What is this buzz around Australia’s Housing bubble?
In the recent times, a lot of discussion has centered around whether house prices in Australia are over-inflated and whether the bubble may burst any time. The recent surprise and extraordinary move by Altair Asset Management of returning funds to shareholders at the back of worries on Australia’s property market heading into bubble territory, added to the woes. It is worth noting that these predictions have been made time and again but have not eventuated at the level as expressed.
Looking at some facts now – the past one year has depicted a varied trend in housing price in Australia, for instance, housing price growth has been strongest in Sydney and Melbourne, while the conditions in Perth have remained weak. Rapid growth in the supply of new apartments was continuing to drive a wedge between price growth for apartments and detached houses in Melbourne and Brisbane; while a shortage of housing amidst record-low interest rates made Sydney the world’s most expensive property market. There was about 19% rise in house prices in last one year to April in Sydney. On the other hand, the month of May bucked the trend with Melbourne house prices falling 1.8% while Sydney’s prices slipped marginally by 1.3%.
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