Daily Buzz: Saturday, 27 July
By
PropertyBuzz, your daily dose of property news.
Australia beats the US for the worldâs biggest houses, is the nation experiencing an investor exodus, and hereâs what to expect in this weekâs auctions.
Welcome to Property Buzz! Iâm Orana Durney-Benson.
Today is Saturday the 27th of July, and a new study has revealed that Australia is home to the biggest houses in the world.
– At 214 square metres, Australia takes top place over runner-up New Zealand, with an average home size of 202 square metres, and was an entire 13 square metres larger than the average American home.
– The study also ranked rates of homeownership across major housing markets, and found that Australiaâs homeownership rate of 66.3 per cent did not bode well, making it the third lowest out of 10 countries.
Meanwhile, leaders in Australiaâs property industry are warning that property investors are leaving the market en masse, spelling danger for the large number of Australians who rent. But is the exodus all it seems?
– Economist and former Treasury Leith van Onselen has stated that while high mortgage rates are causing some investors to sell, new investors are stepping in to replace them, resulting in an investor âchurn.â
– Data from the Australian Bureau of Statistics shows that investor mortgage commitments actually increased by 29.5 per cent in May 2024 compared to last year.
And looking to this weekendâs auction market, auction volumes are expected to increase, with over 1900 homes schedules for auction â 200 more than the week before.
– Melbourne and Sydney are set to see significant increases in auction volumes this week, with over 850 and 740 homes respectively going under the hammer.
– Next weekâs auction market is expected to lose some steam, with CoreLogic predicting a decrease in auction numbers in the first week of August.
Thatâs all for today. See you again tomorrow, 28 July, for your daily dose of Property Buzz.
If you like this episode, show your support by rating us or leaving a review on Apple Podcasts and by following Property Buzz on social media: YouTube, Instagram and TikTok.
