With the housing market once again showing signs of cooling, there has been some debate in recent weeks surrounding the question of if the government will introduce a new first home owner’s grant to prop up the market. So you can imagine the surprise we received today, when news broke …
Figures from the HIA-rpdata.com Residential Land Report show the number of land sales in Australia has fallen sharply, reaching levels not seen in a decade. Sales of land for the 12 months to December 2010 has fallen 40.4 percent and is believed to be due to severe un-affordability reducing demand, …
For years the experts said Australia was different. Due to a so called shortage of houses, prices could only go up, new buyers would just borrow more and our record household debt levels – well it was not really an issue and we would rather not talk about that. When …
Prosper Australia, the organisation behind the Home Buyer’s Strike, has today announced the “Great Australian Land Bubble” has popped. According to Prosper, the statement has been made on the back of extremely poor housing finance figures released by the ABS. Figures from SQM Research show residential properties advertised for sale …
The avalanche of bad residential property news just keeps coming. Today, the ABS reported home loan approvals in February has fallen a seasonally adjusted 5.6 percent to 45,393 approvals. This is the lowest number in the past 10 years, when in February 2001, 44,663 approvals were recorded. February’s figure is …
Figures from the Valuer General show in the month of February, only 2556 properties were settled in Adelaide. This is the lowest recorded figure since the department started keeping records two decades ago. As the state government generates revenue from stamp duty on transacted properties, the slow down has forced …
It has been a busy day on the news front today. After reports of a First Home Buyers Strike and the claim that First Home Buyers have been priced out of the market, there was the announcement this morning that Prime Minister Julia Gillard will not only re-instate the first …
Just over two weeks ago a campaign was started urging first home buyers to boycott buying a house in what is considered the most expensive property market in the world. In the last 48 hours, the campaign has achieved phenomenal momentum in both mainstream media and online. The campaign was …
RP data today released its February update to the RP Data‐Rismark Hedonic Home Value Index showing national city prices fell 1.3 percent seasonally adjusted for the three months to February. All capitals recorded falls in house prices except Sydney which increased just 0.3 percent. Darwin lead the falls, recording a …
According to mortgage rating agency Fitch, the number of mortgage payments that were 90 days in arrears grew unexpectedly by 12.5 percent in the last quarter of 2010. The data shows more people are defaulting on their mortgages and it is only expected to get worse. Tammy May, founder of …
David Murray, Chairman of the Future Fund has today warned that Australia’s high house prices have made the Australian economy vulnerable to shock from overseas events. Two weeks ago, The Economist magazine released its quarterly update on global house prices showing Australia, once again, has the most expensive housing in …
The Sunday Telegraph is today reporting “EMBARRASSED agents are covering up a growing failure to sell homes at auction by not telling reporting bodies about their failed campaigns” with as much as 50 percent of Sydney auction results going unreported as the housing market starts to turn south. Louis Christopher, …
New property data out today from RPData show Australia recorded the biggest monthly fall in house prices since the RP Data-Rismark Home Value Index started. “It’s the biggest fall in values that we’ve ever seen on a monthly basis so while we’re not pressing the alarm bells yet we will …
A new survey has found First Home Buyers are selling up in droves, no longer able to afford their houses purchased with the lurer of free money from the First Home Buyers Boost. The survey, conducted by Mortgage Choice shows 10 percent of first home buyers who have purchased within …
It is thought the number of Real Estate Agents secretly posing as home buyers in the Australian media has reached levels not seen since the GFC. Last fortnight it was Ben Markwell, the first time buyer who discovered buying a house would not cost much more the renting. Featuring in …
Two years ago we ran an comprehensive story on what we believed would be the effects from propping up the housing market with the First Home Owners Boost. Titled Time to pick and choose: Housing or Jobs we suggested that propping up and keeping house prices artificially high would eventually …
According to a Courier Mail article, there is less than 800 apartments for sale in high rise buildings stretching across the Gold Coast. With sales rates at their lowest since the 1990’s, some 47 sales per quarter, it is estimated current stock on the market will take at least five …
According to The Age newspaper in Melbourne, Victoria’s largest home builder is selling half of its new homes in the Sanctuary Lakes Resort and Featherbrook Estates to overseas buyers. The development includes a total of 2500 lots, suggesting as many as 1,250 lots are now in foreign hands. Mark Vujovich, …
According to Forensic Asia Ltd.’s managing director Gillem Tulloch, the China property bubble will likely burst next year. Tulloch believes china’s banks are unable to pump out enough credit to sustain further rises in property values. He says the Chinese economy will be short 11 trillion yuan in credit required …
The Real Estate Industry is fuming at the government for not consulting with them. The Australian reviled yesterday that in the four months since the election the Gillard Government has not contacted the Real Estate Institute of Australia (REIA) for any advice. According to the institute, they had long provided …
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