Most Americans would probably like to see lower mortgage rates these days. And while the president certainly has a lot of power, even he can’t snap his fingers and make mortgages cheaper for today’s borrowers. What can the president do about mortgage rates, though? Here’s how who’s in office could impact what you pay for a mortgage loan. Read more: The best mortgage lenders for first-time home buyers Does the president control mortgage rates? The president of the United States doesn’t directly control ...

Core Insights - The purchasing power of 1 million AUD in the Australian property market has significantly decreased over the past decade, with one-third of properties now exceeding this price point [1][4] - The proportion of homes valued at 1 million AUD or more has risen from less than 10% in April 2015 to over 34% in 2025 [1][3] - Major cities have seen a dramatic increase in the percentage of properties exceeding 1 million AUD, with Sydney experiencing the highest increase [3][4] Property Market Trends - Nearly 20% of regions now have properties valued at 1 million AUD or higher, compared to just 0.5% a decade ago [3] - In capital cities, the proportion of million-dollar homes has surged from 14% to approximately 42% [3] - In Sydney, two-thirds of properties have surpassed the million AUD mark, with the median price for all bedroom counts now exceeding this threshold [4] Future Projections - Brisbane is expected to become the next "million-dollar market," with median prices for standalone homes nearing this level, projected to exceed 1 million AUD by the end of 2025 [8] - Melbourne's proportion of properties over 1 million AUD is around 30.9%, showing a significant increase from 12.4% a decade ago, despite a slight decline from its peak in January 2022 [8][9] Regional Disparities - Hobart has a lower proportion of million-dollar properties, which has decreased significantly from its peak in March 2022 due to rising interest rates and weak employment growth [8] - Darwin has the lowest percentage of million-dollar properties, slightly above its 2015 levels [9] Socioeconomic Impact - Rising property prices have marginalized young low-income families, leading to an increase in the average age of first-time homebuyers [9] - Wealthy families are increasingly forced to rent, intensifying competition in the rental market [9] Policy Recommendations - There is a call for a shift in housing policy to view housing as a basic need rather than merely an investment [9][10] - Reducing land costs is seen as crucial to slowing down property price growth, as land value significantly influences overall property prices [9] - Policymakers are urged to focus on lowering residential land costs and increasing land supply to ensure sustainable and affordable housing [10]

Core Insights - The article highlights the disparity in housing conditions between China and other countries, particularly Japan and South Korea, emphasizing that while China has a higher average living space per person, the underlying issues are more complex [1][3]. Housing Comparisons - Japan has an average living space of 33 square meters per person, but this figure masks significant urban-rural disparities, with many residents in cities living in cramped conditions [3]. - South Korea's average is even lower at 28 square meters, heavily influenced by high property prices in Seoul, forcing many young people to rent small apartments [3]. - In contrast, China's urban average is 40.5 square meters, largely due to the affordability of housing in lower-tier cities, where prices are significantly lower compared to major cities [3][5]. Government Policies - Recent government policies have made home buying more accessible, such as increasing the public housing loan limit and expanding tax benefits for home purchases [4][5]. - The government is also focusing on building affordable housing to address the concerns of young people and first-time buyers [5][6]. Cultural Attitudes - There is a notable difference in housing attitudes, with Chinese culture placing a high value on home ownership, leading to a high home ownership rate of 96% [5][6]. - In contrast, younger generations in Japan and South Korea are less inclined to purchase homes, with low home ownership rates among those under 35 [5][6]. Market Dynamics - The Chinese real estate market has seen significant growth, with over 200 billion square meters of residential properties built in the past two decades, and a notable increase in new home sales [5][6]. - Developers are now focusing on creating more appealing housing options, which has improved the effective living space for buyers [5][6].