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 …
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 …
Rudd’s $10.4 billion dollar economic stimulus plan seems to have done the trick. It has stabilised the patient. ABS housing finance figures released today show the value of dwelling commitments for owner occupier housing increased 1.4%. This positive result is driven by a 17.8% increase of First Home buyers entering …
An ANZ survey of jobs advertised in both Print and Internet media has plunged to recessionary levels. Job ads advertised in December fell 9.7%, accelerating from the previous month’s fall of 8.6%. Job ads are now down 29.9% for the year. » Jobs ads tumble to recession levels: ANZ surveyThe …
Insolvency and Trustee Service Australia (ITSA) data today shows bankruptcies have increased 6.03% in the year to December with a total of 6649 cases filed. Debt agreements are up 37.12 percent over the same period. » Bankruptcies hit record high in Australia – Sunday Telegraph, 11th January 2009.
Victorian’s are finding out that their property market isn’t as resilient as first thought. House prices have fallen 5% since July bring loses to $40 billion. The medium house price has fallen from $450,000 in the middle of last year to $427,500. » $40b lost in six months as Victorian …
The Christmas and New Year period is traditionally a time to sit back and reflect on the year. Generally a quiet news period, the newspapers will run finance articles on the best and worse performing stocks for the year and have bold and radical predictions for the next year. Unfortunately …
Falling house prices mean one in five homeowners with a mortgage now owes the bank more than their house is worth. And with a grim economic outlook for 2009 thousands of people are set to lose their jobs and house prices are expected to keep tumbling experts say a cocktail …
The Australian has today reported an estimate from the Australian Bureau of Statistics showing Australian Households have lost 25% of their wealth since the start of the global financial crisis. It suggests the data is conservative as it only covers losses up to the end of September and markets have …
On Tuesday the US Federal Reserve surprised markets and slashed interest rates by 0.75% to a range between zero and 0.25%. One day later, the world’s 2nd largest economy saw rates get cut to 0.1% by the Bank of Japan. This now means the world’s largest two economies have interest …
The REIQ has urged Homeowners not to panic as little less than 30% is wiped of values of Brisbane homes in only three months. While Queensland’s Real Estate Industry lobby group tries to play down the significance of the data, suggesting there is a lot more activity in the lower …
According to an ANZ survey, job ads have had the biggest fall in the 30 year history of survey. Job advertisements fell 8.6% in November with a year on year decline of 18.6%. Today’s drop is the seventh month the number of Job advertisements have contracted. This data doesn’t paint …
New car sales have had their biggest annual decline in more than 20 years as consumers steer clear of big ticket items. Figures from the Federal Chamber of Automotive Industries show just under 72,000 vehicles were sold in November. » Car sales dive 20pc – The ABC, 4th December 2008.
Official figures show the farming sector helped save the Australian economy from falling backwards in the September quarter. The National Accounts show the economy expanded by 0.1 per cent in the quarter. But if the impact of farming is not included, the economy shrank by 0.3 per cent. » Farmers …
Dec. 2 (Bloomberg) — House prices in Shanghai, Shenzhen and Guangzhou are plunging, and the global economy may grind almost to a halt next year because of it. Construction of homes, offices and factories fell at least 16.6 percent in October after rising 32.5 percent a year earlier, according to …
The RBA has today cut interest rates by another 100 basis points in desperate bid to stimulate an economy hurtling towards recession. The official cash rate as of tomorrow will be 4.25%. While the sheer depth of previous cuts came as a surprise to the markets, the market had priced …
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