{"id":14102,"date":"2017-09-22T16:00:49","date_gmt":"2017-09-22T06:00:49","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=14102"},"modified":"2017-09-22T16:00:49","modified_gmt":"2017-09-22T06:00:49","slug":"video-there-is-a-crash-in-house-prices-in-australia","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/video-there-is-a-crash-in-house-prices-in-australia\/","title":{"rendered":"VIDEO \u2013 There is a crash in house prices in Australia"},"content":{"rendered":"

Transcript:<\/strong>
\nFor buyers searching for a home in Australia\u2019s mining towns, it is as though the nation\u2019s unprecedented mining boom never happened.\u00a0 Median prices in key mining centres in Queensland and Western Australia have fallen to below the average price of more than a decade ago, wiping out the capital gains of the iron ore and coal-fuelled boom.
\nIn central Queensland\u2019s Mackay \u2014 a hub for the coal-rich Bowen Basin \u2014 the $330,000 median house price is cheaper than the 2006 price of $338,000, according to Core Logic figures published in The Australian<\/em>.\u00a0\u00a0 Across the nation in Port Hedland, the $267,000 median sale price for a house is less than 30 per cent of the 2013 peak price and two-thirds of the average price of a decade ago. The region of Roebourne, which takes in the Pilbara port city of Karratha, has reverted to an average price of $278,025, a low not seen since 2005.
\nInvestment in Australia\u2019s biggest boom since the gold rush started picking up in 2003, before dramatically kicking off housing demand from about 2006.\u00a0 BIS Oxford Economics chief economist Frank Gelber said the boom had expanded mining towns\u2019 housing stocks to service the multi-billion-dollar investment phase. Gelber added that it was a wild ride on the upside and downside but the benefits to the community were temporary. He said housing oversupply lingered in the mining towns, and may never be filled.
\nThere is always an upside I guess \u2026. for locals, the downturn has meant a return to a stable market where residents can again afford to buy.\u00a0\u00a0 Here is a bit more good news – in spite of languishing wage growth and household income-to-debt ratios hovering around 190 per cent, the percentage of home loans in arrears has stuck at 1.21 per cent for the last months of the current Standard and Poor\u2019s Performance Index report.
\nThe rate of arrears is currently sitting 0.9 per cent below the 10-year average of 1.30 per cent and in more good news, the dollar value of the amount dropped by around $30 million.\u00a0 So we are getting better at paying down those loans.\u00a0 The ratings agency said: \u201cDespite the pressures of lower wage growth and high household debt, mortgage arrears have remained relatively low, buffered by low interest rates and stable employment conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Transcript: For buyers searching for a home in Australia\u2019s mining towns, it is as though the nation\u2019s unprecedented mining boom never happened.\u00a0 Median prices in key mining centres in Queensland and Western Australia have fallen to below the average price of more than a decade…<\/p>\n","protected":false},"author":176692471,"featured_media":14104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,29],"tags":[70,131],"class_list":["post-14102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-video","tag-featured","tag-videos"],"yoast_head":"\nVIDEO \u2013 There is a crash in house prices in Australia - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/video-there-is-a-crash-in-house-prices-in-australia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VIDEO \u2013 There is a crash in house prices in Australia - 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