The Reserve Bank of Australia has today raised the official cash rate from 4 per cent to 4.25 per cent and says there is more to come. In a media release following the rise, the RBA said “Interest rates to most borrowers nonetheless have been somewhat lower than average. The …
Housing Minister, Tanya Plibersek indicated in a interview with the 7:30 report, that one of the objectives of the First Home Owners Boost was to keep the construction sector strong. According to Plibersek, the construction sector accounts for about 9% of employment in Australia. But as predicted, when the government …
According to statistics released by the China Land Survey and Planning Institution, house prices in China increased 25 per cent in 2009, the biggest increase since 2001. However, data from the National Bureau of Statistics suggest house prices only rose 1.5 per cent in 2009, a five year low. While …
Any doubt Australia was not experiencing an ever accelerating housing bubble was squashed yesterday, when RP Data – Rismark released house price data for February. In Darwin, Residential Property (Units & Houses) increased 19.7% for the year to February 2010. This was closely followed by Melbourne (19.3%), Canberra (14.7%), Sydney …
In a press release issued by the Real Estate Institute of Australia (REIA), REIA president, Mr David Airey said he was stunned to hear RBA Governor Glenn Stevens tell Channel 7 Sunrise viewers that “property was no longer the easy path to prosperity”. In substantiating his claims that property can …
Glenn Stevens, Governor of the RBA made his strongest indication the reserve bank is worried by Australia’s surging property bubble in a prerecorded interview on Channel 7’s Sunrise. He said “I think it is a mistake to assume that a, you know, riskless, easy, guaranteed way to prosperity is just …
In his speech on Friday to the ACI2010 49th World Congress, Reserve Bank of Australia Governor, Glenn Stevens used the analogy that the global financial system had suffered a near death experience and is now beginning to recover gradually. “The global financial system is gradually recovering its poise, after a …
With mortgage approvals in Australia falling of a cliff, and Real Estate agents reporting such a strong property market at a time when the market is flooded with near record levels of listings, one has to ask who is buying? Mortgage approvals in Australia are down 21 percent from its …
Figures from the Australian Taxation Office shows Australian Residential Property Investors collectively raked up losses totaling $8.6 billion dollars, in a bid to avoid $4 billion in Tax. The $8.6 billion dollar loss is a increase of 35 per cent over the previous year with Queensland and NSW attributing to …
The Housing Industry Association (HIA) has this week released a report showing Australia’s housing “shortage” will quadruple if we don’t act now and increase the number of homes being constructed. The group has called for another 466,000 homes to be built by 2020, with the “shortage” currently at 109,000 homes. …
Official statistics released last Thursday showing sales of existing housing in Beijing falling 38 percent and units falling 64.2 percent in a month has prompted fears that the housing bubble in China may be losing momentum. Henry Cheng, the Managing Director of New World Development Co, a Hong Kong property …
For many off the plan property investors, this year is turning into a nightmare. Many investors have brought apartments off the plan before their buildings and apartments have been built. They lay down a deposit and pay the remainder on settlement when the keys are handed over, sometimes as much …
Existing home sales in Beijing fell 38 per cent in February while existing unit sales fell 64.2 percent. The average price of existing homes in Beijing fell 4.6 percent. Rentals were not immune either. Volume decreased 10 per cent in February resulting in a 7.9 percent decline in rents. Officials …
Sydney has recorded a record 2860 houses and units up for Auction this month, double the 1400 listings in March last year. Under the weight of these extra listings, the clearance rate in the Northern Beaches has plunged from 60 per cent last month to just 30% so far this …
Following a “comprehensive” risk assessment of the Commonwealth Bank’s $270 billion home mortgage book, the CBA has decided to restrict lending to potentially risky property investors by reducing the LVR to 80 per cent for investment home loans, effective from March 20th. The changes will require residential property investors to …
The fall in the number of home loan approvals continue to accelerate with a 7.9 percent fall in January, the biggest fall for a decade. This follows a revised 5.1 per cent drop in December. As we highlighted in last month’s post, No ‘pent up’ demand for Mortgage Approvals, it …
New Zealand’s over heated property market is set to fall according to a news report on stuff.co.nz and following a surge of listings as homeowners and investors run for the exit. The Chief Executive of property website realestate.co.nz, Alistair Helm, reports there were 15,129 homes listed for sale in February, …
Despite the Global Financial Crisis, an event triggered by debt, the Reserve Bank of Australia figures show Australian Households have punched through the big $1 trillion dollar mark in home mortgages. This is almost 15 times more than 20 years ago. Loans to Investors to purchase houses have gone up …
For years Real Estate agents have been saying you can’t lose with property. Despite this reassurance, Residex research shows 24% of Sydneysiders who have brought and sold property in the past five years have lost. The average shortfall has been more than $54,000 or in many cases, the value of …
According to a report from FirstAmerican CoreLogic, more than 11.3 million mortgage holders have negative equity – they owe more on their mortgage than what their home is worth. This represents almost 25% of all Americans with a mortgage. Worst still, more than 10% of people with a mortgage owes …
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