One of the take home messages from yesterday’s 25 basis point drop is the Reserve Bank’s worry unemployment is starting to rise. On Monday, Roy Morgan research released the results of its latest unemployment and under-employed survey, showing unemployment in Australia is now at 10 per cent, and quite a …
There is growing concerns Australia’s miracle economy might not be in as good shape as our politicians would lead us to believe. This view was reinforced today when the Reserve Bank of Australia was forced to cut official interest rates to help stave off what could emerge as the second …
The concensus among private housing data providers is the Australian residential property market is on the mend. Prices are once again rising, after our “mini” housing correction. But it is hard to find the drivers of this new found confidence. The Reserve Bank of Australia has today released the August …
Prosper Australia invites you to an presentation on Negative Gearing to be held in Melbourne next Tuesday night (2nd October). Karl Fitzgerald describes the session: In what promises to be the most extensive research yet into negative gearing, Philip Soos has assembled an extensive array of data to dispute that …
After reporting on the low doc loan scandal last month, the 7:30 report has tonight followed up on the allegedly growing fraud within the industry. Australian Broker magazine surveyed more than 200 mortgage brokers in the wake of a 7.30 expose last month on fraudulent lending. 85 per cent said …
As awareness of Australia’s household debt and associated housing asset bubble continuously permeates, we are witnessing some well written commentary and opinions appear in the mainstream media. On Tuesday, Michael Feller told Sydney Morning Herald readers that being a bear is not ‘unAustralian’. Saying that Australia has unusually high house …
The hopes of a real estate recovery took a blow today with figures released by the Housing Industry Association (HIA) showing the number of new home sales fell 5.6 per cent in July 2012, following three consecutive rises from April through to June. ABS Census data released in the first …
Wednesday’s decision by BHP Billiton to delay the Olympic Dam expansion could herald the end to Australia’s mining investment boom and commodities super-cycle. Debate about when or if the boom had peaked started earlier this month when a report from Deloitte Access Economics had forecast a peak for resource sector …
Australia’s fixation with keeping its housing bubble afloat could cause wealth destruction on a grand scale. It’s now five years since the GFC. The debrief from this household debt lead crisis in the United States includes a 38.8 per cent fall in median family net worth across all age groups …
The ABC has tonight featured a story on Australia’s developing low doc/sub-prime scandal on the 7:30 report. The video is avaliable on iView with the segment starting at about the 16 minute 27 seconds. » Broker blows whistle on sub-prime scandal – The ABC, 13th August 2012.
The Australian’s Anthony Klan has today reported: One of the nation’s biggest low-doc issuers, the Bendigo and Adelaide Bank, has told borrowers they are not entitled to copies of their signed loan application forms, while other major lenders have told borrowers such documents have been “destroyed”, are “not relevant” or …
Yesterday, a Senate inquiry heard from consumer advocate Denise Brailey that in the past 6 weeks she has seen 400 low-doc or no-doc loans and each one had been fraudulently tampered with. Many were loans to the unemployed. Today, the inquiry heard how the Westpac bank had lent $440,000 to …
We have seen the figures, now we are hearing it first hand from the industry. It’s reporting season and Matthew Quinn, managing director of property developer Stocklands has said the property market is the worst in 20 years. “The market, 20 years ago, was 20 per cent stronger than now. …
The Gold Coast Bulletin reports on a family who sold their Broadbeach apartment to developers five years ago for $1.55 million. They have just brought it back from receivers for $381,000. Read more here. » Family buys back $1.55m unit for $381k – Gold Coast Bulletin, 7th August 2012. » …
If you have been following Denise Brailey, a consumer advocate and president of the Banking & Finance Consumers Support Association (BFCSA) or investigative journalist at The Australia, Anthony Klan you will know there is a potential Subprime crisis brewing in Australia. Over the past few months we have heard numerous …
There is no debating that Australians have a love affair with property. With that, come daily predictions on what house prices and rents will do in the future. But have you ever asked yourself what actual research goes into making these predictions? Most headline articles don’t give the reasoning or …
While the property lobby is saying it is never a better time to buy following a single data point showing rising house prices, a look at real house prices (corrected for inflation) raises a lot of concern: Making the above statement in the United States, however, is much more convincing. …
If the Australian men’s swimming team can teach you anything at this Olympics, it’s not to be cocky. This turns out to be sound advice considering I was almost certain the Australia Bureau of Statistic’s house price index for Australia’s eight capital cities would have notched up six consecutive quarterly …
Vested interests may be spreading the word of rising house prices as a ploy to encourage buyers into a soft market, but data released from the Reserve Bank of Australia today show potential owner occupiers remain firmly on strike. Growth in housing finance in the 12 months to July trickles …
The Sydney Morning Herald reported on a Housing Industry in crisis yesterday with more than 363 companies from the building industry hitting the wall since January 1. The Herald’s Adele Ferguson writes “What is even more alarming is the trend seems to be getting worse, with 30 building companies failing …
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