You could be mistaken for thinking we didn’t each have a part to play in the Global Financial Crisis. It wasn’t that long ago Kevin Rudd was saying “As Prime Minister I will not sit idly by and watch Australian households suffer the worst effects of a global crisis we …
The Sydney Morning Herald reports : THE Australian housing market is facing the prospect of a “perfect storm” of financial pressures – including high mortgage debt, overvalued homes and rising unemployment – in which prices could eventually fall by as much as 30 per cent, investors have been warned. » …
COMMONWEALTH Bank of Australia has cautioned that the Federal Government’s sweetener on the first home buyers grant should not become an open-ended offer because it could encourage some into the housing market who may not be able to afford home ownership. » Subprime warning on first home grants – The …
Real Estate agents are now expressing their fears that the housing market will collapse when the subprime frenzy caused by the FHOB ceases. The Brisbane Times reports Real Estate agent Peter Secco’s office had 37 sales in January and only two were above $500,000. “If that’s not enough evidence for …
Despite GDP figures released last week showing Australia is in recession and with unemployment rising, NSW Housing Minister David Borger, says it’s never a better time to load up with debt. “I strongly encourage anyone thinking about buying a new home to do so now – with lowering interest rates, …
Last year Deputy Governor of the Reserve Bank of Australia, Mr Ric Battellino addressed the 7th ITSA Bankruptcy Congress with an update on household finances. In his speech, he raised differences between the Australia and U.S. housing markets : “A third important difference between Australia and the US is in …
Today’s release of the December ’08 National Accounts came as a surprise. Not the fact that Australia’s GDP has recorded its first quarter decline since 1991 – it was only a mater of time for Australia to join the ranks of countries in recession. But while GDP has started to …
In an interview with TechTicker, Professor Robert Shiller author of Irrational Exuberance and co-producer of the Case/Shiller Home Price Index said U.S. house prices are still way to high. Shiller said this is the biggest housing bubble in world history and &qout;we are entering a new era in some sense". …
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