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 …
Japan has sunk into Depression with annual GDP falling 12.7% from December 2007 to December 2008. This is Japan’s worse result in 35 years and has prompted economists to fear the worse for Australia’s chances of staying out of recession. “That in turn, I think, will make it very difficult …
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 …
The ABS released its official House Price Index today for the December 2008 quarter. The Weighted average of eight capital cities fell 0.8% for the quarter, taking the yearly fall to 3.3%. On the positive, the figures were better than expected. Most economists surveyed expected a 1% fall. The fall …
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 …
As the U.S. economy took a dive, experts said "no fear" – Australia was decoupled from the US and booming China would continue to power our economy. Yet, as consumers in the world economy cut back on purchasing goods, now China’s growth is falling at alarming rates. What now? Who …
While many still argue if Australia will fall into recession, the inevitable has happened. NSW is already in recession, and the rest of Australia is not far off. In a forecast to be published today from Access Economics, it predicts Australia will be in a technical recession by the end …
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 …
An ANZ survey of jobs advertised in both Print and Internet media has plunged to recessionary levels. Job ads advertised in December fell 9.7%, accelerating from the previous month’s fall of 8.6%. Job ads are now down 29.9% for the year. » Jobs ads tumble to recession levels: ANZ surveyThe …
Insolvency and Trustee Service Australia (ITSA) data today shows bankruptcies have increased 6.03% in the year to December with a total of 6649 cases filed. Debt agreements are up 37.12 percent over the same period. » Bankruptcies hit record high in Australia – Sunday Telegraph, 11th January 2009.
December saw a staggering 524,000 jobs shredded as the recession picks up pace in the US. December’s decline brings the year’s total loses to 2.6 million, the worst year since 1945 when World War II ended. The US unemployment rate now stands at 7.2%, the highest rate since 1993. » …
The Bank of England has today reduced the benchmark interest rate by 0.5% to 1.5%, the lowest rate since the Bank of England was established in 1694. » BOE Cuts Rate to Lowest Since Bank’s Creation in 1694 – Bloomberg, 8th January 2008.
Victorian’s are finding out that their property market isn’t as resilient as first thought. House prices have fallen 5% since July bring loses to $40 billion. The medium house price has fallen from $450,000 in the middle of last year to $427,500. » $40b lost in six months as Victorian …
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 …
Back in October 2006 we first reported US new home prices were plunging at the fastest pace in 36 years. Two years later, prices are still continuing to fall with no recovery in sight. Last night it was reported new home sales fell 5.2% in October 2008 to an annual …
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