House markets in Australia, the USA, and India are all different now.

目前澳洲、美國與印度的房屋市場各不相同。

In Australia, fewer people buy houses at auctions. Prices are too high for buyers. Also, the government changed tax rules. Now, more people buy houses to live in them, not to make money.

在澳洲，參與拍賣買房的人數減少了。對買家來說，價格過高。此外，政府修改了稅務規定。現在更多人是購買自住，而非為了獲利。

In the USA, big companies are buying fewer houses. Now, small families and individuals buy more homes. They like to buy houses in the Midwest and Sun Belt because they are cheaper.

在美國，大公司購買房屋的數量減少了。現在小型家庭與個人購買的房屋增加。他們傾向購買中西部與陽光帶的房屋，因為價格較便宜。

In Chandigarh, India, some houses are very expensive and sell fast. But many other houses do not sell. This is because the government raised the official price of the land.

在印度的錢德格爾，部分房屋價格昂貴且銷售迅速。但許多其他房屋則無法售出。這是因為政府提高了土地的官方價格。

Australia has more homeowners, the USA has more small investors, and India has high prices only in some areas.

澳洲有更多房屋持有者，美國有更多小型投資者，而印度僅在部分地區房價高昂。

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 Data from Domain shows a significant increase in properties being withdrawn from auctions, especially in Sydney and Melbourne, where success rates have stayed below 60%.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。

Current residential property markets in Australia, the United States, and India exhibit divergent trajectories characterized by varying levels of investor participation and price volatility.

目前澳洲、美國與印度的住宅房地產市場呈現出不同的發展軌跡，其特徵為投資者參與程度與價格波動性各異。

In the Australian context, the residential sector is experiencing a period of contraction. Data from Domain indicates a significant increase in auction withdrawals, particularly in Sydney and Melbourne, where preliminary clearance rates have remained below 60%. This trend is attributed to a misalignment between vendor price expectations and current buyer capacity, exacerbated by elevated interest rates and federal tax modifications targeting investors. While high-demand zones—such as those proximate to prestigious educational institutions in Mount Waverley or rare vacant lots in West End—continue to command premiums, the broader market is characterized by a shift toward owner-occupier dominance. Economists suggest that the federal budget's restriction of tax benefits to new constructions has effectively marginalized traditional investors from the established housing stock.

在澳洲的情況，住宅部門正經歷一段萎縮期。Domain 的數據顯示，拍賣撤回數量顯著增加，特別是在悉尼與墨爾本，初步成交率一直維持在 60% 以下。這一趨勢歸因於賣方價格預期與買方目前能力的錯位，且受到高利率以及聯邦政府針對投資者的稅務修改之影響而惡化。雖然高需求區域——例如位於 Mount Waverley 名校附近或 West End 稀有空置地段——仍能維持溢價，但整體市場特徵已轉向由自住買家主導。經濟學家指出，聯邦預算將稅務優惠限制於新建築，實際上已將傳統投資者排除在既有房屋存量之外。

Conversely, the United States market demonstrates a structural shift in investor composition. According to Realtor.com, institutional acquisitions have diminished significantly, with large-scale investors (those with 350+ purchases) representing only 7.5% of investor activity by 2025. This retreat has been superseded by 'mom-and-pop' investors, who now constitute 63% of the investor market. These small-scale entities are primarily concentrating acquisitions in the Midwest and Sun Belt regions, where rental demand remains robust and entry costs are lower. This shift occurs amidst legislative stagnation, as the 21st Century ROAD to Housing Act remains unsigned by the executive branch.

相反地，美國市場在投資者組成上呈現結構性轉移。根據 Realtor.com 的數據，機構收購顯著減少，到 2025 年，大型投資者（購買量達 350 個以上者）僅佔投資活動的 7.5%。此退潮已被「小規模」投資者取代，後者目前佔投資市場的 63%。這些小規模實體主要將收購集中在中西部與陽光帶區域，該處租賃需求依然強勁且入場成本較低。此轉變發生在立法停滯之際，因為《21 世紀住房道路法案》仍未由行政部門簽署。

In Chandigarh, India, the market exhibits a high degree of sectoral polarization. Recent e-auctions revealed that while prime freehold plots in central sectors (e.g., Sector 21) achieved premiums exceeding 14% above reserve prices, 80% of the offered residential plots remained unsold. This disparity is attributed to the upward revision of Collector rates, which has rendered properties in non-prime sectors price-competitive with private developments in the periphery, thereby reducing the pool of viable bidders.

在印度錢德加爾，市場呈現出高度的部門極端分化。近期的電子拍賣顯示，雖然中心區域（如第 21 區）的優質自由持有地段溢價超過保留價 14%，但 80% 提供的住宅地段仍未售出。此差異歸因於 Collector rates（政府估價率）的調高，使得非核心區域的物業價格與邊緣地區的私人開發項目相當，從而減少了可行投標者的數量。

The global residential landscape is currently defined by a transition toward owner-occupancy in Australia, a pivot toward small-scale investors in the U.S., and a concentration of value in heritage sectors within Chandigarh.

目前全球住宅房地產格局的定義為：澳洲轉向自住主導，美國轉向小規模投資者，而錢德加爾的價值則集中在遺產區域。