Current residential property markets in Australia, the United States, and India are moving in different directions, showing various levels of investor activity and price instability.

目前澳洲、美國與印度的住宅物業市場正朝不同方向發展，顯示出投資者活躍度與價格不穩定性的程度各有差異。

In Australia, the housing market is currently shrinking. Data from Domain shows a significant increase in properties being withdrawn from auctions, especially in Sydney and Melbourne, where success rates have stayed below 60%. This trend is caused by a gap between the prices sellers want and what buyers can actually afford, which has been made worse by high interest rates and new tax rules for investors. While high-demand areas—such as those near top schools in Mount Waverley—still command high prices, the broader market is shifting toward people buying homes to live in rather than to rent out. Economists emphasize that new budget rules limiting tax benefits to new buildings have pushed traditional investors away from older homes.

在澳洲，房屋市場目前正在萎縮。根據 Domain 的數據顯示，撤出拍賣的物業數量顯著增加，尤其在悉尼與墨爾本，成功率一直低於 60%。這一趨勢是由於賣家期望價格與買家實際承擔能力之間存在差距，而高利率與投資者新稅務規則則加劇了此情況。雖然像 Mount Waverley 頂尖學校附近等高需求地區依然維持高價，但整體市場正轉向由自住買盤主導，而非出租目的。經濟學家強調，限制新建築稅務優惠的新預算規則，已將傳統投資者趕離舊屋市場。

Meanwhile, the United States is seeing a change in who is buying property. According to Realtor.com, large institutional investors have decreased significantly, representing only 7.5% of investor activity by 2025. Instead, 'mom-and-pop' investors now make up 63% of the market. These small-scale investors are focusing on the Midwest and Sun Belt regions, where rental demand is strong and prices are lower. This shift is happening while important housing legislation remains unsigned by the government.

與此同時，美國的買家組成正在發生變化。根據 Realtor.com 的資料，大型機構投資者的比例大幅下降，到 2025 年僅佔投資活動的 7.5%。相反，「散戶」投資者現在佔據市場的 63%。這些小規模投資者將重心放在中西部與陽光帶（Sun Belt）地區，因為該處租賃需求強勁且價格較低。這一轉變發生在政府尚未簽署重要住房法案之際。

In Chandigarh, India, the market is split into two extremes. Recent auctions showed that while prime plots in central areas sold for over 14% above the starting price, 80% of other residential plots remained unsold. This happened because the government increased official property rates, making plots in less desirable areas as expensive as private developments on the outskirts. Consequently, fewer people are willing to bid on these properties.

在印度的錢德加爾（Chandigarh），市場呈現兩極分化。近期拍賣顯示，雖然中心地帶的優質地塊成交價高出起拍價 14% 以上，但 80% 的其他住宅地塊仍未售出。這是因為政府調高了官方物業價格，導致較不理想地區的地塊價格竟與郊區的私人開發案相當。因此，較少人願意對這些物業出價。

The global housing market is currently defined by a move toward owner-occupiers in Australia, a shift toward small investors in the U.S., and a concentration of value in central areas in Chandigarh.

全球房屋市場目前的特點在於：澳洲轉向自住買家、美國轉向小規模投資者，而錢德加爾則為價值集中於中心地區。