Australia’s red-hot housing market could be heading for a sharp reality check as economists warn Australia is on the brink of its biggest property correction in 40 years.
Higher rates and affordability pressures are threatening to push the housing market into a decline, with prices in the two biggest cities already on the slide.
Houses near the beach an hour’s drive from a major capital city are still on the market for just $600,000. Here’s why prices here have hardly moved during the past five years.
A Treasury official has admitted Labor’s plan to tackle the housing affordability crisis has failed to see a necessary lift in the completion of new homes.
The cost of building a house in Australia is expected to soar by double digits in the coming year with bathroom suppliers Reece and Tradelink announcing big increases to piping costs.