Falling house prices mean one in five homeowners with a mortgage now owes the bank more than their house is worth. And with a grim economic outlook for 2009 thousands of people are set to lose their jobs and house prices are expected to keep tumbling experts say a cocktail …
The Australian has today reported an estimate from the Australian Bureau of Statistics showing Australian Households have lost 25% of their wealth since the start of the global financial crisis. It suggests the data is conservative as it only covers losses up to the end of September and markets have …
On Tuesday the US Federal Reserve surprised markets and slashed interest rates by 0.75% to a range between zero and 0.25%. One day later, the world’s 2nd largest economy saw rates get cut to 0.1% by the Bank of Japan. This now means the world’s largest two economies have interest …
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 …
New car sales have had their biggest annual decline in more than 20 years as consumers steer clear of big ticket items. Figures from the Federal Chamber of Automotive Industries show just under 72,000 vehicles were sold in November. » Car sales dive 20pc – The ABC, 4th December 2008.
Official figures show the farming sector helped save the Australian economy from falling backwards in the September quarter. The National Accounts show the economy expanded by 0.1 per cent in the quarter. But if the impact of farming is not included, the economy shrank by 0.3 per cent. » Farmers …
Dec. 2 (Bloomberg) — House prices in Shanghai, Shenzhen and Guangzhou are plunging, and the global economy may grind almost to a halt next year because of it. Construction of homes, offices and factories fell at least 16.6 percent in October after rising 32.5 percent a year earlier, according to …
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 US National Bureau of Economic Research has released data confirming the USA is in recession. The peak of the cycle was a year ago in December 2007 and the US economy has been crumbling ever since. Confirmation the US is in recession saw the Dow Jones shed almost 7% …
While the Australian Government spends millions of dollars in grants trying to keep the housing bubble afloat, the UK Government is pioneering a much cheaper alternative to keep confidence strong within their falling housing markets. It has been found the UK Government has not been including repossessions in their official …
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 …
Today seemed like just another “normal” day on the market. The All Ords fell 150.6 points to close the day down at 3332.6. However the significance of today’s close is that the market is now down 51.4% from its peak of 6853.6 points recorded just a little more than a …
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 …
Australia’s house prices will soften but should not crash because of the world economic crisis, Reserve Bank governor Glenn Stevens says. Answering a question from the floor at a business dinner in Melbourne, Mr Stevens said the ratio between house prices and household income was historically “very high”, partly because …
With falling Interest rates and the increased first home buyers grants, many real estate experts are saying it is never a better time to buy. Actually, when you come to think of it – when isn’t it the right time to buy? My stock broker will give buy and SELL …
SYDNEY could lose 87,000 jobs if a massive drop in building approvals recorded in the September quarter was sustained over a full year, developer lobby group Urban Taskforce said. Chief executive Aaron Gadiel said an analysis of the figures showed the impact on jobs would be “startling”. » Massive job …
The Gold Coast Bulletin reports the sale of high rise units have slowed significantly with many owners pulling out of contracts prior to settlement. Since May there has only been one high rise building released. Like other states, many new developments are being put on hold putting many jobs at …
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