Australian Home Prices May Rebound on Low Rates, Easy Credit

(Bloomberg) —



a house with trees in the background: Residential properties stand along a street in Brisbane, Australia, on Tuesday, May 7, 2019. Australian central bank chief Philip Lowe dashed expectations of an interest-rate cut, looking through recent weakness in inflation to hitch the policy outlook to a labor market that he says remains strong.


© Bloomberg
Residential properties stand along a street in Brisbane, Australia, on Tuesday, May 7, 2019. Australian central bank chief Philip Lowe dashed expectations of an interest-rate cut, looking through recent weakness in inflation to hitch the policy outlook to a labor market that he says remains strong.

Australian home prices may have bottomed out and could be set to rise through the end of the year on the back of lower interest rates and easier credit, according to Bloomberg Intelligence.

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Property prices have fallen just 3% since the Covid-19 crisis began, defying concern of a steeper slide. A plan to ease responsible-lending rules and mounting speculation for further loosening of monetary policy in coming months may unleash a wave of borrowing, Bloomberg Intelligence analyst Mohsen Crofts said in a report Wednesday.

What Bloomberg Intelligence says:

Home prices may have reached a near-term bottom in most

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US In Danger Of Becoming A ‘Renter Nation’ As Home Prices Hit Record High, Says Investor

KEY POINTS

  • Every $1,000 increase in home price pushes 150,000 buyers away: Report 
  • Rental prices have dropped by 0.1% since last month: Report
  • Homebuying is currently led by people with jobs and equity

Rising demand for homes, unprecedented levels of mortgage rates and low supply have pushed home prices out of reach for prospective homebuyers, which could make America a ‘renter nation,’ Grant Cardone, a real estate investor, told Yahoo.

“Homeownership is still dead in this country because the only people that are buying homes right now are people that have equity, great credit, and a job,” Cardone said.

For every $1,000 increase in home price, 150,000 buyers are priced out of a possible home purchase, according to a recent report by the National Association of Home Builders (NAHB).

The fall season is known to be good for real estate as home prices fall during this time. Realtor.com, however, suggests

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Home prices are held down by COVID-19 in big cities while climbing sharply in less crowded areas

The housing market has been booming during the COVID-19 crisis, but America’s cities are taking it on the chin.

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And while big cities like New York and San Francisco, in particular, are struggling with falling prices, values in less densely populated cities such as Phoenix and Charlotte, North Carolina, are holding up fairly well, a new analysis shows.

The study underscores that the spread of the virus and the trend toward remote work are driving the housing market, and may continue to restrain price growth in very crowded urban areas while boosting gains in more suburban areas for some time.

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Since the virus began to take a significant toll on public health and the economy in March, many Americans have been fleeing cities for suburban and rural areas both to minimize the risk

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Columbus Day Weekend sales: Prices slashed on home, outdoor and fashion items

Columbus Day, a federal holiday, and Indigenous Peoples Day are Monday, Oct. 12, and retailers once again see this long holiday weekend as a time for sales.

Online home retailer Wayfair is slashing up to 70% off on select items during a clearance event. Bedroom furniture starts at $99, bedding sets at $39.99 and storage solutions at $19.99.

Kitchen and dining furniture and ceiling and wall lights are up to 50% off, living room seating and wall art are up to 60% off and area rugs are up to 70% off.

Save up to 50% on outdoor furniture and up to 55% on TV stands, living room tables and bathroom upgrades.

See more sales on kids furniture, entryway furniture, table and floor lamps, kitchen essentials as well as small electronics and appliances.

If you’re already shopping, here are highlights:

  • Coach Outlet is offering up to 70% off sitewide At Coach,
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Lorella design offers spacious living room | Current Prices

An intriguing three-step hipped roof crowns the Lorella, a small home with a surprisingly spacious living room. Its stately brick column works with the brick detailing on the garage to create an attractive frame for the front door and sidelight.

This plan’s narrow footprint, a mere 40 feet in width, allows for construction on a small lot, deeper than it is wide.

Parents with young children will appreciate the close proximity of the bedrooms, all on the right. Bathrooms, utilities, and closets placed down the middle do double duty, serving as sound buffers between the sleeping rooms and the typically noisier active living areas.

