Australia housing Market

[BlueSky]

Remember how Auckland was increasing at a rate of $1000 a day , Sydney is loosing the same amount a day now.

This is purely due to credit or lack of it... no more fuel to the fire , and this is with very low interest rates. Imagine if the interest rates were at the peak?
But instead of flattening like AK, its falling in a big way

https://www.interest.co.nz/property/97267/anzs-chief-australian-economist-says-house-prices-sydney-and-melbourne-could-fall-20

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12171029

[chook]

Yep, been happening for months now. Most Kiwis wouldn't have a clue. Auckland will follow suit.

[ammar]

I am currently in Sydney since 2 years ago. While the prices are dropping but not in the good suburbs (yet). Unlike Auckland, I was shocked how much they build. In the place where I live, which is considered a good area, four high buildings were just finished. 2 bedrooms rent for $550, when no tenants they dropped the rent to $450. These apartments were sold for 900K. 100 meter away from these new apartments, another 4 high building are being build. Rent in Sydney is cheaper than Auckland currently ;-)

Sydney is big and those suburbs in the West are the most affected.

[Peter Griffin]

Yep, been happening for months now. Most Kiwis wouldn't have a clue. Auckland will follow suit.

The Dynamic is currently different. Our Reserve Bank governors decreased the impact by changing our credit criteria/LVR limit Auckland would suffer if there were 'massive' interest rate hikes. This seems unlikely in the foreseeable future.

[donna]

Yeah I guess eventually AKL may experience an actual slump - though who would bet their house on it happening any time soon?

AKL is not over developing - geez we have a lack of supply (of the type of properties that are required - whereas Sydney, Melbourne have an oversupply). I can't see this changing anytime soon - we're not open to overseas mass development (thankfully). Plus Sydney is larger than NZ in population, so while it's good to watch what's happening there - it's not comparing apples with apples - more like apples and oranges.

cheers,

Donna