Monthly Archives: July 2010

Households recommended to reduce their debts

Households with mortgages have been advised to take advantage of the pause in interest rate rises and pay down their debts. This follows analysis by financial comparison website RateCity of Australian Bureau of Statistics data which has found that the value of home loans has been falling since September 2009. This decline predates the start of the Reserve Bank’s rate ...

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Agents required to disclose the history of the property

Agents are required to disclose the history of the property, even if a murder took place in a house they are selling. The Australian Competition and Consumer Commission this month gained power to fine agents up to $1.1 million for misleading their clients. Under the new laws, if properties such as the Glen Iris townhouse where Margaret Wales-King and her ...

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Consumers confident about the future

The RBA’s decision to keep rates on hold has helped buoy consumer confidence. The Westpac–Melbourne Institute Consumer Sentiment Index rose by 11.1 per cent in July – the strongest monthly jump since June 2009. According to Westpac’s chief economist Bill Evans, Australians are more upbeat about the future of the economy, thanks to the latest pause in rates and the ...

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Investors are the only source of growth in property market

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 ...

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Government Transport Plan devastates 200 homes in Melbourne

Victorian Government announced the updated Victorian $12 billion Transport Plan. The plan includes a metropolitan train tunnel as well as a regional rail link, road tunnel and truck action plan for the gridlocked western suburbs. Shocked residents in areas of Melbourne’s west were left to guessing whether their homes would be snatched in the State Government’s transport blueprint. While the ...

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