The Northern Territory News has reported that houses in Darwin are now more expensive than in New York and London. Figures from Residex and APM has the median price of a Darwin house at $549,035, or $90,000 more expensive than London. A freestanding house in New York is $80,000 cheaper. …
In a National Economists Club luncheon in Washington on Thursday, IMF economist Prakash Loungani warned New Zealand, Australia, the Netherlands and Belgium had the “biggest misalignment” with historical price to income ratios and that Canada, Sweden, Norway and Australia had the biggest misalignment in terms of price-to-rent values. In his …
A report from the University of Melbourne Centre for Corporate Law and Securities Regulation shows bankruptcy is rising and becoming a “middle class phenomenon” in Australia. The main cause of bankruptcy in the middle class has been due to unsustainable home loans. Insolvents are increasingly from professional and higher status …
Property “experts” predict first home buyers will be back in the market within 6 months with hope they will prevent a property crash. Property markets are close to frozen at the moment with many property purchases subject to the sale of the purchasers own home within an pre-negotiated time period. …
The Sydney Morning Herald has reported today that the Sydney Property Market has hit a brick wall with auction clearance rates falling, fewer visitors viewing open houses and buyers reluctant to commit. The paper writes : ”None of the vendors are happy,” a Newtown agent, Ee Poh Ling, said. ”I’ve …
Luci Ellis, Head of Financial Stability Department for the Reserve Bank of Australia today said “Recent data suggest that we do not have a credit-fuelled speculative boom on our hands” after data from the Australian Bureau of Statistics out earlier this month showed house prices surged 20 percent across the …
Mortgage approvals continue to plunge around the country, falling to a nine year low in March. The 3.4% fall was the 6th consecutive monthly fall and is a good indicator of what to expect for house prices in the coming months. The 26 percent decline from the peak in June …
In what will be another blow to Rudd policy, the number of victims of the First Home Owners (Vendors) Boost is starting to mount. The Sydney’s Sunday Telegraph has published a story today of several first home owners from Sydney’s southwest where falling prices have resulted in negative equity, and …
The Australian Bureau of Statistics has released their quarterly update to its House Price Index today, showing Australian houses surged an unsustainable 20.0 percent across the eight capital cities in the year to March. This was the largest yearly increase since this index was first created. Melbourne lead the race …
According to Edward Chancellor, author of the book titled Crunch Time for Credit (2005) and a member of US Investment Firm GMO’s asset allocation team, Australia is in the midst of an unsustainable housing bubble that could burst at any time. It’s hard to argue with these claims when reports …
Insurance companies have backed away from the new Home Warranty Insurance Scheme in NSW saying it is not worth their while to insure builders who go broke or are sued for faulty work. This has forced the NSW State Government to take over polices from the 1st July. When Beechwood …
On Friday, Beijing introduced rules limiting families to the purchase of one new apartment in a further bid to squash rampant speculation in its property sector. Banks have also been directed to refuse home loans to applicants who cannot prove they have paid taxes and contributed to social security for …
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