This means the Australian economy is heading for a very sharp slowdown next year, which might seem a big call with unemployment at a 33 year low of 4.1 per cent . . . . » Something’s about to snap (Alan Kohler) – Business Spectator, 14th February 2008.
The Age asks Steve Keen about house prices : It has to fall at least as far as the US market will, and probably a lot more. Some conservative pundits think US prices need to fall another 25 per cent to restore pre-bubble valuations, and they’ve already fallen 8%. That …
Long time readers of whocrashedtheeconomy.com will remember a post back on the 28th of April last year about the Herengracht Real Location Value Index created by Piet Eichholtz dating back 350 years. It tracked house prices on Amsterdam’s Herengracht canal and shows over the 350 years when corrected for inflation …
The median house price in Australia is now 50 per cent higher than the median price in the United States. This is a huge disparity between the cost of housing in Australia and the US, and is not matched by a difference in incomes. » The price of fish – …
US and British house prices are falling. Australian house prices are still rising. Housing here is protected in the short term by strong Australian growth, but that will not last forever. …. Even so, the OECD suggested in 2005 that Australian house prices were the most overvalued of any developed …
The New South Wales Valuer General says a glut of properties in parts of western Sydney has led to a fall in land values in the past year. » Land prices plummet in western Sydney – The ABC, 13th January 2008.
There has been this misconception that as our population gets older, most will own their house outright and hence more will be immune from the credit crunch gripping the world. In today’s AFR they published this interesting graph : It would seem while more and more of Australia’s population, aka …
NEW house sales remained sluggish last month, posting only a slight increase, new figures out from the Housing Industry Association (HIA) show. The HIA new home sales data showed an 0.8 per cent rise in the sale of homes and units for October. Detached home sales fell by 1.6 per …
A new report on mortgage defaults argues that rising property prices have disguised the true extent of problems in the home loan market. The report by the credit ratings agency Fitch says rising prices have let borrowers sell or re-finance when they get into difficulty. . . . If that …
First-home buyers now require a household income of more than $100,000 to qualify for a loan on the median-priced first home, a report from the Housing Industry Association and Commonwealth Bank has found. This is up steeply from $80,000 two years ago, due to rising home prices and interest rates. …
DARWIN renters are paying more than those in Sydney, with the median house rental hitting $410 a week. » Darwin rents race ahead of Sydney – Sunday Territorian (NT), 6th October 2007
A RISE in house prices in Sydney’s suburbs is needed to rescue the home building industry from the worst slump it has had nation-wide in a quarter of a century. But with rising interest rates and the tightening on easy credit, the likely hood of further rises in prices become …
“Generation Y (the name given for those in their twenties), for the most part, would rather pay exorbitant rent in inner city locations than live in what they see as the cultural wasteland of suburbia.” » Generation Y pushing up rents: report – The Age, 4th October 2007.
At least people with short memories remember the saying as this. Ladies & Gentlemen, step right up, don’t fear higher interest rates, the impending credit crunch, recession, or the fact you simply can’t afford it. Buy today, worth more tomorrow! Can we have a starting bid? Bricks & mortar, safe …
Not only are households feeling the stress of exorbitant house prices and the resulting credit crunch. Have a thought for the Sheriff Officers who have to evict defaulting home owners, and worse still many renters who have always paid their rent on time, but the only thing they have done …
The world economy is booming, but it is nothing compared to the growth in credit when looking to the big debtor nations today. Australians are in debt to levels never before seen in the history of credit, with the only two periods that come close – the 1880s and 1920s …
The impending mortgage crisis is affecting not only property owners with a mortgage. Tenants who have never missed a rental payment and who keep their homes in tip top shape are being given kicked out, in some cases with a little as a few hours notice. TENANTS are being forced …
The ABC’s Four Corners has just aired an hour report on the sub prime mortgage disaster. The transcript can be found here. It features an interview with Robert Shiller. You can watch the extended interviews and read other resources here : » Four Corners Mortgage Meltdown Extended Interviews & Further …
Housing starts for Australian dwellings fell 4% in the June quarter. This was significantly greater than what most economists were expecting with a consensus of 0.5%. However NSW recorded much worse results. For the June quarter, Housing starts in NSW was down 20%, reaching the lowest starts since the early …
Housing finance commitments for owner-occupied housing fell 4.1% in July. Total housing finance fell 7.4% in the same time. Economists had only expected a two per cent fall for housing finance commitments for owner occupiers. » Australian housing finance plunges – Sydney Morning Herald, September 6th 2007.
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