With Australia’s housing market set to close, what are the key factors that could keep interest rates high for some time to come?
It is estimated that more than 1 million people are living in housing affordability stress, according to a new survey by research company CBRE.
There are also signs that a range of factors, including the impact of the state’s new energy sector and the impact on the economy, is weighing on the outlook.
In a new report from CBRE, it is also estimated that there are nearly 2 million people in housing that is not meeting the “needs” of their current households.
“The report finds that more Australians are being forced into homelessness,” says chief executive officer Ian Wright.
What are the big changes in the housing market that could have an impact on interest rates?
The biggest changes in housing prices over the past year have been the increase in prices for detached houses and apartments.
This is driven by an increase in the cost of housing across all categories, including detached houses.
However, detached houses are being priced at more than twice the rate of new construction.
At the same time, the cost for new construction is also significantly higher than that for detached homes.
According to CBRE’s survey, in the past 12 months, prices for new houses and apartment buildings have increased by more than 100 per cent, while detached houses have increased less than 10 per cent.
The CBRE study found that between October 2016 and June 2017, prices on new houses rose by 6 per cent and those on apartments by 15 per cent over the same period.
While prices on detached houses were up more than 20 per cent in the 12 months to June, the increase was driven by the growth in new construction, which rose by almost 30 per cent compared to the same 12 months in the previous year.
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This is the second CBRE survey of its kind, which finds that Australians are living longer.
Its finding that more people are retiring than ever before and many are now over 60 years old.
Meanwhile, while the median income is now lower than it was at the start of the millennium, the average age of households has risen by five years.
It also finds that there has been a dramatic increase in people choosing to sell their homes, with a majority of people now choosing to leave the home altogether.
Why is interest rates so high?
The rise in interest rates over the last year is partly a result of the government’s plan to boost demand for housing by raising prices on a range, including houses and condominiums.
One of the key drivers of the price increases has been the introduction of a new energy policy introduced by the government last year.
The policy has created a large supply of new coal-fired power stations in Queensland, with demand for electricity soaring.
However, prices have soared because of a large increase in demand from those who do not own their own property.
With the rise in demand, prices also jumped in new houses.
This is because the new coal fired power stations and condong gas plants in Queensland are not cheap to build.
Currently, the price of new house construction is capped at $2.8 million.
However in the coming years, the government plans to increase the price cap to $5.5 million, which will drive up prices for both new houses as well as condos and apartments by up to 10 per, depending on the type of property.
There has also been an increase to stamp duty on foreign buyers, as well a rise in stamp duty for people who sell a property, making it more difficult for them to sell to overseas buyers.
The new policy also saw a rise to the “super super”, which allows property investors to buy a property with up to 30 per, or 50 per cent of their income, on a super, meaning that the buyer can receive a 10 per and 10 per per cent rebate on the purchase price, which is often used to offset tax and property tax.
Other major drivers of prices have also been driven by increases in mortgage rates.
Mortgage rates have risen from 0.6 per cent to 0.9 per cent since the end of 2016.
On top of this, interest rates have also increased because of the Australian dollar’s strengthening, which has seen the cost per dollar of borrowing go up.
Australia’s housing boom has been boosted by the arrival of many high-income Australians from overseas, but the cost to their Australian families has also risen as well.
Many of the new buyers were from overseas.
Their incomes have risen, which means their families are not being able to make up the difference in interest on their mortgages.
Although the housing boom is now ending, the impact is likely to continue.