{"id":19773,"date":"2021-03-30T09:33:15","date_gmt":"2021-03-30T02:33:15","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11812"},"modified":"2021-06-04T16:10:57","modified_gmt":"2021-06-04T09:10:57","slug":"australias-booming-property-prices-drive-the-surge-in-wealth","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australias-booming-property-prices-drive-the-surge-in-wealth\/","title":{"rendered":"Australia&#8217;s booming property prices drive the surge in wealth"},"content":{"rendered":"<p><span data-contrast=\"auto\">Household wealth has been pushed to record levels by the\u00a0<\/span><span data-contrast=\"auto\">running hot<\/span><span data-contrast=\"auto\">\u00a0property market, as the economy recovers from the slowdown<\/span><\/p>\n<figure id=\"attachment_11814\" aria-describedby=\"caption-attachment-11814\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-11814\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/03\/shutterstock_1404149228.jpg\" alt=\"\" width=\"1000\" height=\"749\" \/><figcaption id=\"caption-attachment-11814\" class=\"wp-caption-text\">. bmphotographer\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">Despite the hundreds of thousands of Australians persisting through their unemployment,<\/span><span data-contrast=\"auto\">\u00a0property prices are thriving, pushing household wealth to reach record levels, according to <a href=\"https:\/\/www.abc.net.au\/news\/2021-03-25\/booming-property-prices-push-household-wealth-to-record-levels\/13274852\" target=\"_blank\" rel=\"noopener\">ABC News<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Australia\u2019s residential property value bounced back by around AUD250 billion<\/span><span data-contrast=\"auto\">\u00a0(USD190.9 billion) in the last three months of 2020. It followed a jump in property values of over AUD200 billion in the September quarter.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As stated by the Australian Bureau of Statistics (ABS), the total household wealth grew by AUD501 billi<\/span><span data-contrast=\"auto\">on in the December quarter through a combination of rising property prices and recovery on stock markets. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Superannuation reserves were also recovered back above pre-pandemic levels via the recovery in stock markets in the last half of 2020, with an i<\/span><span data-contrast=\"auto\">ncrease of AUD166 billion in the December quarter.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">ABS officials said the surge in wealth for property owners can be attributed to the Reserve Bank\u2019s expansionary monetary policy and government support for the housing sector.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Katherine Keenan, the head of finance and wealth at the ABS, said, \u201cThe December quarter growth in household wealth was driven by rising residential property prices, reflecting record low-interest rates, support through government programs such as the First Home Buyer and the <\/span><span data-contrast=\"auto\">HomeBuilder<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">schemes<\/span><span data-contrast=\"auto\">, and\u00a0<\/span><span data-contrast=\"auto\">pent-up<\/span><span data-contrast=\"auto\">\u00a0demand from buyers.\u201d\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe growth in residential assets\u00a0<\/span><span data-contrast=\"auto\">was<\/span><span data-contrast=\"auto\">\u00a0seen across both owner-occupier and investor housing in the December quarter. Owner-occupier housing loans grew 1.9 percent, which was the strongest growth seen in four years, while investor housing loans grew 0.4 percent, which was the first positive growth recorded\u00a0<\/span><span data-contrast=\"auto\">in\u00a0<\/span><span data-contrast=\"auto\">the past two years,\u201d she added.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">ABS data also<\/span><span data-contrast=\"auto\">\u00a0showed that despite the jump in property prices, the housing-debt-to-income ratio decreased from 139.2 to 139 in the December quarter<\/span><span data-contrast=\"auto\"> due to growth in household income (1.2 percent) being higher\u00a0<\/span><span data-contrast=\"auto\">than<\/span><span data-contrast=\"auto\">\u00a0housing debt (1 percent).\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Income growth was driven by government income support packages such as\u00a0<\/span><span data-contrast=\"auto\">JobKeeper<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">and<\/span><span data-contrast=\"auto\"> the Coronavirus Supplement that were implemented in response to the pandemic.<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/australias-housing-market-booming-but-from-massive-debts\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Australia\u2019s housing market booming, but from \u2018massive\u2019 debts<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">However, there are concerns about property prices as this record high has exceeded the peak reached in 2017.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Eliza Owen, CoreLogic\u2019s head Australian research, said few people were selling and many buyers were scuttering\u00a0for property<\/span><span data-contrast=\"auto\">, adding that\u00a0<\/span><span data-contrast=\"auto\">\u201cthis is really a function of record-low mortgage rates, a very strong economic recovery and the fact that buyer de<\/span><span data-contrast=\"auto\">mand<\/span><span data-contrast=\"auto\">\u00a0is very strong against relatively low levels of stock<\/span><span data-contrast=\"auto\">.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWe\u2019d either need to see some more restrained lending conditions or higher levels of supply to really start to ease the growth that we\u2019re seeing in the housing market at the moment,\u201d s<\/span><span data-contrast=\"auto\">aid Owen<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Household wealth has been pushed to record levels by the\u00a0running hot\u00a0property market, as the economy recovers from the slowdown\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,1280,1281,1282],"class_list":["post-19773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-household-wealth","tag-peak","tag-property-prices","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australia&#039;s booming property prices drive the surge in wealth | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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