Real estate markets in Australia, New Zealand and the United States have been in a free fall in recent years, with the country’s biggest housing sector, the Australian Real Estate Board (ARBE), down more than 30 per cent over the past two years.
In Australia, home prices have plunged more than a third over the last decade, with Sydney prices plunging more than 40 per cent since 2011.
“The global economic downturn has put a huge strain on our housing market,” ARBE chief economist Michael Bradley said.
“We are now entering a period of rapid consolidation and the housing market is becoming increasingly more fragmented and more expensive to manage.”
A major reason for the fall in Australian home prices has been the impact of a series of major mortgage-related reforms introduced by the Australian Government.
The first of these, the National Housing Guarantee (NHG), was introduced in April 2019, and it required lenders to hold a minimum of 50 per cent of home loans to the value of $1 million.
This led to a sharp drop in interest rates and an increase in home sales, with many Australians taking out mortgages to buy their first home.
This resulted in an increased supply of affordable, low-cost homes for first-time buyers, with an increase of more than 4.5 million homes between 2019 and 2020.
“Housing is a very important sector of the economy, especially for young families, who are trying to start their lives,” said ARBE’s chief economist Andrew Wilson.
In the United Kingdom, where home prices fell for the first time in nearly a decade, housing is becoming more affordable and accessible to first-timers. “
There has been a huge change in the market, which has resulted in the fall of the Australian real estate market, and we are now starting to see the real estate bubble start to burst.”
In the United Kingdom, where home prices fell for the first time in nearly a decade, housing is becoming more affordable and accessible to first-timers.
“With the government’s recent housing policy, which is encouraging young people to move to live in their own homes, we have seen that our housing affordability has increased by around 20 per cent,” said Nick Hopkins, chief executive of the National Association of Real Estate Agents.
“Now we are starting to realise the impact this policy has had on our rental market.
We are seeing people buying properties in their spare time and renting them out.”
In France, the first-home buyer has overtaken the house buyer in the Parisian housing market.
The average price of a house in the French capital is now up 30 per year, compared to just 7.5 per cent a decade ago, according to the French National Statistics Office.
In Germany, home values have surged in recent months, with house prices in Berlin and Munich increasing by 25 per cent and 28 per cent respectively.
Home prices in the German capital are now up almost 70 per cent on the year, according the Deutsche Bank report.
In the UK, house prices have risen by more than 50 per one per cent in the past decade.
The price of the average house in London has risen by an average of more 25 per one cent a year.
“In Germany, the housing boom is over, but the UK’s housing market will continue to be buoyant, as there are now fewer people in work and a greater number of people renting,” said Mr Hopkins.
With the global economic slowdown, home price growth has been slow in the first part of 2018, but this is expected to pick up again this year.” “
That would have a negative impact on the affordability of the UK housing market, but it could also help drive up demand in the US.”
With the global economic slowdown, home price growth has been slow in the first part of 2018, but this is expected to pick up again this year.
“In New Zealand, the house price rise has slowed considerably over the same period, with prices falling by more the same rate in 2019.
Home ownership rates have dropped by about 30 per one in the last few years, but are now back to pre-recession levels. “
Interest rates have also been very low and that has led to an increase and a large increase in demand for new homes, which means that the supply of housing is increasing,” Mr Hopkins said.
Home ownership rates have dropped by about 30 per one in the last few years, but are now back to pre-recession levels.
Mr Hopkins warned that the continued low interest rates could have a positive impact on affordability, as the demand for houses is being driven by younger buyers.
“They want to live close to work, they want to have more flexibility,” he said.
The global financial crisis also played a major role in the housing bubble, with global debt levels reaching an all-time high.
“At the end of the day, this is the single largest contributor to the housing sector’s decline, and with the recent reduction in interest payments, it’s not likely to return to precrash levels,” Mr Wilson said.
What are the implications for housing affordability in Australia?
“In the past, home buyers would have been able to borrow to buy a house at a reasonable