Global Housing Markets Diverge | Sydney News

New Zealand’s property market exploded 164% above inflation between 2010 and early 2022, then crashed harder than anyone expected—thanks to aggressive rate hikes that risked recession. Canada’s market has steadily declined for four years, while Australia’s slump is just beginning, with Sydney and Melbourne already cooling and national growth stalled—even in booming cities. The key difference? New Zealand and Canada raised rates faster and higher than Australia, crushing housing loan demand starting in 2022. Unemployment was also higher in those countries. Immigration also played a role: Australia kept borders open, fueling housing shortages, while Canada restricted arrivals—including students. In New Zealand, people fled for better jobs abroad, easing pressure on homes. Back in Australia, the market’s pulling back as rates climb and investor incentives fade. The fallout? Household spending is down in NZ and Canada, retailers are hurting, and Australia’s already sluggish economy could take a major hit if the property slump drags on—since property wealth is central to the Aussie economy. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/4a685da28a81b2b3