May 24th, 2010
While official figures from Australian Property Monitors suggested the clearance rate in Sydney increased on the weekend from 60.7% to 63.2%, Veteran property analyst Louis Christopher of SQM Research says
the real clearance rate was more like 54% when unreported auctions results – particularly those sales campaigns that fail – are included.
Similarly, the Melbourne clearance rate was more like 62%, rather than the 66.5% reported by APM.
Christopher says all reporting bodies, which include private groups and real estate industry bodies, suffer from some level of reporting problems, such as including private treaty sales in auction data, counting houses sold weeks after an auction in the clearance rate and being unable to get auction results from agents
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May 18th, 2010
Rising interest rates appear to have discouraged Australians from seeking housing finance, new figures show.
Data published by the Australian Bureau of Statistics on Monday showed there had been a seasonally adjusted 3.4 per cent fall in the value of finance for owner-occupied dwellings.
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May 18th, 2010
Borrowers can expect a break from interest rate rises on June 1, the Reserve Bank of Australia (RBA) has indicated.
The RBA has achieved its aim of restoring interest rates faced by borrowers to “around the average levels over the past decade” so the RBA looks set to rest on its oars, at least for a while.
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May 5th, 2010
Australia’s eight capital cities grew by 20% over the 12 months to March 2010, this is based on New figures from the Australian Bureau of Statistics on the weighted average of housing prices.
The biggest increase was in Melbourne, with an annual increase of 27.7% and a quarterly increase of 6.7%, with Sydney not far behind with a 21% annual increase and jump of 5.3% during the quarter. Growth in these two cities was due to established homes, the ABS said.
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May 5th, 2010
The federal and state governments have given themselves just under a year to fix the problem in the midst of the largest population boom in 50 years.
But some would say years of government neglect and poor policy, combined with a looming skills shortage and rising interest rates could mean affordable housing won’t be returning any time soon.
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May 5th, 2010
A report commissioned by developer lobby group the Urban Taskforce, says Melbourne’s population growth will outstrip Sydney’s, and the Victorian city will have more people by 2037.
The taskforce says the relative fall in Sydney’s population is due to low levels of housing construction and high property prices, which are driving people away.
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May 5th, 2010
Australia’s big 4 banks, the nation’s biggest banks have raised mortgage rates in line with the Reserve Bank’s 25 basis point rise in official rates, that .25%
Last night the big 4 ANZ, Commonwealth Bank, National Australia Bank and Westpac had each said they would raise variable mortgage rates by 25 basis points. Each of the big banks also passed on the full rate rise to their high-interest deposit accounts.
Westpac will have among the highest mortgage rates, its variable loan rising to 7.51 per cent.
ANZ’s mortgage rate will rise 7.41 per cent.
Commonwealth Bank’s variable home loan will rise to 7.36 per cent.
NAB’s mortgage rate rises to 7.24 per cent.
The Finance Sector Union is calling on banks to help relieve the burden of rising debt on families by reducing the rate passed on to customers instead.
The ANZ announcing a $2.3 billion profit last week, and with similar ‘’super profits” expected from NAB and Westpac this week, the banks were in an ideal position to correct their move to increase their margins against the Reserve’s movements last year.
Still economist are warning of more interest rate pain to come. This rate rise pushed up rates for the sixth time in eight months, lifting standard variable mortgage rates to near 7.5 per cent.
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April 22nd, 2010
Across Australia property values have risen by 12.7% to February 2010 however, there are still opportunities to purchase affordable houses if you know where to look.
We are seeing almost on a daily basis articles highlighting housing affordability issues across Australia. With strong population growth and the recent relaxing of foreign investment laws many suggest that it is becoming more difficult to get into the housing market.
Over the 12 months to February 2010 capital city property values increased by a significant 12.7% fuelled by 49 year low interest rates and the First Home Owner’s Grant Boost and a stronger and more rapid economic recovery than most would have expected. Interest rates have now been increased by 125 basis points from their 49 year low and thanks to rising prices and higher interest rates housing affordability is surely set to become more of an issue once more.
Based on median selling prices on a city-by-city basis the most affordable houses as at January 2010 were available in Hobart ($342,000) and the most expensive houses are found in Sydney ($572,000).
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April 22nd, 2010
Housing prices grew by 1.5% across the country during March following flat results in January and February according to new Residex data, but experts still believe prices will moderate this year as demand continues to slow.
Despite the rise in prices during March, the three month-growth rate has now slowed to just 1.7% with an annualised rate of 6.8%, compared to the average of 14.3% recorded over the second half of last year.
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April 22nd, 2010
First home owners are experiencing considerable financial stress due to interest rates rising more quickly than expected and are devoting 45% of their income to mortgage repayments, an industry expert has said.
But while demand from first home owners is beginning to wane as interest rates rise and prices continue to grow, upgraders and investors aren’t backing away, with auction results solid in the country’s major markets.
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