Real Estate agents are now expressing their fears that the housing market will collapse when the subprime frenzy caused by the FHOB ceases. The Brisbane Times reports Real Estate agent Peter Secco’s office had 37 sales in January and only two were above $500,000. “If that’s not enough evidence for …
In an interview with TechTicker, Professor Robert Shiller author of Irrational Exuberance and co-producer of the Case/Shiller Home Price Index said U.S. house prices are still way to high. Shiller said this is the biggest housing bubble in world history and &qout;we are entering a new era in some sense". …
In what could be interesting legal precedent, the Sydney Morning Herald today has reports of two “property speculators” who has been given permission from a Supreme Court Judge to walk away from a contract and recover the deposit to purchase a terrace off the plan for $1.07 million. The decision …
As U.K. Prime Minister Gordon Brown calls for the return of traditional banking methods in Britain and the abolishing of 100% mortgages, Australian banks are scrambling to prevent Kevin Rudd’s First Home Owners Boost turning into a subprime frenzy. Today, the Commonwealth Bank of Australia announced the tightening of borrowing …
New data from the Real Estate Institute of WA posts a worst picture of Perth’s housing market than originally thought. On the 14th of January the Institute reported preliminary data showing the Perth medium house price closed the year at $418,000, down 11.44% from $472,000 the year prior. It now …
Mr Stevens told the House of Representative Standing Committee on Economics today that “there is considerable pent-up demand” for housing in Australia. If you didn’t know who Glenn Stevens was, you would mistakenly think he is yet another Real Estate agent spruiking their bread and butter market. But Mr Stevens …
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 …
With the number of house sales falling of a clift, have you ever wondered what a Real Estate agent/professional does to fill in spare time before they receive their redundancy offers? Yesterday quality newspaper, the Australian runs an article “Mum ready to go shopping for second home” The article reports …
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 …
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 …
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 …
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 …
Figures released from the ABS today show new home approvals are continuing to plummet. Despite Real Estate bodies sounding like a broken record that we have a shortage of houses and hence it is different here, only 10,700 homes were approved in October. This is a fall of 5.4% for …
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 …
THE once booming Perth property market has recorded its third consecutive quarterly fall in the median house price – a phenomenon not seen in 25 years – as talk of a recession eats into consumer confidence. Real Estate Institute of Western Australia president Rob Druitt said the Perth market was …
The New’s reports today that the CBA has banned no-deposit loan, while the ANZ has moved to tighten eligibility requirements. JP Morgan banking analyst Brian Johnson says “The era of getting very easy credit to buy a house is over”. John Symonds of Aussie Home Loans said the change signals …
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