Australian real estate news
INVESTORS are the only source of growth in the housing market, and rising stocks of unsold houses suggest the outlook for house prices is souring. The level of demand for housing by owner-occupiers remains weak, with the number of new mortgages taken out in May dropping by 0.7 per cent and now 26.9 per cent below the peak reached last September
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Investors are the only source of growth in property market
Last month, Real Estate Institute of Australia (REIA) President, Mr David Airey appealed to the Reserve Bank of Australia (RBA) to take the state of the housing market into consideration when making their decision regarding official interest rates. “Fortunately, the Reserve Bank have once again made a considered and accurate assessment of the property market and left official interest rates on hold,” said Mr Airey Since last month’s no change, housing affordability has once again worsened
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Holding interest rates the right decision – by REIA
Canberra residential property prices are beating every other state in Australia. According to figures provided by RP Data-Rismark, housing prices in Canberra have soared by 3.7% for the 3 months to May 2010, with the median price today being $508,500
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The country’s hottest housing market is CANBERRA
According to the latest Global Property Guide, Australia recorded the fourth-largest price increase during the year to March beating many of the world’s best and biggest cities of 16.6 per cent. Most Asian and Pacific countries also outperformed their European counterparts this year, with Hong Kong, Singapore and Taiwan taking out the top three spots. Britain was ranked 10th, Switzerland three places lower and France 17th
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Australia recorded the fourth-largest price increase – by Global Property Guide
Westpac Chief Economist Bill Evans and his team produce this bite-sized roundup of the week’s economic news and events, with clear analysis and insight plus the outlook for the week ahead.
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Latest Westpac Economic News by Bill Evans
Mr David Airey, REIA’s President has criticized comments by GMO’s chief strategist Jeremy Grantham – that Australia is in the midst of an unmistakable housing bubble. According to David Airey Australia experiencing normal property growth for house prices.
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Australia experiencing normal property growth – by REIA
THE Australian property markets is the last bubble left in the wake of the financial crisis, and it is only a matter of time before they crash, warns legendary US investor and co-founder of global investment management firm GMO, Jeremy Grantham.
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Property market is a time-bomb set to explode
What will they think of next? Real Estate Agents are now learning hypnosis in order to apply their new found skills in the sales process.
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Real-Estate Agents get into client hypnosis
The number of Australian households will increase to 11.8 million by 2031 – up four million from 7.8 million in 2006, according to housing projections from the Australian Bureau of Statistics. While family households are predicted to remain the most common, with an increase of 5.6 million in 2006 to eight million in 2031, couple-only families and those living alone will increase dramatically. If recent trends continue the ABS projects couple-only families will overtake the number of families with children by either 2013 or 2014
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11.8 m Australian householders by 2031
Housing markets outside the capital cities record no growth in 2010.
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Housing market cools – by RPData
