Treasurer Josh Frydenberg is 'optimistic' soaring house prices will get the Australian economy roaring again, but experts aren't sold
Treasurer Josh Frydenberg has told the property industry he is "optimistic" about the market outlook, claiming that a 10% price increase could add as much as 0.5% to the nation GDP.Speaking directly to the property industry on Thursday, Josh Frydenberg emphasised the attractiveness of soaring prices.
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Share via Email. House prices surged 1.7% across Australia in November, the rapidly reviving market recording the biggest monthly rise since 2003, according new figures. “The Australian housing market is now five months into an unexpected period of rapid recovery.
Some ASX shares are rising this morning after house prices in Australia continued to boom during November 2019.
Every month CoreLogic releases its national Home Value Index for the overall country, as well as the capital and regional areas.
The release of these numbers has sent banks and property businesses alike up.
The Commonwealth Bank of Australia (ASX: CBA) share price is up 1.1%, the Westpac Banking Corp (ASX: WBC) share price is up almost 1%, Australia and New Zealand Banking Group (ASX: ANZ) share price is up around 0.9% and the National Australia Bank Ltd (ASX: NAB) share price is up 0.9%.
A near-record number of cashed-up Australians are rushing back into the booming property market
When it comes to property, the proportion of Australians intending to buy a house has jumped back to record highs, according to the latest Commonwealth Bank (CBA) research.After a measly two-year downturn, homebuyers now appear to be back in a big way. The proportion of Australians planning on purchasing a house is back near all-time highs, propelled on by three rate cuts according to the latest Commonwealth Bank research.
Average House Prices in Australia . The typical Australian house is detached and has a garden. Apartments and row houses are commoner near House prices in all Australian cities, apart from Hobart, have fallen or made very modest gains over the past 12 months. Sydney and Perth are the
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Construction businesses are also seeing rises.
The Boral Limited (ASX: BLD) share price is up 0.9%, the Stockland Corporation Ltd (ASX: SGP) share price is up 0.4% and the Mirvac Group (ASX: MGR) share price is up 0.5%.
The property portal businesses are also having a solid day, the REA Group Limited (ASX: REA) share price is up nearly 2% and the Domain Holdings Australia Ltd (ASX: DHG) share price is up 0.3%.
What happened to property prices in November 2019?
In one-month national house prices rose by 1.7%, Sydney house prices increased by 2.7%, Melbourne prices surged 2.2%, Hobart prices jumped 2.3% and Canberra prices went up 1.7%.
Looking at the other capital cities, Brisbane, Adelaide, and Perth all increased by between 0.4% to 0.8%.
Darwin was the only city to register a decline, but it was a pretty hefty one with a decline of 1.2%.
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The Australian Securities Exchange ( ASX , sometimes referred to outside Australia as the Sydney This system proved inadequate to handle the increased volume of trading during the mining booms . Options on leading shares are traded on the ASX , with standardised sets of strike prices and expiry
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It has been a pretty strong recovery for Sydney and Melbourne prices, over the past three months, the two largest cities have seen a growth of 6.2% and 6.4% respectively, causing national prices to show a gain of 3.8%.
FOMO certainly seems to be heavy in the housing market at the moment. It seems to be good news for property owners. It’s good news for property-related businesses. It’s good news for states relying on stamp duty. But, it’s not so good news for first home buyers and for Australian debt levels.
It will be interesting to see if discretionary spending steps up with people feeling the ‘wealth effect’. Or, will people fear what record low-interest rates mean for the economy? Time will tell. At the current prices, I’d much rather invest my money in shares over an investment property.
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