Standing in front of the living room’s gas fireplace, you can gaze outside in three directions. Wide multipaned windows fill most of the front wall, sliders at the rear look out across a patio, and another set of windows flanks the fireplace. On days when you

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Red hot home prices have more consumers saying now is a bad time to buy

People wait to visit a house for sale in Floral Park, Nassau County, New York.

Wang Ying | Xinhua News Agency | Getty Images

Anyone out hunting for a house knows that bidding wars are no longer the exception, but the rule.

Demand for housing has been unusually strong, due to the coronavirus pandemic, and supply is historically lean. That is a recipe for high prices, which are now beginning to take their toll on potential homebuyers’ confidence.

The share of buyers who say they think it’s a good time to buy fell in September, from 59% to 54%, according to a new survey from Fannie Mae.

Home values were up nearly 6% annually, according to CoreLogic, a data analytics firm. More consumers now expect those price gains to grow.

The percentage of respondents to the Fannie Mae survey who says prices will go up in the next year increased

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Home Prices Jumped 5.9% in August, Which Explains Why Buyers Are Struggling

There’s a reason it’s been difficult to buy a home in recent months.

Mortgage rates have been remarkably low since the summer, and for that reason alone, many prospective buyers have clamored to purchase homes. They’re being tripped up, however, by soaring prices.

Home prices increased 5.9% nationally in August 2020, according to the CoreLogic Home Price Index, compared to a year prior. We have limited inventory to thank for that. The supply of available homes in August decreased by 17% from the previous year, leading to an uptick in demand and creating a housing market loaded with bidding wars as eager buyers compete to win contracts on the limited inventory.

The result? Many buyers are struggling to find homes, so they may not get to take advantage of the phenomenally low mortgage rates.

Is it worth it to buy a home today?

Locking in a mortgage at a low

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Westchester Home Prices Pushed to Record High By Bidding Wars

(Bloomberg) — Home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat.

The median price of single-family homes that changed hands in the quarter jumped 16% from a year earlier to $808,500, the highest in data going back to 1986, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.



chart, histogram: Sellers Winning in Westchester


© Bloomberg
Sellers Winning in Westchester

Open houses have drawn crowds, and multiple offers on the same day, largely from city-dwellers seeking space for a prolonged period of working from home throughout the Covid-19 pandemic. Their purchases nearly cleared the market of listings, which tumbled 30% from a year earlier.

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“We’re all preparing for what could be a second wave of spiking cases,” Douglas Elliman President Scott Durkin said in an interview. “Everyone is

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Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs

In a normal year, September would be when housing prices begin to level off.

But what about 2020 is normal?

Pulled up by unrelenting demand and an inventory drought, King County home prices hit a new all-time high of $753,600 in September, a 14% bump over last year, according to new data from the Northwest Multiple Listing Service.

Potential sellers are hunkering down, choosing to refinance rather than list, reducing the number of homes on the market in all of Western Washington to half as many as last year.

The market for homes priced less than $800,000 is especially intense, brokers said, as first-time homebuyers and former condo-dwellers look for more space as the pandemic drags into its eighth month.

For buyers seeking to compete at that price point, bidding wars, fleeting listings and all-cash offers are the norm. Typical for this market: The two-bedroom Wedgwood rambler that sold in

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Why California’s Devastating Wildfires Will Push Home Prices Even Higher

As the devastating Glass fire raged through California’s scenic wine country in late September, Thomas Senander, 63, initially ignored the evacuation orders, But then a few days later, he and his family watched 100-foot flames rush straight in the direction of their Santa Rosa, CA, compound. When the fire began to lick the edges of a field leading onto their property, the retired engineer, his wife, and their grown son sprang into action.

Like many of their neighbors, they’d been through this hell before. Just three years ago Senander and his family lost their previous home—about 6 miles away in the same town—to the Tubbs fire. They were determined not to experience that anguish again.

He connected a fire hose to his 3,500-gallon water tank and blasted the blaze as it barreled toward him. His family poured buckets on runaway flares. The inferno was heading for an old barn

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