An unprecedented 10,200 vacant residential properties are now available for rent in Perth, according to an ABC news report published today. Perth City now has a distressing vacancy rate of 6 per cent, while the suburbs hover around an highly elevated 4 per cent, about three times the long term …
The ABC’s Four Corners has aired an excellent story tonight showing how tax distortions such as negative gearing has created one of the world’s largest housing bubbles: Watch the 45 minute segment here.
Prime Minister Malcolm Turnbull has today ruled out any changes to negative gearing and in doing so, has drawn battle lines on housing affordability for this coming election. If Labor wins the election, it plans to reform negative gearing and the capital gains tax discount effective from 1st July 2017. …
In his victory speech, Prime Minister Malcolm Turnbull said the Australia of the future has to be a nation that is agile, innovative and creative. But founder of Australia’s largest tech company, Mike Cannon-Brookes, claims Australia is too expensive. Mike Cannon-Brookes, a founder of Nasdaq listed software company Atlassian, headquartered …
A flawed report claiming Labor’s plan to quarantine negative gearing to new homes would result in rents surging by up to ten percent, and new home builds falling 7,200 annually, has embarrassingly backed fired for the government. The BIS Shrapnel report, riddled with significant errors such as Australia’s GDP being …
At nine thirty last night, I sat in my allocated seat – G-6, in cinema ten of Event Cinemas’ Marion Megaplex. As a “renter class” citizen, I had just paid the budget price of $12.50 (Cheaper Tuesday) to see The Big Short, a true story of hedge fund manager, Michael …
Performance Property Advisory believes Sydney property prices have “reached a classic peak” and have issued a “sell” rating according to the Australian Financial Review (‘Sydney and Melbourne property ‘set for price correction.’) The group provides market research and analysis for medium to high income professionals. According to the Domain, Sydney …
He promised informed economic debate. But today, Prime Minister Malcolm Turnbull’s credibility in delivering much needed economic debate evaporated, as he launched a massive scare campaign claiming Labor’s negative gearing policy would result in house prices being “smashed”. After some debate over the past month, Turnbull has backed away from …
Australia’s rental market is starting to resemble a disaster zone as an oversupply of rentals flood the market at a time of anemic wage growth. Australian Bureau of Statistics figures released today show rent growth is now the lowest in 21 years, at just 0.82 per cent for the year …
Melbourne and Sydney has witnessed substantial property price falls in November as auction clearance rates took a tumble. According to CoreLogic RP Data, Melbourne property prices fell a sizeable 3.5 per cent in November, followed by Sydney notching up a 1.4 per cent decline for the month. Australia’s two largest …
Australia’s investor led housing bubble could be worst that first thought. The Reserve Bank deputy governor, Dr Philip Lowe, today revealed the central bank has been concerned about the banks significant upwards revision on investor mortgages. Reviews over the past 6 months has found $50 billion in investor mortgages incorrectly …
Foreign Chinese buyers may now be priced out of the booming Sydney and Melbourne property markets according to Real Estate agency PRD Nationwide. In recent weeks, market players have noticed a gradual pull out of Chinese buyers and are racking their brains to understand why. The worrying pull out for …
As expected, the Commonwealth Bank is today the second bank to hike interest rates out of cycle, notching rates up 15 basis points. ANZ and NAB are expected to follow. As did Westpac, the CBA blamed the rates decision on increased capital and regulatory requirements. (‘Banking regulator announces tighter capital …
Westpac will hike mortgage rates by 20 basis points on the 20th of November, and in a win for savers, increase term deposit rates by 25 basis points come Friday. Australia’s other big banks could be expected to follow suit. Westpac has blamed the rates decision on increased capital and …
Fresh data released today from the China Customs Bureau show imports to China declined 17.7 per cent in the year to September. Exports feared better, falling 1.1 per cent for the same period leading to predictions, GDP numbers to be released next week will be the weakest quarterly growth rate …
An oversupply of rental properties and slow population growth has caused September rental growth to slow to an all time record low, according to CoreLogic RP Data. At a national level, September recorded zero rental growth, failing to keep up with inflation. Melbourne and Hobart posted slight gains of 0.3 …
Young foreign students on visas, with no income and who have purchased $5 million properties are just some of the 500 potentially illegal foreign real estate transactions currently under investigation by the Australian government. Federal Treasurer, Joe Hockey, today provided an update of the operations from the 50 strong task-force, …
Six homes brought illegally by foreigners will be sold and a further 462 sales are under investigation with the Treasurer, Joe Hockey, telling Australians more will be forced to sell soon. In May, we reported the enforcement of legislation surrounding real estate sales to foreigners would be transferred to the …
Westpac had slashed the maximum loan to value ratio (LVR) for residential property loans taken out by self managed super funds (SMSF) to 70 per cent. Earlier last month, Westpac lowered the maximum LVR for all property investors to just 80 per cent. On Friday, Westpac also announced it will …
AMP has today announced a freeze on lending to property investors while existing property investors can expect a 47 basis point increase in mortgage rates from the 7th September 2015. AMP Limited acknowledges the changes are in response to APRA’s crackdown on investor housing loan growth and will review the …
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