People are panic buying housing the world over....
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| 1 | "Twelve months ago, people were panic buying toilet paper for fear they might run out. That's very much the sensation we have today [in the housing market]," he said. House prices in Britain surged 8.5% in 2020 despite the worst recession in more than three centuries. That's the highest annual growth rate since 2014, according to the Office for National Statistics. And it's not just the United Kingdom. In the United States, the number of sales of existing homes reached the highest level in 2020 since 2006, according to the National Association of Realtors. House prices rose 9% in 2020 and have continued to climb, with the median price of an existing home hitting a historic high of $329,100 in March. In one staggering example of how frenzied the market has become, realtor Ellen Coleman received 76 all-cash offers on a $275,000 fixer-upper in suburban Washington D.C. within three days of listing the property. The four-bedroom, 1,800 square-foot home sold for $460,000, a 70% increase on the asking price. From Auckland to Shanghai, Munich and Miami, house prices appear to be defying gravity. https://edition.cnn.com/2021/05/13/business/global-real-esta sparkychap - 2021-05-16 09:09:00 |
| 2 | Oh, you are full of good news today! Edited by smallwoods at 9:14 am, Sun 16 May smallwoods - 2021-05-16 09:14:00 |
| 3 | But even as governments train their sights on the housing market, analysts are not predicting a house price correction. Global economic growth is projected to be much stronger this year, as vaccines are rolled out and lockdown restrictions ease, which will be supportive of housing markets. Crucially, interest rates are expected to remain low. "Historically, periods of weak house prices have been triggered by rising interest rates," said Holzhey. Rock bottom rates have been a key driver of prices, particularly in the United States and Europe, because they make borrowing more affordable. Mortgage rates across the 19 countries that use the euro averaged just 1.3% in March, according to official statistics. Even with inflation edging higher, policymakers are expected to keep interest rates low to secure the recovery. They may have to change tack if prices keep rising and hold steady at higher levels, but major central bankers have been at pains to stress they're comfortable to let their economies run hotter than normal if it will help juice growth and create jobs. In other words, don't expect this boom to bust any time soon. sparkychap - 2021-05-16 09:19:00 |
| 4 | The member deleted this message. oakcottage - 2021-05-16 09:40:00 |
| 5 | People are buying housing because it is something real and has value. masturbidder - 2021-05-16 09:41:00 |
| 6 | masturbidder wrote: Not really, the Dow is up ~40% and NASDAQ over 50% over the past year as well. And that's despite many tech stocks having taken a bath in the past two weeks as share markets are very volatile in the short term. sparkychap - 2021-05-16 09:55:00 |
| 7 | New car sales in NZ are well up post COVID as people spend money they've saved, or release the equity in their homes for a sparkling new set of wheels. Luxury brands are doing particularly well at the moment - 408 new Teslas hit the road YTD compared to 600 in the whole of 2020. sparkychap - 2021-05-16 09:58:00 |
| 8 | Isn't this just residents returning to their homelands with oodles of cash buying somewhere to live? I know there are still heaps of investors especially Chinese and indians, but there's an awful lot of expats buying. gabbysnana - 2021-05-16 10:23:00 |
| 9 | Debased money has less value than toilet paper. pcle - 2021-05-16 10:56:00 |
| 10 | Nothing in this is any news, study history and you will learn, the media here seem to grasp little real news and concentrate on hand me down garbage, easy stuff, the government play on it to get your votes, Look after yourself and don't worry about the rest, nothing much will change, you will still wake up in the morning and bread is dirt cheap. Be happy. Each to their own. msigg - 2021-05-16 12:26:00 |
| 11 | Low interest rates are definitely driving the hot housing market. Young 1st home buyers with kiwisaver are buying up. catdog68 - 2021-05-16 16:05:00 |
| 12 | sparkychap wrote:
Yet second hand cars at dealers are getting scarcer. bryshaw - 2021-05-17 09:40:00 |
