Although there has been a modest improvement in building approvals during the month of November, the overall state of Australia’s construction industry is still troubled. Australian residential building approvals had increased during November by 8.4 per cent to 11,424 units. This compared with an upwardly revised 10,539 units in October, seasonally adjusted. Economists expectations of this figure were [...] [...more]
Many property owners continued to increase their home loans on the assumption that property values will continue to increase. Today, some buyers are finding that their homes are worth less than the amount they owe to their lender on their home loans. While today only 2% of home owners are faced with the reality of [...] [...more]
Recent figures suggest that housing has become more affordable in recent years across all states of Australia. The Real Estate Institute of Australia (REIA) – Deposit Power Housing Affordability Report showed the proportion of income required to meet the repayment of home loans has declined by one percentage point to 33.6 per cent during the [...] [...more]
October 2011 has brought with it a minor recover in the number of new home sales in Australia. This was at least a small improvement from the lowest result in more than a decade. The latest HIA – JELD-WEN New Home Sales Report found the number of new homes sold in the month of October [...] [...more]
It seems that Australian property buyers are taking a break – there is certainly no rush to make a property purchase despite lower interest rates and lower property prices. According to a survey of potential property buyers by the Commonwealth Bank/MFAA Home Finance Index for September, only 16.9% of respondents are considering purchasing a property [...] [...more]
With auction clearance rates down, and the number of property sales across the board also in significant decline, it may take as long as eight months to clear housing stock on the market today. RP Data’s Property Pulse has reported that housing stock is piling up, with 7.4 months of effective supply on the market. Research analyst [...] [...more]
According to statistics provided by the Loan Market Group, First home buyers are finally awake after a long period of hybernation. This segment of the home loan market has been the most active with the Loan Market Group during the month of October. For the first time in over two years the mortgage broker has had [...] [...more]
According to the latest HIA – JELD-WEN New Home Sales Report, sales of new homes fell further during the month of September with sales of detached new dwellings being at the lowest monthly level for almost 11 years. The number of new homes sold in the month of September fell by 3.5 per cent [...] [...more]
A housing lobby group claims that more than ten percent of Australian households are suffering from housing stress. Australians for Affordable Housing commissioned the National Centre for Social and Economic Modelling (NATSEM) to produce a report which found more than 850,000 households in Australia, both home owners and renters,are living with financial hardship due [...] [...more]
In a sign that the real estate market is extremely subdued, auction clearance rates around the country are staying around 60 per cent in Sydney and Melbourne, despite the fact that spring is historically the best time to sell your property. According to the latest data from Australian Property Monitors, only 56.3 per cent of [...] [...more]
