The next housing boom has begun, outstripping wages and further reducing household spending, which ultimately will put further pressure on unemployment as purse strings continue to tighten. Economists had predicted house prices would rise 3% for this quarter, but ABS data released today show a much larger boom in house …
As part of the “winding back” of the housing stimulus measures, Housing Minister Tanya Plibersek has announced there will be caps on the amount first home buyers can spend on their first pad while still being eligible for the $7,000 first home buyers grant (FHBG). From the 31st of December, …
The Sunday Telegraph reports banks are urging first home buyers to take out mortgage applications prior to the Melbourne Cup rate rise next week, so they can secure the biggest possible loans. A mortgage advisor at NAB’s Surry Hills branch told a Sunday Telegraph Journalist “you will need to hurry …
The Australian housing bubble, one of the last in the world to pop is bucking world trends to hit new heights. Today, The Sydney Daily Telegraph reports data from Residex suggesting Sydney’s median house price is now $610,500 in September, up $11,000 for the month after breaking through the $600,000 …
The price earnings ratio or PE is a gauge of a stock’s valuation. The higher the PE ratio the more overvalued a stock or share is. Below is a chart of the average PE ratio for the S&P500 (an indice of 500 large cap stocks listed on the NYSE and …
Unemployment in Australia has bucked the trend, coming in at a better than expected 5.7%. The Aggregate monthly hours worked increased 13.4 million hours to 1,522.4 million hours, after 13 months of declines. The strength of jobs, comes just days after the RBA increased the official cash rate to 3.25%. …
The RBA today has increased the official cash rate by 25 basis points to 3.25% on the back of a strong Australian economy. Interest rates have been at emergency 3.00% levels since April. Today’s rise makes Australia the first developed nation to increase rates since the start of the GFC.
While U.S. unemployment has hit a 26 year high of 9.8%, spare a thought for young Americans aged between 16 and 24 who are not studying – more than half are unemployed. The New York Times reports for this group, getting a job and moving out of the family home …
While economists were only expecting the lost of 180,000 jobs in the U.S., figures just released show in September 263,000 payroll jobs were axed, pushing U.S. unemployment up to a 26 year high of 9.8%. » U.S. job losses accelerate to 263,000 in September – Market Watch, 2nd October 2009.
ABC Radio program PM reveals the house price con. Housing prices are no real benefit to homeowners. To listen to the story, or read the transcript, click here » PM with Mark Colvin, ABC Radio 29th September 2009.
In a talk to the CEDA Housing Forum today, Tony Richards, Head of Economic Analysis Depart at the Reserve Bank of Australia said : It is looking increasingly clear that Australia has avoided the large falls in housing prices seen in some other countries over the past two years or …
The International Monetary Fund is now recommending to central banks, such as the Reserve Bank of Australia to use interest rates to take pre-emptive action to control asset price bubbles such as the bubble in Australian house prices. The IMF’s senior economist, Alasdair Scott said “There might be times even …
You can’t get safer than Bricks and Mortar, unless of course, Bricks and Mortar is caught up in one massive asset bubble. Then, it’s no different than any other investment – it can go up, and it can go down – big time. WA Today reports of the disaster in …
On Tuesday this week, the Rudd Government took the lead. Against the many voting baby-boomer Mums & Dads that own Telstra shares, they announced major changes to Telecommunications laws which will see Telstra split into infrastructure and retail arms. Communications Minister Stephen Conroy said “Today we are delivering historic reforms …
Despite the best efforts of the government to encourage Australian’s to build new homes, June housing start commencements released today show continued falls. While private sector housing starts is down 15.7% over the course of the past year, other residential building starts which include units and apartments are down 41.4%. …
Australia’s let to burst housing bubble has today been labeled “a very dangerous and unstable situation” by researchers from Flinders University, lead by Professor Joe Flood. Professor Joe Flood is a housing economist holding a PHD in mathematics, plus a science degree and has 17 years experience in the housing …
On Thursday the ABS released another set of rosy employment figures. Once again the unemployment rate in Australia is steady at 5.8%, despite the lost of 30,000 full time jobs. The number of part time jobs increased 3,800 positions further supporting the case that the trend among employers is to …
The worst reporting season has closed with 14 ASX listed companies reporting loses over $1 billion dollars. Contrary to the saying, Safe as houses, 10 of those 14 companies had a core business of . . you guessed it – property. Centro Properties Group: $3.54 billion Centro Retail: $2.68 billion …
This week saw GDP figures released showing the Australian economy is the fourth-best performing in the world behind China, India and Korea according to analysis by Royal Bank of Scotland. But is the Australian economy just extremely resilient, or have we not begun to see the start of the crisis …
Exclusive : The Rudd government will tomorrow announce the spending of 200 million dollars over two years on the development a world first money tree. The grant will see the CSIRO expand its Clayton R&D labs in Victoria and the appointment of 100 new scientists. In a leaked press release, …
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