USA
For the first time in seven weeks, U.S. mortgage rates increased, with the average 30-year fixed rate rising to 7.31% in September 2024. Despite this, borrowing costs remain lower than earlier in the year when rates reached 7.22% in May. This rise is attributed to broader economic factors, including inflationary pressures, which may continue to influence buyer behavior in the coming months.
Source: Mortgage rates in U.S. increase for the first time in seven weeks
U.K.
According to mortgage lenders, the U.K. housing market has experienced the fastest home price growth since February 2024. Despite economic uncertainty and fluctuating interest rates, house prices have surged. While this growth is most notable in regions outside of London, ongoing challenges, such as interest rate hikes, still contribute to affordability issues for buyers nationwide.
Source: U.K. posts fastest home price growth since February, mortgage lender says
Canada
Canada's housing affordability crisis is expected to linger for the next decade, with soaring prices in key cities like Toronto and Vancouver. While some markets, such as Calgary, are seeing more affordable options, the nationwide housing affordability challenge remains a significant concern, particularly as high prices outpace income growth.
Source: Canada's housing affordability crisis to linger for a decade
Australia
Australia's property market is showing signs of cooling due to rising interest rates, which have weakened buyer demand. While inner-city areas like Sydney and Melbourne remain more resilient due to continued population growth, the broader market is facing challenges. Affordability concerns persist, with property prices and rising interest rates putting pressure on buyers across the country.
Source: Australian Property Market: Pace Of Price Growth Slows
Dubai
Dubai's luxury housing market for properties priced above $10 million is beginning to cool down. In the third quarter of 2024, high-end sales dropped nearly 30% compared to the previous year, but there was still an increase from the second quarter. The city's luxury property inventory has also sharply declined, leading to a scarcity of available high-end homes.While areas like Palm Jumeirah remain strong, new neighborhoods such as Palm Jebel Ali are emerging as hotspots.
Source: Dubai's Booming Market for $10 Million-Plus Homes Is Tempering
Singapore
Private home prices in Singapore fell by 1.1% in the third quarter of 2024, marking the first dip in three years. This decline was driven by a slowdown in demand for high-end properties, particularly in prime locations like the Core Central Region (CCR). Despite this drop in private home prices, other housing segments, such as HDB flats, saw price increases, suggesting a shift in the market.
Source: Private home prices fall 1.1% in third quarter, first dip in a year; HDB prices rise
