AUSTRALIA’S sharemarket will halve in value, house prices will slump as much as 40 per cent and unemployment will climb to 10 per cent. That’s the bold prediction from economic forecaster Harry Dent, who says a bigger crash is ahead for the global economy within the next two years. » …
Earlier this year, there was a lot of speculation and warning that the First Home Owner’s Boost would turn the First Home Buyers segment of the market into a subprime bubble. Data from the Australian Bureau of Statistics is now coming out which will confirm these fears. On Wednesday, the …
THE average loan size for first-home buyers has risen by $52,000 – or 23 per cent – in the past two years, raising fears that government incentives for young buyers are artificially inflating the market. A report commissioned by Brandmanagement, a market research firm specialising in the finance sector, says …
INCREASING concerns about job security are impacting on the property market, with people opting to spend less and delay buying, a survey shows. The realestate.com.au Consumer Insights Buy report, which measures the perceptions of property buyers, showed 55 per cent of Australians have a high degree of concern about their …
Those buying their first home have another six months to locate their dream dwelling and still benefit from last year’s boost to the first home owners grant scheme. The first home owners grant was lifted from $7000 to $14,000 for existing dwellings and from $14,000 to $21,000 for new homes …
Despite the best efforts of the government to prop up the bubbling housing market, Australian Bureau of Statistics data released today show Australian house prices fell 6.7% for the year. This result is the biggest annual fall since the index started 23 years ago. It does appear the First Home …
With lack of employment and pay cuts from a 4 day working week, young adults are moving out off their rentals and back into the family nest with Mum & Dad or into share accommodation. This has prompted warnings that the national rental vacancy rates are set to double within …
FIRST home buyers are leaping aboard a sinking ship, with house prices set to fall about 20 per cent in the next two years, an Australian National University economist says. Professor Quentin Grafton said house prices could not continue to grow at a faster rate than incomes and consumer prices. …
One of the problems which has helped fuel this real estate bubble has been the wild and ridiculous claims made by sprukers. The real estate industry is unique in that you can make up anything, disseminate it to the public and never expect any repercussions. If a financial advisor made …
A GROWING number of NSW residents are on the cusp of losing their homes to banks and other lenders despite the steep fall in interest rates. The number of repossession orders in the state dropped at the end of last year, as lower interest rates offered relief to borrowers struggling …
You could be mistaken for thinking we didn’t each have a part to play in the Global Financial Crisis. It wasn’t that long ago Kevin Rudd was saying “As Prime Minister I will not sit idly by and watch Australian households suffer the worst effects of a global crisis we …
The Sydney Morning Herald reports : THE Australian housing market is facing the prospect of a “perfect storm” of financial pressures – including high mortgage debt, overvalued homes and rising unemployment – in which prices could eventually fall by as much as 30 per cent, investors have been warned. » …
COMMONWEALTH Bank of Australia has cautioned that the Federal Government’s sweetener on the first home buyers grant should not become an open-ended offer because it could encourage some into the housing market who may not be able to afford home ownership. » Subprime warning on first home grants – The …
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 …
Despite GDP figures released last week showing Australia is in recession and with unemployment rising, NSW Housing Minister David Borger, says it’s never a better time to load up with debt. “I strongly encourage anyone thinking about buying a new home to do so now – with lowering interest rates, …
Last year Deputy Governor of the Reserve Bank of Australia, Mr Ric Battellino addressed the 7th ITSA Bankruptcy Congress with an update on household finances. In his speech, he raised differences between the Australia and U.S. housing markets : “A third important difference between Australia and the US is in …
Today’s release of the December ’08 National Accounts came as a surprise. Not the fact that Australia’s GDP has recorded its first quarter decline since 1991 – it was only a mater of time for Australia to join the ranks of countries in recession. But while GDP has started to …
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". …
House price data for the UK market compiled by Nationwide shows in the 12 months to February, shows house prices fell 17.6%. This, the 16th consecutive contraction is now the biggest fall since Nationwide started to collect data in 1952. Meanwhile Standard and Poor’s have released the latest update to …
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