WCS

As the Covid 19 pandemic recedes, home buyers and renters are on the move. More people are quitting their jobs, some moving to new cities and towns.

Theyre hunting for a better life, lower cost of living, and perhaps a better job. Work from home continues, although a good majority of workers are expected to be back at their employers workplace by fall, which is only 2 months away now.

Exodus from Urban Housing Markets

The trend of buyers and renters moving to the suburbs and beyond has created a surplus of apartment buildings and units on the urban markets.

Popular for its cultural and treasures, “The Land Down Under” has for the myriad of opportunities for global travelers. This marvelous destination adds great value to one’s travel experience. On can relax on the charming beaches along gorgeous coastlines or opt for various adventures. Cosmopolitan cities like Sydney and Melbourne offer travelers various entertainment options. They can enjoy shopping at some of the best shopping hubs or can try some regional delicacies at world-class restaurants. Apart from this, for accommodation, apartments in Australia are some of the best options if one wants to stay at a homelike setup.

These apartments are adorned with modern amenities and the housekeeping staff make sure that cleanliness and hygiene are not compromised. Being close to a variety of tourist attractions, these properties are worth staying at. Travelers who are looking for some best apartments can consider properties such as Quest Maribyrnong, Mulwala Lakeside Apartment, Cypress waterfront spa apartment, Nightcliff Foreshore Getaway, and Yarrawonga Waterfront Apartments. With so much to do, travelers will not have even a single dull moment while accommodating in these establishments.

Special Experiences At Australia Apartments

While staying at holiday apartments in Australia, guests are pampered with some exceptional experiences. All the best apartments are equipped with modern amenities that include a swimming pool, fitness center, and spa & wellness centre. Nightcliff Foreshore Getaway is one of the best apartments where guests can take advantage of a wide range of amenities. This property is decked up with a saltwater pool allowing travelers to spend some cozy moments. Apart from this, the beautiful on-site garden a great place to enjoy some peaceful time. For the recreation of travelers, the apartments also offer cycling, fishing, golf, and many more activities. Another top-rated apartment, Cypress waterfront spa apartment is also a wonderful property where travelers will find myriad ways to relax and rejuvenate. They will be highly impressed with the spacious room offers mesmerizing views. Moreover, amenities such as barbeque facilities, swimming pool, and a well-manicured garden.

At one time, homeownership was a goal for nearly everyone. Today, there are many housing options that don’t require taking out a mortgage. You may find that buying a house vs renting an apartment is the best choice for you, or you may decide that renting is the way to go.

When deciding between the two, you should consider which type of housing is best suited to your personal goals and lifestyle. If you currently rent, you need to decide if you’re ready for the financial commitment of buying a house. Both renting an apartment and buying a home have advantages and disadvantages to consider.

Five reasons why you may want to buy a house vs. renting an apartment

For both financial and personal reasons, you may discover that owning your own house outweighs the expenses. Here are five reasons why buying your own home might make sense:

There’s still opportunities in the Australian housing market, especially with current exchange rates, but don’t wait too long as Australian interest rates are on the way down again.

When it comes to the Australian housing market it is safe to say that it has been one of the best investments for international investors in recent years. There are some impressive real estate figures coming out of Sydney and the reason is down to the fact that Australia recently went through a housing boom. The situation has slowed down slightly now but prices and demand for Australian housing, especially in the Sydney area has remained strong according to news reports in the Sydney Morning Herald.

The aspect of the Australian housing market that is overshadowing everything else at the moment however is the rental market. Increased mortgage rates meant less investment in buy-to-let, which resulted in less availability and proportionally higher demand, resulting in higher rents and subsequently a higher cost of living. This doesn’t however mean that people have stopped or are going to stop purchasing property in the Sydney area, especially as interest rates are on the way down again.

Advice and Services for the Expatriate Buyer of Australian Real Estate

Exfin provides access to a number of services associated with the purchase of real property in Australia, a including general information about the buying, selling and renting of property. Information and resources include the following.

Residential Property Pricing Information

Access to residential property data and charts from the Australian Bureau of Statistics (ABS) and RBA regarding Australian house prices since 2013 in relation to all major capital cities, and to other market commentary.

Australian Mortgages

Access to almost all Australian mortgage products for the purchase of Australian real estate purchases, provided by mortgage brokers who are experienced in dealing with offshore purchasers; both Australian and other nationalities.

Australian real estate is quite similar to New Zealand but Australia is so much bigger, so the Australian property market is more competitive than NZ for both renting and buying.

Like New Zealand there are positives and negatives to each city and each suburb and it is important to do research before you leave New Zealand, especially before you make any fixed arrangements.

What you will find in this post:

After a lengthy period of rapid price and sales growth, the Australian housing market sales rate in the spring has begun to grow more slowly. Home Sales fell 10% in August, new home listings are down and new dwelling construction approvals have dropped as well.

Credit tightening along with some Covid lockdowns has suppressed sales from June to August, even though mortgage rates continue to fall.

Home prices in Sydney, Perth, Melbourne and Brisbane continue to climb (see below) even as sales and listings diminish. The recent home price growth rate for Australia is very steep comparable to the record rates back in the late 1980s. Given foreign students and other immigrants coming in are well down due to lockdowns, it seems the market is still suppressed by the pandemic.

Australian property is one the widest and deepest asset bubbles in the history of capitalism. Any objective assessment of this market can lead to no other conclusion.

With a long history of commitment to home ownership, Australians have always been prepared to structure their finances around property. This showed up in a total dwelling stock to GDP ratio that persisted around a very high 150% from 1960 to 1990. In the late 1990s that shot up to 200% and then embarked on near ceaseless climb to 360% today.

There are many other guides to the extreme overvaluation of Australian property. The ratio of household debt (overwhelmingly mortgages) to disposable income is the highest in the world at 186%. Median price to income multiples are anything from 12x in Sydney, to 10x in Melbourne, down to still immensely unaffordable 6x in smaller capitals, up from 3-4x times in all over the long run for all. The extent of overvaluation is plain.

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