Due to skyrocketing inflation in the Asia-Pacific area, actions have been taken to calm the market down. A study showed that while mortgages had increased across the region, it has slowed down significantly from 6 months ago. This has allowed for lower interest rates which have improved the mortgage financing sector.
With policies in place to cool down the market, measures have taken place to control the cost of housing in several areas. These policies have been quite successful in house prices both in China and Singapore. A report showed that Singapore is still experiencing a decline in prices even though private residential properties leveled out after a significant period of prices falling. Over the last quarter, there are only three locations that prices have fallen, Singapore, Sydney, and China’s Tier 1 markets. Residential property in Australia has slowed down significantly, especially throughout Sydney, but through the grapevine, it’s reported that additional housing will start to increase.
There are indications that residential transactions and new housing are showing a downward curve. With policies in place, new mortgage borrowing has definitely slowed down especially among investors. Although credit growth has decreased, China’s residential market is clipping along at a very fast pace in the region. In Hong Kong, inflation in house pricing has not been effective and, as a matter of fact, residential properties are racing forward without any signs of slowing down.
That said, since October, the residential property sector in the Asia-Pacific market have stayed flexible. This is due to good economic conditions, a stronger labor market, and good monetary policies.
Learn more
https://www.straitstimes.com/business/property/cooling-measures-working-in-some-asia-pacific-markets-including-singapore-sp
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