It’s still a buyers’ market in most of Australia
With the exception of just two major cities Australia’s housing market is dominated by buyers. The updated Home Buyers Index from the Commonwealth Bank and CoreLogic RP Data shows that in Sydney and Melbourne sellers hold the power while elsewhere it’s with those buying a home. Buyers in Tasmania are in the strongest position while Queensland and the Northern Territory are also better for those looking to buy. Victoria has flipped from a buyers’ market in July to favour sellers in October 2014.
Construction demand slows in November
Demand for construction dropped back in November according to the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index. The latest figures showed that the industry was in contraction after declines in activity and new orders. Although the housing part of the industry continued to grow, the level of growth was at its slowest pace since March. There was a decline in new orders for apartments for the second month in a row. Julie Toth, chief economist from the AI Group commented: “While one month’s data does not necessarily indicate a new trend, this slower pace of building activity was also reflected in slightly lower building approvals for detached houses in October and September and in the latest GDP estimates for Q3 for Australia. These data really underscore the fragile and sporadic nature of the current recovery in residential housing activity, especially as we move into the end of year shut-down period for much of the industry.”
Collections: Mortgage News
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