian Bureau of Statistics shows.
The figures in the Foreign Investment Review Board's 2016 annual report highlight the huge Chinese appetite for Australian property even as economists expect the housing market to ease in 2017
Property consultant CoreLogic said its index of home prices for the combined capital cities rose 0.1 percent in April, the weakest month-on-month rise since December 2015
Australian home prices hit new records while building approvals jumped the most in seven months, latest data out on Monday showed, even as regulators launched new measures to cool the red-hot property market.
Home prices in Australia's major cities surged in February to take annual growth to the fastest in over six years, a headache for policy makers alarmed at the risks of a debt-fuelled bubble in the sector.
The Sydney market rose “between 50 percent and 75 percent over the last four years,” said John McGrath, founder and executive director of McGrath Estate Agents, “with each year delivering between 12 and 15 percent growth.” With nearly five million residents, he added, “Sydney remains Australia’s strongest and most enduring property market.” It is also the priciest.
In the central business district, for example, $2.5 million buys a two-bedroom apartment in “a nice, modern development,” said Michael Lowdon, director of Ray White Residential Sydney CBD. Three-bedroom apartments range from 3 million to 8 million Australian dollars. Subpenthouses run from 5 million to 10 million Australian dollars, and penthouses from 10 million to 30 million.
After a long pause, the auctioneer commissioned to sell a northern Sydney beach-side apartment for in excess of A$800,000 ($614,391) puts his gavel away, unable to entice a single bid.
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