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Moving to Australia

Australia’s housing market is suddenly heating up again

After a two-year slide, Australian house prices look to have bottomed out, sending buyers flocking back to the market.

A four-bedroom home went up for auction in the Sydney suburb of Ryde on Saturday. it attracted approximately 100 people. Spirited bidding pushed offers above the reserve price, where it finally sold for A$1.5 million, which was last seen during the boom years.

People are now getting concerned that property prices are going to start increasing in the next six to 12 months, so are trying to buy now.

The sudden turnaround is thanks to three main factors. The central bank’s back-to-back interest rate cuts that pushed mortgage rates to record lows. The regulator’s loosening of mortgage stress tests. And the surprise re-election of Scott Morrison’s government in May that killed off the opposition Labor party’s plans to wind back tax breaks for property investors.

The property rebound is being celebrated in an otherwise sluggish economy. Rising house prices may help consumer spending by making homeowners feel wealthier.

Dwelling values in Sydney, have risen in each of the past two months, according to CoreLogic Inc, which ended a nearly two year slide that saw prices tumble 15% from their July 2017 peak, and foreshortened a slump economists had forecast to extend into next year.

Home prices also rose in Melbourne, Brisbane, Hobart and Darwin last month.

Commonwealth Bank of Australia, the nation’s largest home lender, also says the housing market has turned the corner.

Read the full article on nzhearald.co.nz: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12258666.

Are New Zealand citizens eligible for Australia’s First Home Owners Grant?/Foreign Exchange/Money Transfer/grace removals/Open an Australian Bank Account/Which city to move to in Australia

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About MTA Editor

Moving to Australia Editor

Hi… I’m JJ Smith.

I’m the creator and editor of Moving to Australia and have been for 10 years! I know everything there is to know about New Zealanders moving their families and life to Australia. Either from first hand experiences and research or through the questions from visitors to this website… and I’m here to help!
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About MTA Editor

Hi… I’m JJ Smith.

I’m the creator and editor of MTA. I started this blog in 2008 when my family and I moved to Australia. I know everything about New Zealanders moving their life to Australia. Either through our research, first hand experiences or the questions I've helped visitors with.

I learnt so much when we moved our family from Auckland New Zealand to the Gold Coast (short term accommodation x 3) and then Brisbane (family friends, then long term rental). I sold my website business in NZ before the move. I was pregnant when we moved, so it was easy for me to setup this site and share my knowledge to help others, save them time, money and make their move stress-free.

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