Is Property Investing Over? Australia Briefing
Houses under construction in the Churton Park suburb of Wellington, New Zealand, on Saturday, Nov. 28, 2020.
Photographer: Mark Coote/BloombergG’day, it’s Harry here in Sydney, the city often thought of as among the top locations worldwide for least affordable housing.
Today’s must-reads:
• Higher interest rates shatter housing dreams
• RBA says inflation remains ‘crucial challenge’
• Fortescue takes first steps away from iron ore
The shock that rippled through global housing markets as central banks rapidly raised interest rates last year has given way to a cold new reality: The real estate bonanza that fueled wealth for millions of people is over. That’s straining the path to wealth in countries such as New Zealand, Australia and Canada, where many people turned into amateur property investors.