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". …
House price data for the UK market compiled by Nationwide shows in the 12 months to February, shows house prices fell 17.6%. This, the 16th consecutive contraction is now the biggest fall since Nationwide started to collect data in 1952. Meanwhile Standard and Poor’s have released the latest update to …
In what could be interesting legal precedent, the Sydney Morning Herald today has reports of two “property speculators” who has been given permission from a Supreme Court Judge to walk away from a contract and recover the deposit to purchase a terrace off the plan for $1.07 million. The decision …
As U.K. Prime Minister Gordon Brown calls for the return of traditional banking methods in Britain and the abolishing of 100% mortgages, Australian banks are scrambling to prevent Kevin Rudd’s First Home Owners Boost turning into a subprime frenzy. Today, the Commonwealth Bank of Australia announced the tightening of borrowing …
New data from the Real Estate Institute of WA posts a worst picture of Perth’s housing market than originally thought. On the 14th of January the Institute reported preliminary data showing the Perth medium house price closed the year at $418,000, down 11.44% from $472,000 the year prior. It now …
Mr Stevens told the House of Representative Standing Committee on Economics today that “there is considerable pent-up demand” for housing in Australia. If you didn’t know who Glenn Stevens was, you would mistakenly think he is yet another Real Estate agent spruiking their bread and butter market. But Mr Stevens …
Japan has sunk into Depression with annual GDP falling 12.7% from December 2007 to December 2008. This is Japan’s worse result in 35 years and has prompted economists to fear the worse for Australia’s chances of staying out of recession. “That in turn, I think, will make it very difficult …
The First Home Owners Boost and a rapid fall in interest rates have spurred on First Home Buyers. The official cash rate has more than halved in 6 short months from 7.25% in August 2008 to 3.25% in February 2009 as the RBA struggles to keep Australia from plunging into …
With the number of house sales falling of a clift, have you ever wondered what a Real Estate agent/professional does to fill in spare time before they receive their redundancy offers? Yesterday quality newspaper, the Australian runs an article “Mum ready to go shopping for second home” The article reports …
The ABS released its official House Price Index today for the December 2008 quarter. The Weighted average of eight capital cities fell 0.8% for the quarter, taking the yearly fall to 3.3%. On the positive, the figures were better than expected. Most economists surveyed expected a 1% fall. The fall …
A study by Demographia has shown Australia has the most cities with “severely unaffordable” housing. The Sunshine Coast ranked the worst for affordability of 265 markets surveyed, followed by Honolulu, the Gold Coast, Vancouver and Sydney. Melbourne and Adelaide were equal 12th place and was found to be less affordable …
As the U.S. economy took a dive, experts said "no fear" – Australia was decoupled from the US and booming China would continue to power our economy. Yet, as consumers in the world economy cut back on purchasing goods, now China’s growth is falling at alarming rates. What now? Who …
While many still argue if Australia will fall into recession, the inevitable has happened. NSW is already in recession, and the rest of Australia is not far off. In a forecast to be published today from Access Economics, it predicts Australia will be in a technical recession by the end …
THE West Australian property market is being decimated following the evaporation of the resources boom, with values of $1 million-plus properties plummeting 20 per cent and the equivalent of more than two years’ supply of homes flooding real estate agencies. In Geraldton, rents have slumped 8 per cent and in …
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