{"id":25885,"date":"2021-11-19T06:53:27","date_gmt":"2021-11-18T23:53:27","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25885"},"modified":"2021-11-18T14:57:52","modified_gmt":"2021-11-18T07:57:52","slug":"australias-housing-prices-expect-22-increase-by-end-of-2021","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australias-housing-prices-expect-22-increase-by-end-of-2021\/","title":{"rendered":"Australia’s housing prices expect 22% increase by end of 2021"},"content":{"rendered":"

Regulators said that tighter mortgage rules will\u00a0do little\u00a0in curbing the\u00a0booming\u00a0property market<\/span>\u00a0<\/span><\/p>\n

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Home prices have increased tremendously throughout this year, with increases of 22 percent foreseen by the end of 2021. Ben__Stevens\/Shutterstock<\/figcaption><\/figure>\n

As said by The Guardian<\/a>, Australia\u2019s property market is booming and stricter standards on mortgage lending rules are expected to do little to curb\u00a0the\u00a0surging house prices.\u00a0<\/span>\u00a0<\/span><\/p>\n

Ren\u00e9e Roberts, executive director of policy at the Australian Prudential Regulation Authority (Apra), said that stricter standards on households\u2019 ability to pay back loans will have only a \u201cfairly modest\u201d impact on prices.\u00a0<\/span>\u00a0<\/span><\/p>\n

Home prices have increased tremendously throughout this year, with increases of 22 percent foreseen by the end of 2021.\u00a0<\/span>\u00a0<\/span><\/p>\n

However, they\u2019re tipped to flatten as markets expect the interest rate to rise sooner than the guidance\u00a0of 2024 provided by the Reserve Bank of Australia (RBA).\u00a0<\/span>\u00a0<\/span><\/p>\n

According to CoreLogic, Australia\u2019s housing auction market saw its second busiest week of the year with 3,562 homes, an 8.2 percent jump from the previous week.<\/span>\u00a0<\/span><\/p>\n

Clearance rates have also\u00a0dropped\u00a0due\u00a0to\u00a0higher supply, with 75.5 percent of sales successful.\u00a0<\/span>\u00a0<\/span><\/p>\n

In October, Apra informed mortgage lenders to ensure that borrowers could continue to repay their current interest rate with a buffer of 3 percent for further increases.\u00a0<\/span>\u00a0<\/span><\/p>\n

On November 15<\/span>th<\/span>, Roberts told the lower house standing committee on tax and revenue that Apra is more concerned with financial stability and ensuring mortgage repayments.<\/span>\u00a0<\/span><\/p>\n

Apra\u2019s general manager of policy\u00a0Gideon Holland\u00a0said Australia\u2019s financial system could withstand lower house prices if borrowers stayed in work and were able to service their loans.<\/span>\u00a0<\/span><\/p>\n

Luci Ellis, assistant governor at RBA, said she accepts that low interest rates have contributed to housing prices, but low rates and inflation were preferable to higher inflation, which could have obstructed investment. <\/span>\u00a0<\/span><\/p>\n

More: Australian banks cut basic variable home loan rate up to 0.43%<\/strong><\/a><\/p>\n

The RBA has\u00a0<\/span>kept interest rates at a record 0.1 percent an<\/span>d won\u2019t raise them until inflation is \u201csustainably\u201d within its two to three percent target range.<\/span>\u00a0<\/span><\/p>\n

Yet,\u00a0borrowers are\u00a0<\/span>rushing to lock in\u00a0such rates\u00a0<\/span>amid news that the record low cash rate will come to an end earlier than its current prediction of 2024.<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Regulators said that tighter mortgage rules will\u00a0do little\u00a0in curbing the\u00a0booming\u00a0property market\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,520,2470,512],"class_list":["post-25885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-home-prices","tag-mortgage-rules","tag-residential","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"\nAustralia's housing prices expect 22% increase by end of 2021 | 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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