News roundup: Australia’s national home prices hit record high, other property headlines

For PropertyGuru’s real estate news roundup, national home prices in Australia hit a new record high, according to PropTrack Home Pirce Index for February 2024. In other headlines, high-end condominiums are redefining city living in Singapore, while Vietnam is among the most preferred emerging markets, according to the latest CBRE survey.

Australia’s PropTrack Home Price Index – February 2024

The PropTrack Home Price Index shows Australia’s national home prices hit a new record high in February, lifting 0.45 percent, the largest monthly rise since October 2023. That brings prices up 0.82 percent so far this year and up 6.15 percent compared to a year ago, the fastest annual rise since July 2022.

2024 has kicked off busily and more homes have hit the market this year, giving buyers more choice. Demand has kept up with that increase, with many anticipating that interest rates will fall in in the second half of 2024, likely providing a positive tailwind for activity.

Auction volumes have also been consistently higher in the first two months of 2024 compared to the same period in 2023. Despite the uplift in auction volumes, auction clearance rates are higher reflecting the improvement in conditions amidst the stable interest rate environment.

How high-end condominiums are redefining city living in Singapore

It’s difficult to pinpoint when condominiums began dominating urban landscapes, but their evolution from nondescript residential buildings to design icons is undeniable. In Singapore, one of the most densely populated cities in the world, condos certainly stand out as prominent features within the diverse housing landscape.

Over the past few years, luxury condominiums and commercial skyscrapers have been woven into the country’s skyline. With the growing popularity of such properties, Singapore may witness a sustained rise in high-end condominiums that expertly blend exclusivity and comfort.

PropertyGuru Singapore expounds on how high-end condominiums redefine city living.

CBRE: Vietnam is among the most preferred emerging markets in Asia-Pacific

According to VietnamPlus, the recently released 2024 Asia-Pacific investor intentions survey by CBRE shows that the real estate market of Vietnam ranks second among the top three preferred emerging markets, with India in the top spot and Thailand in third place.

This is a good sign reflecting the positive potential of the Vietnamese economy and foreigners’ plan to buy housing here, the real estate service company noted.

CBRE Vietnam said investment flows into the country mainly come from Asian investors like Singapore, Japan, Hong Kong (China), and the Republic of Korea. The value of each transaction often varies between USD20 to 50 million.

Meanwhile, financial funds from more developed markets in North America and Europe have yet to penetrate the Vietnamese market deeply.

A large number of individual investors have begun paying attention to local real estate, the firm went on, citing the Ministry of Construction’s data as showing that about 4 million people, including foreigners and overseas Vietnamese, have demand for buying houses in Vietnam in the future.

The Property Report editors wrote this article. For more information, email: [email protected].