Australian Home Auctions Decline as Rate Hikes Dampen Activity
The number of homes auctioned in Australia dropped over the past week as interest rates at a 15-year high weigh on activity in the housing market.
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The number of homes auctioned in Australia dropped over the past week as interest rates at a 15-year high weigh on activity in the housing market.
Bloomberg's Prashant Gopal joins Scarlet Fu on "Bloomberg Real Yield." US mortgage rates were unchanged in the past week, offering little relief to a housing market battered by the return of 7% borrowing costs. (Source: Bloomberg)
US mortgage rates increased for seven straight weeks for the first time in three years, adding pressure to an already weak housing market. Selma Hepp, Chief Economist at Cotality, discusses home sales and the outlook for mortgage rates and refinancing. (Source: Bloomberg)
For the past three decades, Australia’s property market has experienced a prolonged boom, with prices rising sharply despite periodic downturns. In the past seven years alone, national house prices have risen by roughly 70%, resulting in one of the most expensive property markets in the developed world.