The government has often boasted how Australia has dodged the worst of the global financial crisis, but a study released today shows the length some Australian’s have gone to stay afloat. Despite National Accounts showing the aggregate of all households in Australia are spending 6.6% of their disposable income on …
The Housing Industry Association (HIA) has today reported a plunge in the volume of new house sales in May, the weakest since July 2008. Sales fell 6.4 percent in May after reporting a rise of 6.2 percent in April. The falls in new home sales follow mortgage approvals sliding for …
Auction clearance rates have been dismal at late, and today is no exception. Figures from the REIV show a preliminary Auction clearance rate for Melbourne of 65 percent from the 773 auctions held today. The same weekend last year had a clearance rate of 87 percent. Clearance Rates from Long …
China’s annual audit has reveled some of China’s provinces have serious debt problems. Liu Jiayi, head of the National Audit Office wrote in the report “The scale is large, and the burden is quite heavy”. In 2008 when global demand for China’s products started to fall, the government, like many …
The U.S. Commerce Department last night reported sales of new homes sunk 33 percent in May to the lowest level since records began in 1963. The May collapse is also the biggest monthly drop on record and follows the end of federal tax credits used to prop up the unsustainable …
RBA deputy governor Ric Battellino has today downplayed the housing bubble saying house prices in Australia, relative to income, was reasonable. In his speech today, Mr Battellino said ‘‘People feel that house prices in Australia are quite high and that’s quite often because the ratio of house prices to income …
BIS Shrapnel’s Residential Property Prospects report 2010-2013 predicts house prices around the country to continue its momentum upwards. Contained in the report is predictions of a 22% increase over the next three years for Perth and 20% for both Sydney and Adelaide, while all other capital cities will see growth …
As expected by the majority of economists, home loan approvals continued to fall in April making it the seventh straight monthly decline. April recorded a 2.8 percent fall for owner-occupied finance commitments. The last time we saw numbers this weak was in March 2001. We normally publish our own charts …
Reserve Bank Boss Glenn Stevens has today warned Australian households to reduce their debt levels and start saving. The warning stems from the European debt crisis, with Mr Stevens saying markets can ignore problems they know about for a long time before something triggers a sudden collapse. “Markets can happily …
As expected, this weekend’s surge of listings as investors and owners cash in and head for the exits has seen auction clearance rates take a dive. The auction clearance rate in Melbourne had been running in the vicinity of 85 percent, but according to revised numbers from the REIV, it …
The Australian Newspaper has reported International Hedge Funds have been shorting Australian Banks for fears of a housing crash in Australia. According to the paper, a unnamed New York hedge fund manager said there were doubts the strength of Australia’s property market could be sustained. “There’s a lot of scepticism …
The Australian Bureau of Statistics (ABS) has today reported home building approvals have fallen 14.8% between March and April this year, seasonally adjusted. April is the third month building approvals have moved downwards, and this follows the sixth straight month of falling home loan approvals. » 8731.0 – Building Approvals, …
The number of properties being listed is surging around the country with experts predicting some owners are heading for the exits. Data from the REIV reveals there were 924 reported auctions last weekend, 900 scheduled for next weekend and a record 1000 the week after. Louis Christopher from SQM Research …
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