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1 February - The housing market started the year strongly with a national price increase of 0.9%. 1 March - The housing market saw euphoria through February with national prices rising 2.1% in the calendar month, fear of missing out (FOMO) leading to first home owners and owner occupiers making up the majority of buyers.
The property prices are soaring in major cities like Sydney, Melbourne, Adelaide, Perth, Brisbane and Hobart. [3] The median house price in Sydney peaked at $780,000 in 2016. [ 4 ] However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities.
US house price trend (1998–2008) as measured by the Case–Shiller index Ratio of Melbourne median house prices to Australian annual wages, 1965 to 2010. As with all types of economic bubbles, disagreement exists over whether or not a real estate bubble can be identified or predicted, then perhaps prevented.
The Australian residential property market is the section of the Australian property market that provides rental properties by landlords to tenants. In Australia 31% of households rent their residences. [1] The vast majority rent from private landlords, and a small minority rent from public housing authorities.
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In Melbourne, for instance, one early observer noted that "a poor house stands side by side with a good house." [ 2 ] There are significant regional differences in rates of homeownership around Australia, reflecting average age differences (e.g., older age people tend to own houses more than younger people), as well as socio-economic differences.
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