Brace for a Housing Price-rise Flare up
Tony Richards, head of economic analysis at the Reserve Bank of Australia, has warned of a possible new price boom in the residential real estate sector. He noted the unwelcome social side-effects of such a trend, and called on state governments to make more development land available.
Island Hopping in the Heart of Sydney
As part of the 'Crave Sydney' celebrations throughout October, locals and tourists alike will be able to travel along the Sydney Harbour foreshore with Sydney Harbour Island Hopping.
Auction Activity Surges
The recent surge in home buying activity shows no signs of abating as Sydney and Melbourne both recorded auction clearance results above 70 per cent over the weekend. More than 260 properties went under the hammer in Melbourne this weekend, 190 of which were sold for a clearance rate of 72.2 per cent.
Home Loans Soar
AAP The federal government's enhanced first home owner grant helped mortgage brokers write more than $18 billion of home loans in the June quarter, an 18 per cent increase on the same period a year ago, a report says. Mortgage brokers wrote and settled $18.3 billion in new home loans in the June quarter, figures from independent consultants Market Intelligence Strategy Centre (MISC) found.
Imf Says Australian House Prices Not Overvalued
Australia is unlikely to experience a major correction in house prices given the impact of long-term migration on demand, according to the International Monetary Fund (IMF). In its world economic outlook, the IMF said that after taking long-term migration into account, there was insufficient evidence to suggest Australian house prices were significantly overvalued.
Australia’s population continues its rapid growth
Despite the world economic slowdown and a reduction in skilled migration, Australia’s population growth continues to surge ahead, creating unprecedented demand for Australian housing.
Reserve Bank Decision Imminent
Leading up to the Reserve Bank’s board meeting on Tuesday Oct 6th , there has been a great deal of data that the RBA board will be contemplating when deciding whether to lift interest rates or not. Residential property values recorded their largest monthly gain (1.9% nationally over August) since the RP Data-Rismark Home Value Index was released back in January 2005.
Property Values Climb 2% in August
National property values have jumped by almost 2 per cent in August in the largest monthly movement since January 2005. According to figures from RP Data, Australia’s housing recovery solidified during the month of August with strong capital gains registered across the country despite evidence of fading first home buyer numbers.
Lack of Housing Supply to Hurt Affordability
The Reserve Bank of Australia (RBA) has warned that rising house prices and interest rates could have a significant effect on affordability. Speaking at the Committee for Economic Development of Australia’s housing forum yesterday, the RBA’s Tony Richards said supply was not keeping up with the increasing level of demand driven by the surging population.
Global House Price Recovery
Australia’s residential property market is rebounding strongly… Global residential property markets bottomed in the March quarter of 2009 with numerous markets rebounding in the June quarter…It does appear that the worst is behind us…Buyers are still being very specific when conducting their due diligence, but there is a greater willingness to commit and the overall sentiment in the...
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