Tag Archives: australia
New homes sales in Australia up by over 3% in January, led by detached properties
New home sales in Australia increased by 3.1% in January with detached properties leading the growth, according to the latest report from the Housing Industry Association. Detached house sales were up by 5.8% while the sale of multi-units dropped by the same amount but there was quite considerable regional variation. Detached house sales increased by 7.9% in Queensland, by 7.3% in Western Australia, by 5.5% in Victoria, by 4.2% in New South Wales, and by 1.3% in South Australia. Meanwhile, the latest data from the Australia Bureau of Statistics shows the number of homes approved fell by 1% in January, continuing a 10 month decline. Approvals decreased in January in the Australian Capital Territory by 11.3%, in the Northern Territory by 9.5%, in New South Wales by 3.5%, in Western Australia by 1.8% and in Tasmania by 1.7%. But they increased by 1.3% in Victoria, by 0.3% in South Australia and by 0.1% in Queensland. Also in trend terms, approvals for private sector houses rose 0.1% in January, while approvals for private sector dwellings excluding houses fell 2.3%. The value of total buildings approved fell 1.8% in January, in trend terms, and has fallen for seven months. The value of residential building fell 2% while non-residential building fell 1.3%. According to HIA chief economist Harley Dale once the current pipeline is exhausted, new home construction activity will soften. ‘This year will be another healthy one for detached house and multi-unit construction, but we won’t surpass the heights of 2015,’ he said. ‘The new home building sector is crucial to Australia’s economic prospects in 2016 and should continue as a mainstay of domestic economic activity. That is provided policy considerations and debates underway now don’t have adverse consequences for confidence towards housing,’ he added. Continue reading
Spanish market remains stable with demand up from foreign buyers
British buyers have contributed the most to a steady growth in overseas buyers demand for property in Spain as the housing market remains stable. According to figures from the College of Property Registrars more than one in 10 properties sold in Spain is now bought by a foreign buyer, including expats and non-residents. Foreign demand as a percentage of the market was 13% last year, fractionally down from 13.5% the year before and foreigners bought 46,000 homes in Spain last year, 12,000 in the last quarter alone. Overall foreign demand was up 11% last year, and 12% in the last quarter, whilst local demand grew by only 7% in the last quarter. British buyers were once again the biggest group of buyers by a large margin with 9,956 acquisitions last year, some 21% of foreign demand last year, followed by the French with 4,116 or 9%, and the Germans with 3,445 or 7%. According to Mark Stucklin, of Spanish Property Insight, what is remarkable is how much British demand surged in the last two quarters of the year, which was not the case with other nationalities. Russian demand declined steadily throughout the year. He said that in both cases the change was influenced by exchange rates, with the Pound strengthening and the Rouble weakening. ‘The big story from last year’s foreign sales figures was the 81% increase in British demand compared to the year before. The British are clearly back to being the dominant force in foreign demand, though not yet as dominant as they were in the boom years,’ Stucklin explained. ‘Low Spanish property prices, down around 50% from the peak, plus a stronger Pound are no doubt fuelling British demand,’ he said but pointed out that fears of the UK leaving the European Union following the forthcoming referendum vote in June creating uncertainty about the UK’s future in Europe, and a weaker Pound in the short term, could encourage British buyers to sit on the sidelines for the next few months. ‘So don’t be surprised if British demand is significantly down in the first quarter of this year when the figures come out,’ he added. At the other end of the scale Russian demand was hammered last year, down 43%, thanks to serious economic problems at home pushing the Rouble down around 16% in the last year, and 50% in the last 3 years, leaving many Russians much poorer. Although the market is recovering in Spain there are still signs that pries and sales are up and down. The latest data from property portal Idealista shows that the average prices of a home in Spain fell by 0.9% in February to €1,583 per square meter. Year on year prices were down 0.8%. Only two of Spain’s regions registered increases in the average price of property with the Canary Islands up 1.5% and the Balearic Islands up 0.3%. In Galicia the prices remained stable, while the biggest declines registered were those… Continue reading
Christchurch housing market well on way to recovery following earthquakes five years ago
Five years after earthquakes devastate the New Zealand city of Christchurch it has been announced that housing is now on track for a full recovery. Housing has been one of the most complex and challenging problems in the aftermath of the disasters that struck in 2010, according to housing officials and ministers but they added that the Government’s wide ranging support as ensured the city’s housing market is nearing recovery five years. ‘The Government has taken a step by step approach and officials project that by June 2017, the Christchurch housing market will be fully recovered with supply and demand back in balance,’ said Building and Housing Minister Nick Smith. The Government’s housing initiatives in Christchurch since the earthquakes include the Establishment of the Canterbury Earthquake Temporary Accommodation Service (CETAS), which has helped nearly 6500 households find temporary accommodation. Temporary accommodation financial assistance of over $55 million was provided to over 3,200 households and the Residential Advisory Service has helped over 3,288 residential property owners progress their repair, rebuild, and resettlement process. Over 1,000 were put in temporary accommodation, some 27,000 emergency repairs carried out on Housing New Zealand homes, and some $31 million in grants provided for social and affordable housing in Canterbury. ‘As some of the most vulnerable residents, social housing tenants were particularly hard hit by the earthquakes. Housing New Zealand’s effort fixing its houses was staggering, spending $350 million repairing over 5,100 properties,’ said Social Housing Minister Paula Bennett. Smith said that the strongest evidence of the successful recovery of Christchurch’s housing market is the latest data on rents and house prices. House prices rose by up to 13% per year following the earthquakes but grew last year by 2.7% and are now back below the national average. Rents were growing at up to 16% per year following the earthquakes but have been declining since October 2014 and in the past year, have dropped by 6%. ‘Housing was one of the biggest post-quake challenges facing Christchurch, but a concerted effort by the community, building sector, council and Government has enabled us to recover as quickly as practically possible,’ he explained. ‘With the completion of projects in the pipeline, Christchurch will have, by 2017, the safest and warmest stock of private, state and community housing in the country,’ he added. Continue reading
