Worldwide Market Data
-Australia’s housing markets were up 4.9%
year-on-year to end-Q3 2009. Darwin had the highest price increase among
Australia’s eight capital cities, followed by Melbourne and Canberra. The
upsurge appears to have been partly fuelled by a genuine housing supply
shortage. Key interest rates in Australia are now on the rise.
-New Zealand experienced a more modest increase of 2.0%
over the year to end-Q3 2009. Median sales prices in New Zealand are now back at
mid- 2008 levels.
-The UK, Canada, Germany, and South Africa have seen increases during Q3 2009,
after suffering declines every quarter since 2008.
-In Singapore overheating is a concern too. House
prices jumped by an all-time record quarterly 14.3% increase (though house
prices in Singapore are still down 11.0% over the year). Singapore’s economy has
expanded 0.5% during the year to end-Q3 2009. Its construction and manufacturing
sectors are the primary source of growth, having expanded 12.8% and 6.6%
(y-o-y), respectively.
-In the US, Q3 house price changes were nominally up
3.1% according to the Case-Schiller index, or up 1.2% after inflation. In
nominal terms, the Case-Schiller recorded a 8.9% decline in the year to end-Q3
2009, a marked improvement over the 14.7% decline in the year to end-Q2 2009,
and the 19.0% drop in year to end-Q1 2009. House prices were down a lower 2.2%
(inflation-adjusted) during the year to end-Q3 according to the FHFA, and down
3.7% in nominal terms.
-Investors in Dubai, UAE have something to be
optimistic about. Dubai’s nominal house price index increased 7.0% during Q3
2009, a significant improvement from an 8.0% drop during Q2 2009. (No
inflation-adjusted figures are available for Dubai).
-In Singapore overheating is a concern too. House
prices jumped by an all-time record quarterly 14.3% increase (though house
prices in Singapore are still down 11.0% over the year). Singapore’s economy has
expanded 0.5% during the year to end-Q3 2009. Its construction and manufacturing
sectors are the primary source of growth, having expanded 12.8% and 6.6%
(y-o-y), respectively.