Housing starts have fallen a seasonally adjusted 12.6 per cent in the March 2012 quarter to just 30,623 starts. This is the lowest number of commencements since 2001 and further evidence not all is well in the housing market. For the year, housing starts have plunged 24.5 percent. Short term …
On Friday, Reserve Bank governor Glenn Stevens said the housing price boom in the decade to 2007 was “unusual” and was unlikely to re-emerge any time soon. Today it is Westpac’s managing director, Gail Kelly singing the same tunes. News Limited reported today : In a closed session, Ms Kelly …
Prime Minister Julia Gillard joined the ABC’s Q&A program Monday night to answer the questions and concerns of everyday ordinary Australians. Robyn Tracey from the audience asked the Prime Minister a couple of questions on tax reform including this one on negative gearing: Why hasn’t negative gearing been abolished despite …
Despite Australian’s love affair for residential property, Australia’s housing market might just be losing friends at a faster pace than facebook. The latest loss is the Reserve Bank of Australia after governor Glenn Stevens said on Friday it should not “engineer a return to a housing price boom.” Speaking in …
Fairfax Media, with vested interests in Australian Property Monitors (APM) and the Domain has today published headline articles in both the Sydney Morning Herald and the Melbourne’s Age on-line portals about “diving” house prices. Reporting on house price data for May released today by RP Data-Rismark, Fairfax printed “Home values …
ABC News featured this story on Melbourne’s oversupply of homes this week, reporting on expectations the market will only get worse. Residex estimates there is an oversupply of 14,000 homes and expect prices to fall a further five to ten percent over the next year. Residex CEO John Edwards said …
Based on analysis of advanced economies over the past three decades, housing busts preceded by larger run-ups in household debt tend to be more severe and protracted. This is one finding presented in the International Monetary Fund, World Economic Outlook April 2012, titled Growth Resuming, Dangers Remain. Australia is not …
A graph prepared by Steve Keen has featured on the Kohler Report (ABC News) last night showing how Australia’s house price correction is tracking with the Japan and USA housing bubbles. Kohler told viewers around the country, “disturbingly, according to this chart it’s the same decline from peak at the …
Rate cuts by the Reserve Bank of Australia (RBA) in November and December 2011 has done nothing to restore confidence to the housing market with the official Australian Bureau of Statistics (ABS) House Price Indexes released today showing house prices in Australia continue to fall, clocking up five consecutive quarterly …
While property experts gather around to corroborate stories of a recovering property market, data released today from the Reserve Bank show housing credit rose just 0.4 percent in March to bring the yearly growth rate to 5.3 percent. Housing growth has been stuck firmly at an annual rate of 5.3 …
Transparency surrounding real estate investment by foreigners has returned with the Foreign Investment Review Board Annual Report 2010-11 showing 9771 real estate investments worth $41.5 billion was approved in 2010-11. In December 2008, the Rudd Government announced a change to legislation, it claimed, was designed to ‘streamline’ some of the …
In RP Data’s April update on the Australian housing market, it believes the market is stabilising on the back of interest rate cuts late last year. You can watch the full update here. The update features a graph showing Monthly Transaction Volumes and gives the following commentary, “Our estimate of …
“Paying your mortgage down before the bust is the most effective way of avoiding getting into negative equity once housing prices start to fall.” This is the statement Luci Ellis, Head of the RBA’s Financial Stability Department made last week in her address to the Federal Reserve Bank of Atlanta …
Measures by China’s central government to cool its once bubbling property market is continuing to yield results with figures from the National Bureau of Statistics (NBS) showing a 17.5 percent drop in the number of home sales in the first quarter this year. According to the bureau, new house prices …
As housing affordability hits crisis point in Sydney, NSW Opposition Leader John Robertson has called for a debate on the effect negative gearing is playing on housing affordability. A report released last week from the McKell Institute showed seventy precent of under 35s can no longer afford to buy a …
For as long as I care to remember, the Real Estate salesmans’s call to action has been, “It’s never a better time to buy”. But for the 27 percent of the first home buyer cohort who followed this advice the year before last, their homes are worth less than they …
Last week, the producers of Real Estate 4 Ran$om posted the 40 minute documentary for public viewing on vimeo. Real Estate 4 Ran$om is about property speculation and its impact on the broader economy. Real Estate 4 Ransom from Real Estate 4 Ransom on Vimeo. » Real Estate 4 Ransom …
While the property lobby bangs on about a housing recovery this year, the Australian Bureau of Statistics today released its January housing finance figures showing the total value of housing finance fell 2.3 percent, seasonally adjusted. Most of the fall was attributable to a 7.1 percent fall in the value …
In a report released yesterday by Standards & Poor’s, it predicted Australian House Prices could fall by more than 5 percent in 2012 should China experience a soft landing with a GDP growth rate of 8 percent. Earlier this week China’s Premier Wen Jiabao announced his government would target a …
Last month we had a chuckle at a News Limited article encouraging children into the property market. It tried to sell the idea that while minors would have their investment income taxed at 46.5 cents in the dollar it “also means a greater potential benefit from negative gearing.” We can …
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