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Australia tops the list for greatest price growth, housing unaffordability causes concern among demographers, and the ABS reports Australian capital city dwellings now cost an average of $920,000: here are the biggest property and real estate stories from the past week.
Welcome to REB’s weekly round-up of the headline stories and news that are important not only for the real estate sector but also for the state of property in Australia more broadly.
To compile this list, not only do we consider the week’s most-read stories and the news that matter to you, but we curate it to include stories from our sister brands that also have an impact on the Australian property landscape. Here are the biggest property stories of the week:
1. Australia tops out global price growth ranking
Knight Frank’s latest Global House Price Index has been released, and Australia has taken the top spot with annual price growth of 17.5 per cent over the 2021 calendar year.
2. Annual property growth rockets to record high
The average value for a capital city dwelling is now over $920,000, marking the largest annual increase ever reported by the ABS.
3. Housing unaffordability could risk social cohesion
The rising cost of housing and a growing wealth imbalance is an emerging social issue that could threaten “social cohesion”, according to a leading demographer.
4. Jail sentence dished out to Qld rental provider for trust account abuse
A Cairns woman has received a jail sentence for misuse of trust account funds and has been ordered to repay $10,000 – the second conviction obtained following an investigation into a Queensland accommodation provider.
5. 20 suburbs where renters are facing crisis
Rental markets are tightening virtually all over the country, but there are a handful of suburbs where the situation is growing “desperate”, according to a new analysis.
5. Cash rate speculations don’t faze RBA governor
Reserve Bank governor Philip Lowe has said he doesn’t feel a “mounting pressure” to hike the cash rate, noting it would be a jolt for many borrowers.
6. Queensland on the cusp of a ‘golden decade’
Colliers has foreshadowed a “golden decade” for Queensland property with the release of its new report, Queensland 2022 and Beyond, which looks at the economic factors that will impact the state’s housing market in the coming years.
7. Investor lending growth outpaces owner-occupiers: APRA
New loans to investors rose at a more rapid rate than owner-occupiers during the December quarter, according to new data from APRA.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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