{"id":34726,"date":"2021-09-21T09:24:25","date_gmt":"2021-09-20T21:24:25","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=34726"},"modified":"2021-09-21T09:24:25","modified_gmt":"2021-09-20T21:24:25","slug":"too-big-to-fail-why-the-aussie-property-market-wont-go-down","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/too-big-to-fail-why-the-aussie-property-market-wont-go-down\/","title":{"rendered":"\u2018Too big to fail\u2019: Why the Aussie property market won\u2019t go down"},"content":{"rendered":"

PHOTO: So long as Australia’s popuation is growing so too will the property market (Source: Getty)<\/em><\/strong><\/p>\n

Australia\u2019s\u00a0property market has been booming, and while there has been some\u00a0slowdown\u00a0in the pace of growth, a drop in prices is not likely, this expert said.<\/p>\n

Director of Metropole Michael Yardney told\u00a0Yahoo Finance<\/em>\u00a0that the events of the last year have proven that the Aussie property market will not falter.<\/p>\n

\u201cThe Australian property market<\/a> is too big to fail. What we learnt from COVID-19 last year is that the Government and the banks are not prepared to let the property market fail,\u201d Yardney said.<\/p>\n

\"Property<\/a><\/div>\n
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Will the Australian Property Market Crash? | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

The Australian property market is worth around $9 trillion – bigger than the GDP, ASX and superannuation industries combined.<\/p>\n

Property demand soars<\/h2>\n

The most recent\u00a0Corelogic research<\/a>\u00a0found that even without international migration due to closed borders, demand for housing has reached a 12 year high.<\/p>\n

Corelogic executive research director, Tim Lawless said there were around 598,000 house and unit sales across Australia from January to August this year.<\/p>\n

That is the second largest number of annual sales since 2004 and a 42 per cent lift on the annual sales compared to the last 12 months.<\/p>\n

\u201cSuch a significant surge in housing demand may seem surprising at a time when overseas migration has stalled, however the substantial rise in home sales can be explained by a lift in domestic demand from previously low levels,\u201d Lawless said.<\/p>\n

\u201cHousing turnover trended lower from late 2015 as credit conditions tightened, housing affordability became more challenging and transaction costs such as stamp duty became increasingly expensive as prices rose.\u201d<\/p>\n

However, Lawless said that since credit policies have loosened and mortgage rates have reduced to record lows, more Aussies have been encouraged to participate in the housing market.<\/p>\n

READ MORE VIA YAHOO<\/a><\/p>\n

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@propertynoise<\/a> <\/p>\n

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\u266c original sound – Property Noise Group<\/a> <\/section>\n<\/blockquote>\n