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Australia home prices keep rising even as Sydney locks down

Australia home prices keep rising even as Sydney locks down

SYDNEY  - Australian home prices motored ahead in July even as a coronavirus lockdown in Sydney curbed auctions, though stretched valuations could make affordability more of a drag in the longer term.

 

Data from property consultant CoreLogic out on Monday showed national home prices climbed 1.6% in July from June, when they rose 1.9%. Prices were up 16.1% on last year, the fastest annual pace since 2004, with houses surging 18.4% amid a pandemic-driven shift to working from home.

 

A lockdown did nothing to stop Sydney gaining another 2.0% in the month, to be up 18.2% on a year ago. Melbourne added 1.3%, Brisbane 2.0% and Adelaide 1.7%. Prices across the major cities grew 1.6% in July, while the regions rose 1.7%. "Dwelling sales are tracking approximately 40% above the five-year average while active listings remain about 26% below the five-year average," said CoreLogic's research director, Tim Lawless.

 

"The mismatch between demand and advertised supply remains a key factor placing upwards pressure on housing prices." The red-hot market has provided a huge windfall to consumer wealth and confidence. The Australian Bureau of Statistics estimates the value of homes rose a record A$450 billion in the March quarter alone to reach A$8.3 trillion ($6.09 trillion).

 

However, with the average home in Sydney now above A$1 million prices were looking stretched. "With dwelling values rising more in a month than incomes are rising in a year, housing is moving out of reach for many members of the community," said Lawless. Buyers have still been encouraged by the outlook for super-low borrowing costs, with the Reserve Bank of Australia (RBA) saying rates were likely to remain at just 0.1% until 2024. Regulators, however, have been warning banks not to loosen lending standards and analysts suspect they could tighten loan rules later this year if the market stays this hot.

 

Source: Yahoo/finance

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