After hearing Real Estate agents and Property Investors for years say, House prices only go up – the opposite has happened : Rising interest rates have had a significant impact on Melbourne’s property prices in the past three months. The median house price dropped 8.4 per cent – the biggest …
INFLATION has leapt to a 16-year high and is accelerating towards 5 per cent, raising the chance of further interest rate increases. The Reserve Bank of Australia was braced for a bad inflation figure, but the 4.2 per cent jump in the headline figure for the year to March surpassed …
NOT only is mortgage stress on the rise, but up to one in five stressed households will lose their homes, according to analysis of mortgage stress data. As well, borrowers who refinance are more than twice as likely to ultimately lose their houses. The findings are contained in Anatomy Of …
FOR more than 50 years the average Australian was able to buy their first home on the average wage. Traditionally, the median house price was about three times the median household income. Today, in Adelaide, Melbourne and Brisbane, the median house price is more than six times the median income; …
An Auckland couple lost 83 per cent of their investment when they sold a property in one of the city’s best urban precincts. As the gloss goes off the Auckland housing market, the Mt Albert pair, who paid $349,000 three years ago for a Beaumont Quarter apartment, have sold it …
NOW THAT the season of finger-pointing over the home-loan crisis is in full swing, it’s a good time to take a look at how “house lust”, as author Daniel McGinn calls it, affected the property market. . . . Home equity fell to about 48 per cent of total household …
Page 6 of Today’s Australian Financial Report states : House prices in Perth has suffered their biggest quarterly fall in almost a decade, in what analysis say could be a sign of things to come in other cities as rising interest rates and the falling stock market take their toll. …
If a picture is worth a thousand words, today’s graph would suggest I don’t have to write a column this week. The graph was put together by the Reserve Bank’s head of economic analysis, Anthony Richards, and tracks the movement in house prices over the past 35 years compared with …
For the first time since its reporting began, AFG, Australia’s largest mortgage broker, has shown that mortgage sales in WA fell every month for the first three months of the year, when compared to sales for the same three months of 2007. This sales contraction is unprecedented in AFG’s experience: …
SYDNEY house prices could fall by as much as 30 per cent in the next two years, economists say. They warned the pain will not be confined to Sydney’s struggling south and west, where prices have already dropped dramatically. “In Sydney, a typical house will cost 8.4 times a typical …
Consumer confidence has dropped to a 15-year low, failing to recover this month despite a pause on official interest rates, according to figures out today. » Consumer confidence now lowest in 15 years – The ABC, 9th April 2008.
AUSTRALIA’S overvalued housing markets and high levels of debt put it at risk of being hit by the financial tsunami swamping markets in the United States, the International Monetary Fund has warned. The IMF’s latest Global Financial Stability report, released overnight, estimates that losses to banks, borrowers, investors and other …
THE number of jobs advertised in major newspapers has fallen to its lowest level in more than 14 years, with back-to-back interest rate rises causing a decline in every state and territory, a survey shows. The ANZ job ads series shows that the total number of website and print advertisements …
International banks are scrambling to sell their holdings of Spanish mortgage debt at a steep discount, fearing that the country may be sliding into the worst economic downturn in its modern history. » Foreign banks flee Spanish property debt – The Telegraph, 5th April 2008.
THE risk of a correction in Australian house prices is high by international standards, the International Monetary Fund (IMF) says. The IMF, which says Australian property is among the most overvalued in the developed world, has warned that about 25 per cent of the increase in house prices between 1997 …
Has the consumer finally ran out of money, or more precisely credit? The Age reports : MYER has admitted surprise at how quickly consumer sentiment has turned in March. Chairman Bill Wavish says comparable-store sales at the department store chain have actually gone backwards in the month as interest rate …
Property Analyst Residex, has reported just over 1/3 of residential properties in Melbourne and Sydney has taken a dive, while over in Perth the number is closer to half. Some 34 per cent of Sydney homes declined in value, Melbourne 35 per cent and Perth 55 per cent. Outside of …
The first signs of mortgage stress caused by higher interest rates and the fall in the stock market are beginning to be seen in the more affluent suburbs of Sydney. Homeowners in suburbs such as Bondi, Chatswood and on the northern beaches are feeling the pinch as their net worth …
Australian consumer sentiment slumped to its lowest in more than 14 years in March as rising interest rates fanned worries over the economy, a survey showed on Wednesday. The Westpac-Melbourne Institute consumer sentiment index dropped 9.1% in March to 88.6, the lowest reading since September, 1993. That was the third …
THE economy is headed for recession next year, with a 50 per cent plunge in share values and a double-digit drop in house prices – that’s what one analyst says. » Australia ‘on verge of recession’ – news.com.au, March 10th 2008
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