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New York’s housing market is really two markets
The recent COVID-19 (the citywide fire) has caused some severe damage to the New York housing market. Although the long-term effects of this event are not clear, there is no doubt that New York has a very different housing market from the rest of the country. The city is known for its density, glitzy globalism, and adult playground for “creatives” and tech bros. In short, New York is a housing market with two distinct markets.
The price gap between the two markets is widening as the 7-year up cycle is finally complete. The decline in Manhattan between 2017 and 2020 was a direct result of COVID 19, but it also extended the fallout from the previous market. The fallout in Manhattan was driven by increased inventory, and increased mansion taxes. Despite the differences between the two markets, the trend in both areas is still upward.
Rising interest rates and more sellers listing their homes for sale may have caused the overall housing market to return to normal, but in New York City, the current state of the market is unique. While rising rates aren’t a catalyst for slowing down demand, they do tend to dampen prices. Therefore, sellers in New York City have an edge in the current market. When it comes to home prices, however, a seller’s market has the upper hand. Despite the heightened competition, buyers have a much higher chance of winning.
Malaysia’s property market is booming
Despite recent turbulence, Malaysia’s property market is still thriving. There are several factors boosting the market, including low property prices and an abundance of affordable houses. A recent announcement in the national budget 2022 has given the property market a much-needed boost, including abolishing the long-standing RPGT on homes sold after the sixth year. In addition, the rules governing the property market have also been relaxed.
With a strong economy and a growing population, Malaysia’s housing market is likely to remain attractive to international investors. Malaysia’s prime property markets have reached a critical inflection point in their growth, making it less susceptible to speculation herd instinct and rapid expansion of investment volume. Instead, the market is led by more rational consumer demands, such as own stay and lifestyle living, upgrading, and improving consumption quality.
Despite economic uncertainty, prices have continued to climb. National price indices show that transactions are continuing to increase. Furthermore, demand for highend properties is still strong. Additionally, low interest rates provide an attractive window for prospective buyers to enter the property market with confidence. The long-term prospects for capital appreciation are brighter than ever. However, the market is not invincible. Therefore, buyers must be patient. Ultimately, Malaysia’s property market remains a safe and secure investment choice.
Australia’s property market is booming
The Australian property market is currently booming, particularly in the capital cities. The market is being buoyed by a number of factors including record-low interest rates, relaxed lending standards, and a frenzied buying activity. The economy is also booming, with more people than ever looking to buy property, and prices are rising in line with that. Mortgage interest rates are at record lows, particularly for long-term fixed rates, and this is increasing the motivation to buy a home. The four major banks offer fixed home loan rates under 2%, and many smaller lenders offer even lower rates.
While there are many factors influencing the property market, the low-interest rates have helped borrowers afford more. As a result, house prices are between twenty and thirty percent higher than they were at the beginning of the cycle. Therefore, the average home buyer won’t have any extra money to spend on a higher price.
Although the property market is hot and the number of available homes is growing, the rental market has been impacted by lockdowns and falling listings. The recent lockdowns have dampened consumer intent, limiting the number of new listings. Meanwhile, new building permits are rising – but at a slower rate than last year. Lockdowns have also hurt the rental market, where rent yields have fallen while prices are rising.