Current global housing markets are facing significant price instability and changing demand. At the same time, the United States, Australia, and China are following very different economic paths.

目前全球房地產市場正面臨顯著的價格不穩定與需求變動。同時，美國、澳洲與中國正走在截然不同的經濟道路上。

In the United States, it has become much harder for people to buy their first home because house prices have risen much faster than wages. Since 2015, home costs increased by 115%, while incomes only grew by 45%. Consequently, many people are choosing alternative options, such as living with extended family or using 'tiny homes' to save money. While new apartment buildings in the Sun Belt have increased supply and led to more rental discounts, cities like Chicago still face a serious shortage of homes. Furthermore, overall construction has slowed down, with private housing starts dropping by 15.4% in May.

在美國，人們購買首套房變得困難許多，因為房價上漲速度遠快於薪資增長。自 2015 年以來，房屋成本增加了 115%，而收入僅增長了 45%。因此，許多人選擇替代方案，例如與大家族同住或使用「微型屋」以節省開支。雖然陽光帶（Sun Belt）的新公寓增加了供應並帶來更多租金折扣，但像芝加哥這樣的城市仍面臨嚴重的房屋短缺。此外，整體建築速度放緩，5 月份的私人房屋開工量下降了 15.4%。

In Australia, the market is split. High-value properties in Sydney and Melbourne have seen prices fall, mainly because of higher interest rates and changes to government tax laws. In contrast, smaller cities like Perth have shown strong growth. However, there is a critical shortage of rental properties, which means the average household now spends 33.1% of its income on rent. In some urban areas, paying a mortgage is actually cheaper than renting, although this depends on the size of the deposit and available government help.

在澳洲，市場呈現分化。悉尼與墨爾本的高價值物業價格下跌，主因是利率提高以及政府稅法的變更。相比之下，像珀斯等較小城市則表現出強勁增長。然而，租賃物業嚴重短缺，這意味著目前平均每戶家庭將收入的 33.1% 用於支付房租。在某些城市地區，支付房貸實際上比租房便宜，儘管這取決於首付款金額以及可獲得的政府援助。

Meanwhile, China's property sector continues to harm its overall economy. Retail sales fell by 0.6% in May, and investment in urban assets dropped by 4.1%. The real estate crisis is the main cause of this decline, as investment in the sector fell by 16.2%. This has created a 'K-shaped' recovery: while industrial production and exports of AI and green energy remain strong, domestic spending and real estate investment continue to shrink.

與此同時，中國的房地產部門繼續對其整體經濟造成不利影響。5 月份零售銷售下降了 0.6%，城市資產投資下降了 4.1%。房地產危機是此次下滑的主因，該部門的投資下降了 16.2%。這造成了「K 型」復甦：雖然工業生產以及 AI 和綠色能源的出口依然強勁，但國內消費與房地產投資則持續萎縮。

The global housing situation remains divided, with affordability crises in Western countries and a collapse in property investment in China.

全球住房 situation 依然分化，西方國家面臨可負擔能力危機，而中國則面臨房地產投資崩潰。