House prices in most Australian cities finished 2019 on a high, with national average dwelling prices lifting 1.1 per cent during December and by 2.3 per cent over the year, according to CoreLogic.For the three-month period to December, national average house prices soared by 4 per cent — the fastest rate of national dwelling value growth over any three-month period since November 2009.On an annual basis, five of eight capital cities, and five of the seven "rest-of-state" regions, ended the year with price rises.Among the capitals, Sydney and Melbourne recorded the highest annual capital gain, with both cities posting a 5.3 per cent rise in dwelling values over the year.During December, Sydney house prices rose 1.7 per cent, while Melbourne house prices shot up 1.4 per cent.CoreLogic's head of research, Tim Lawless, said that although the monthly capital gains trend remained fast-paced, the 1.1 per cent rise in December was softer relative to the 1.7 per cent gain in November and the 1.2 per cent rise in October. "Despite a strong rebound over the second half of 2019, Mr Lawless said, property values across most regions of Australia were still below their previous record highs.Nationally, the CoreLogic index recorded a peak in October 2017.The only regions where housing values were currently tracking at new record highs were Hobart, Canberra and regional Tasmania.Tapas Strickland, a director of economics and markets at National Australia Bank, said the national gains meant prices were now 3.1 per cent below the all-time high reached in 2017, with Melbourne 2.3 per cent below its peak and Sydney 6.4 per cent away from its high.
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The South Australian capital, in contrast with the eastern seaboard, has actually been on the rise, averaging 4% house price growth every year between 2013 and 2018. "This would suggest that the pace of capital gains may have been dampened by higher advertised stock levels or worsening affordability pressures through early summer," he said.Mr Lawless said if the current quarterly rate of growth persisted this year, the national housing market would record a nominal recovery in March as dwelling values rose to new record highs. Merkel Bloc Ready to Suspend Debt Limit For One More Year Influential Fed Economist Thomas Laubach Dies at Age 55 Hobart, meanwhile, has had a meteoric rise in recent years although that now looks like its boom might be finally slowing. The latest analysis by property group Domain shows exactly how the different capital cities are faring — some in the midst of multi-year booms, others on a downward spiral. rose 1.6% this quarter.
"The missing ingredient is confidence with many Aussies preferring to save and live more simply rather than spend and add to the mountain of possessions," Mr James said.Mr Lawless said the positive year-end results masked a year of two distinct halves. Unit prices, which have shot up 24% since 2016, are down 1.5% this year.That boom was off relatively low prices, however, meaning that despite the growth, Hobart is still the most affordable capital city to buy a house in the country.“Price growth is likely to be modest in the year ahead as Hobart’s relative affordability compared to other capital cities has declined, and more home building will add to the supply of housing,” Domain said. Likewise, Melbourne appears to be on the up after following Sydney through a price rout.Median house prices are down 10% since their 2017 peak and by as much as 16% in the city’s most expensive inner-east and inner-south areas. Tech Leads U.S. Stocks’ Biggest Rout Since June: Markets Wra...
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Germany Sees at Least 80 Billion Euros in New Debt Next Year Key will be “how well the virus is contained and the region’s exposure to other factors such as its reliance on overseas migration as a source of housing demand.”The central bank’s record-low interest rates, bank “So far there has been no evidence that large numbers of distressed properties are coming on the market,” Lawless said. U.S. Job Gains Seen Hanging On in August With Tougher Road A... Strong population growth has meant the correction in unit prices was not as severe as some had predicted,” it said.
"However, the flipside is that housing affordability is set to deteriorate even further as dwelling values outpace growth in household incomes, signalling a setback for those saving for a deposit. Source: Domain House Price Report, September quarter 2019. That looks unlikely to change either, with house prices falling 2.3% this quarter, bringing them 26% lower than their 2013 peak.
Brisbane’s property market is much more affordable than Sydney and Melbourne, according to research by Michael Matusik the current price to income ratio required to buy in Brisbane is 5.3 times at a median house price of $524,000.
Median house prices are down 10% since their 2017 peak … Mortgage Rates in the U.S.
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