News dalla rete ITA

7 Marzo 2018



The International Monetary Fund (IMF) has predicted a “soft landing” for Australian house prices even though it says the market is still between 5 and 15 per cent overvalued. The IMF endorsed “multi-pronged” measures that Australian authorities have used to take the heat out of the house price boom, including the Australian Prudential Regulation Authority’s controls on risky home lending. But its annual review of the Australian economy slammed a federal tax on foreigners who own vacant housing and it said measures such as state-based stamp duty surcharges on foreign house buyers should be reversed once the boom was clearly over. The IMF does not forecast a sharp price correction given robust underlying demand from strong population growth and little evidence of a rising inventory of new residential units. With regards to falls in house prices in Sydney and moderation in growth in Melbourne, the IMF said that most likely house prices and housing debt would stabilise rather than fall significantly. It forecasts that house prices on average will be 6.2 per cent higher this year than the last and then rise another 4.9 per cent in 2019, slowing to about 3 per cent after that. Conversely, the IMF has critiqued Australian policy that places restrictions on foreign property purchases. But it has cautiously backed measures aimed at foreigner home buyers over the past two years such as the stamp duty surcharge on purchases in NSW, Queensland, South Australia and Victoria between 3 and 8 per cent and other federal foreign investment restrictions. Foreign buyers are only 5 per cent of the national residential property market but they account for up to 25 per cent of buyers on the Sydney and Melbourne apartment markets and the IMF suggests that foreigners accounted for 25 per cent of new home sales in 2016. (ICE SYDNEY)