The house price increase in Melbourne is slowing down.
Australia’s runaway property market showed its first hints of cooling, with the Sydney house price index increasing by 3.2 percent in the first nine months of the year following two years of double digit increase, while price increases in Melbourne was at its slowest in more than a year at 6.9 percent, reported Bloomberg, citing government data.
This comes amid the central bank’s warning of an impending oversupply of inner city flats, with Morgan Stanley expecting the surplus to reach 100,000 units by 2018.
“I simply don’t believe it can continue,” said Paul Dales, Capital Economics Chief Economist for Australia and New Zealand. “General market states aren’t really consistent with this specific strength going substantially further.”
With this, Australia’s biggest banks – Westpac Banking Corp, Australia & New Zealand Banking Group, National Australia Bank and Commonwealth Bank of Australia – increased their mortgage rates to 15 basis points for landlords by seven basis points this month.
Apartment building also begun to fall back, after peaking in March. commencements with 31,546
Paul Bloxham, hSBC Holdings Leader Australia Economist, noted that tighter lending standards for property investors and foreign buyers, as well as capital controls by Chinese authorities, have aggravated the slowdown.
On the hand, Singapore developer seem to be able to dispose quite a substantial number of units during the last quarter of 2016. And 2017 will see more popular projects like Inz Residence EC By QingJian to launch in early 2017.
“The Australian home market is cooling,” wrote Bloxham in his 2017 home prognosis report in November. “Tighter prudential settings along with a pull-back in foreign demand are expected to weigh on prices, particularly of flats.”
As population growth and record low interest rates underpin the market few, however, are expecting an outright crash.
Actually, HSBC anticipates Sydney costs to increase by four to six percent in 2017, and two to four percent in Melbourne. That is certainly still a healthy investment given that economists expect the Reserve Bank of Australia to keep its official cash rate at 1.5 percent by next year.
“Average Australian investors want powerful and steady yields,” said Michael Yardney, Director of Metropole Property Strategists.
There are not a lot of other asset categories other than residential property that offer that he added, while noting the ending of the age when money is being made by every property.
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