{"id":17421,"date":"2019-03-12T09:59:42","date_gmt":"2019-03-11T20:59:42","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=17421"},"modified":"2019-03-12T09:59:42","modified_gmt":"2019-03-11T20:59:42","slug":"who-tripped-the-housing-boom","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/who-tripped-the-housing-boom\/","title":{"rendered":"Who tripped the housing boom?"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong>PHOTO:\u00a0A large run up in prices across Sydney and Melbourne were first indications that a range of borrowers were converging on the market, bolstered by lower rates.\u00a0<span class=\"image-source\"><em>Source: News Corp Australia<\/em><\/span><\/strong><\/p>\n<div class=\"story-content\">\n<p>Forget immigration, investors, fixer-uppers, downsizers, Baby Boomers, and everything else, the latest RBA research paper \u2014 A Model of the Australian Housing Market by Trent Saunders and Peter Tulip \u2014 implicates the central bank itself in what\u2019s became largely unsustainable double digit house price growth. That is, the RBA using one of the most closely watched tools in its arsenal \u2014 movement in the cash rate target.<\/p>\n<p>\u201cSince 1982, real dwelling prices have grown at an average annual rate of around 3 per cent, approximately tripling in value,\u201d the paper found, and it said about 45 per cent of the jump in prices came off lower interest rates.<\/p>\n<p class=\"standfirst-content\">A large run up in prices in the two biggest capitals, Sydney and Melbourne, was the first indication that a range of borrowers were converging on the market bolstered by lower user costs \u2014 spreading to cities as far apart as Brisbane to Hobart, and the Gold Coast to Perth.<\/p>\n<p>\u201cMost of this fall reflects a decline in expected real mortgage rates from a peak of 6 per cent in the 1980s to 3.2 per cent recently. Holding rents and other components of the user cost constant, this would account for a 45 per cent increase in housing prices.\u201d<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.news.com.au\/finance\/real-estate\/brisbane-qld\/who-tripped-the-housing-boom\/news-story\/f58b5ac5bf8c35e662d39be843fd95b7\">NEWS.COM.AU<\/a><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>https:\/\/www.instagram.com\/p\/BuUkQr6FdBp\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; PHOTO:\u00a0A large run up in prices across Sydney and<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/who-tripped-the-housing-boom\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":8246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098730,478098512,478098521,478098726,478098562,478098519,478098852,478098535,478098779,478098543,478101743,478099125,478098579,478098510,478098514,478098609,478098511,478098509,478098888,478098536,478098618],"class_list":["entry","author-data123nz","post-17421","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-auctions","tag-australia","tag-australians","tag-chinese-buyers","tag-foreign-buyers","tag-home-ownership","tag-house-price-growth","tag-house-prices","tag-housing-boom","tag-mortgages","tag-property-correction","tag-property-crash","tag-property-market","tag-property-news","tag-propertynoise","tag-rba","tag-real-estate","tag-real-estate-news","tag-reserve-bank","tag-sydney","tag-sydney-property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Who tripped the housing boom? 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