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First home buyers in record market share
Tuesday, 13 January 2009
First Home buyers appear to be responding to the Federal Government's boost to first-home buyer grants and recent interest rate cuts.
With the Federal Government's recent doubling of the first-home buyer grant for established homes to $14,000, and a tripled subsidy for newly built homes to $21,000, First Home borrowers made up 23.6 per cent of November’s home borrowing market, the highest recorded figure since 2002 and a significant rise from the 19.5 per cent share seen in October, according to official figures released by the Australian Bureau of Statistics.
The Reserve Bank of Australia cut interest rates by one percentage point in October, then a further 75 basis points in November, before again slashing rates in December by one percentage point, taking official cash rates to a six and a half year low of 4.25 per cent.
ANZ economist Alex Joiner commented that while owner-occupiers and first home buyers were being enticed into the market due to the rate cuts, the home building sector was still some way off a recovery "Confidence in the property market is still shaky and economic uncertainty is high," he said.
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Property owners see value of homes falling: survey
Tuesday, 06 January 2009
In good news for first home buyers, better value may be on the way with the majority of property owners expecting the value of their homes to decline in the next quarter, according to a joint survey by the Mortgage and Finance Association of Australia (MFAA) and Bank West.
The survey recorded the highest level of pessimism since June 2006, reflecting the current economic outlook, with Western Australians the most pessimistic in believing home prices would continue to fall, followed by Victoria, NSW, and then Queensland. South Australians were more optimistic, with few believing their home lost value over the previous six months.
While home owners may be pessimistic, first home buyers are ready to seize opportunities, with 27.8 per cent of First-time buyers believing lower property prices make the current environment a good time to buy. Financial institutions have recorded substantial rises in inquiries from first time buyers, with some institutions seeing significant growth during December for home loans issued to first home buyers.
New Incentives Required To Boost Activity
Tuesday, 06 January 2009
A survey of residential builders by The Housing Industry Association found new home sales declined by 1.1 per cent in November 2008 despite hopes that lower interest rates and the increased First Home Owners Grant would boost activity in the housing sector. HIA Chief Executive - Association, Chris Lamont, said a general slowing of the economy and problems in gaining finance on new construction projects had resulted in softer activity in the latter half of 2008, with investors sitting on the sidelines. The HIA believes investment in some sectors of the housing market could be stimulated by doubling the depreciation allowance and making private investors eligible for the National Rental Affordability Scheme.
New year 'perfect' time to buy your new home
Thursday, 01 January 2009
It’s predicted that 2009 will be an opportune time to buy a new home, particularly for first home buyers. A combination of low interest rates, depressed property prices and Government initiatives has made it easier to enter the housing market. Interest rates are expected to drop another percentage point by June, leading to perhaps the lowest variable interest rates on mortgages yet seen in Australia. The HIA expects this to stimulate the housing market in the later part of 2009, however with home prices in Australia's eight capital cities down 1.8 per cent in the September quarter, there are warnings not to expect the property market to recover quickly. CommSec chief economist Craig James believes there will be a moderate rise in property prices over 2009 due to an undersupply of housing.
Property buzz word for 2009 is 'renovate'
Saturday, 27 December 2008
A reluctance to sell property in the current economic climate or take on more debt by upgrading to a more expensive property means that renovations are expected to rise in the next year. There has also been an increase in interest from first home buyers in properties classified as ‘renovators dream’ – believing it is a more economical way to buy a first home. The doubling of the First Home Owners grant and lowering of interest rates allows extra cash for home improvements. It's reported that in Brisbane there is still plenty of houses requiring renovation within 12km of the CBD and selling below $500,000.
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