c/australia · by Ijustdoeyes@aussie.zone · 2y

Property values are tipped to reach a new high. Here's how much prices have risen in each capital city - ABC News

https://www.abc.net.au/news/2023-10-04/house-prices-state-by-state-breakdown/102927968?

21 points · 8 comments · view on lemmy.world

8 Comments

I love how they keep calling it a 'recovery' and talking about 'strong performance', in the middle of a fucking housing crisis.

autotldr@lemmings.world · 2 pts · 2y (5 replies)

This is the best summary I could come up with:

The September quarter saw Adelaide recording the highest capital gain at 4.3 per cent, pipping out Brisbane and Perth.

According to Mr Lawless, Brisbane looks set to reach a new record high in October, with home values currently only 0.6 per cent below their previous peak.

Perth was one of three capital cities to record strong September quarter figures, with house values up 3.6 per cent.

The median house value in Sydney rose 1 per cent and is now just short of $1.4 million, the peak it reached in February last year.

Together with low levels of supply, PRD chief economist Diaswati Mardiasmo believes property prices will increase further.

"People are feeling more confident with their financial situation as stable rates means there is less turbulence in monthly mortgage repayments, which allows them to plan their household budgets with more certainty," she said.

The original article contains 650 words, the summary contains 142 words. Saved 78%. I'm a bot and I'm open source!

Marin_Rider@aussie.zone · 6 pts · 2y (4 replies)

The median house value in Sydney rose 1 per cent and is now just short of $1.4 million, the peak it reached in February last year.

farout i still remember when it crossed $1m, didnt seem that long ago. how on earth is 1.4m median... i truly dont get it

inanna@lemm.ee · 8 pts · 2y (1 reply)

Private equity, negative gearing, essential resource and no sign anyone's going to be reigned in. We'll only get off this ride when it derails

Garper@lemm.ee · 1 pts · 2y

I honestly don't think it's going to happen unless a government with real teeth and a strong voter base to keep them in power arises. Right now Labor is doing everything it can to keep it's centrist voters.

Wiggles@aussie.zone · 5 pts · 2y

Considering

Only 1% of Australian taxpayers own nearly a quarter of all property investments across the country, amid concerns over escalating rates of wealth concentration.

Data provided by the Australian Taxation Office has revealed the extent of that concentration, with more than 7% of property investors – or 215,321 people – accounting for 25% of all property investments.

That 7% also have three or more interests in investment properties across the country, with 1% of investors – or just 19,895 people – currently holding six or more investment interests.

And that is only the top 1% of tax payers (which is only 7% of investors), I can't imagine what percentage of property investment is owned by the top 10% of tax payers.

From: https://www.theguardian.com/australia-news/2023/jun/04/a-quarter-of-australias-property-investments-held-by-1-of-taxpayers-data-reveals

jay9@lemmy.world · -1 pts · 2y

Sydney is an international city, and everyone all over the world wants a piece. That’s how.

kowcop@aussie.zone · 1 pts · 2y

This has to re-balance at some point. The only way to buy a house seems to be to have an existing house to upgrade, or have someone die and get enough inheritance to make the remainder of a mortgage affordable. We went to refinance a month or so ago and an income of $250k was needed for about $1.3m mortgage (without lying about expenses)