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Property prices at all-time highs in Sydney

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Is it time to sell in Sydney?

House prices in Sydney, Australia have skyrocketed by 7 percent over the last quarter – the highest gain in almost 33 years.

It comes on the back of a lack of supply in the market and cashed-up buyers making the most of record low-interest rates.

Tim Lawless from CoreLogic says “such a synchronized upswing is an absolute rarity across Australia’s diverse array of housing markets.”

Across the country, house prices rose by an average of 10.6% over the past twelve months, with Melbourne the worst-performing capital city.

House prices in Australia / Image File

Why the spike in Aussie Property Prices?

Australia has recovered reasonably well from the COVID-19 pandemic and with that – so too is the housing market.

Melbourne and Sydney lead the way.

Despite the country’s first recession in nearly three decades, Aussie home values – including houses and apartments – ended 2020 3 percent higher, according to CoreLogic data.

The data also detailed that home values are surging at over 2 percent above average.

According to another report, the Domain House Price index released on January 28, the nation’s median detached house price hit a record high of $852,940 in the December quarter.

All this, despite the steepest decline in population growth in decades thanks to international border closures – something that should, in theory, reduce demand for housing.

Nationally, many punters are now tipping double-digit property price gains ahead. Westpac economists are banking on a 15 percent boom in prices over the two years starting this December quarter.

RBA Interest Rate

Australia’s booming housing market has seen the number of home loans increase to the highest level in more than two years.

The Reserve Bank of Australia credit figures show total housing loans rose by a further 0.5 per cent in April for an annual pace of 4.4 per cent, the highest since January 2019.

Mortgages for owner-occupied properties rose from 0.6 percent to 6.2 percent annually according to statistical data from the RBA.

Investor loans rose 0.4 per cent to 1.1 per cent annually, the highest rate since December 2018.

The RBA and other financial regulators are keeping a close eye on developments in the housing market to make sure lending standards are not deteriorating at a time of sharply rising prices.

Overall, total credit in the economy rose from 0.2 per cent in April to 1.3 per cent.

Sydney home prices are continuing to rise. Image / Unsplash

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Money

Anticipation builds for US jobs data and it’s global impact

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What to expect on. a global scale as investors brace for key U.S. employment figures.

Investors and economists are eagerly awaiting the release of the latest US jobs data, anticipating its potential impact on global market trends.

The numbers are expected to provide crucial insights into the health of the world’s largest economy and may influence investment decisions and market sentiments worldwide.

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Money

ASX 200 – what are the key market impacts from reporting season?

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What have investors learned as ASX 200 wraps up reporting season?

As the ASX 200 reporting season draws to a close, market participants are analyzing the outcomes and drawing key insights.

From notable earnings reports to unforeseen challenges, the conclusion of this reporting season unveils critical information that will shape investment.

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Money

AI pushes the Nasdaq to a record-breaking close

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The Nasdaq achieved a record-breaking close, surpassing its previous record high of 16,057.44, which was established on November 21, 2021.

Artificial assistance

Artificial intelligence-related technology stocks, such as Nvidia (NVDA.O) and Microsoft (MSFT.O), have greatly boosted the index.

The Nasdaq Composite has increased by almost 7.2% this year.

The tech-focused index surged 43% in 2023, and as chipmakers gained traction and confidence increased that the Fed might achieve a soft landing—that is, curb inflation without inciting a recession—stocks surged strongly by year-end.

In contrast, Nvidia increased by 1.9% on Thursday, bringing its total gain from a year ago to around 250%.

Market boom

Every S&P 500 subs sector saw a gain at the end of the month.

Analysts at Deutsche Bank report that the index has now increased for 16 of the past 18 weeks, matching the record most winning weeks last attained in 1971.

Bitcoin also moved closer to its all-time high.

The price of the virtual currency momentarily surpassed $64,000 as spot bitcoin ETFs helped drive it to heights last seen in 2021.

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