21 Dec '16, 6pm

Aussie housing market shows signs of cooling | Overseas ... - PropertyGuru Singapore

The house price rise in Melbourne is slowing down. Australia’s runaway property market showed its first signs of cooling, with the Sydney house price index rising by 3.2 percent in the first nine months of the year following two years of double-digit growth, while price increases in Melbourne was at its slowest in more than a year at 6.9 percent, reported Bloomberg , citing government data. This comes amid the central bank’s warning of an impending oversupply of inner-city apartments, with Morgan Stanley expecting the surplus to hit 100,000 units by 2018. “I just don’t think it can continue,” said Paul Dales, Capital Economics Chief Economist for Australia and New Zealand. “Overall market conditions aren’t really consistent with this strength going much further.” With this, Australia’s biggest banks – Westpac Banking Corp, Australia & New Zealand Banking Group, National Au...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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