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Think New York Housing Is Expensive? Try Wollongong
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Home prices are surging in Australia in 2015, with home prices in Sydney up about 39% since June 2012, according to CoreLogic RP Data. As a multiple of annual income home prices in Sydney are at 9.8, Melbourne 8.7, and Wollongong near Sydney 7.5, compared to 6.1 for New York and 8.5 for London, according to a 2015 affordability survey by Demographia. Australia's surging home prices are happening just as the mining boom that powered its economy is winding down and unemployment is up to 6.1%. Interest rates are down to 2.25%, and low interest rates with speculative purchases are likely to fuel the market up further, say experts. About 40% of home loans approved in Feb. 2015 were to investors, increasing from 31% in 2009, according to official data. According to Australia's Reserve Bank the wealthiest 40% of the population have 75% of the debt. This surge when the economy is feeling the effects of the slowdown in China, and the rest of the world is cutting down on debt, puts Australia in uncertain territory.
Australia's real estate market 2014-2016
04/28/2015
Real estate prices are rising rapidly in Australia. A Demogrpahia think tank survey on housing affordability for 2015 shows home prices as a multiple of annual income, with Sydney at 9.8, Melbourne at 8.7 and Wollongong near Sydney at 7.5, compared to London at 8.5 and New York at 6.1. Household debt as a percentage of annual income is climbing in Australia since 2009, whereas it dropped sharply in the UK and the U.S. In Australia this is close to 200%, UK little below 150% and U.S. little above 100%.
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