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Find Australia's next property hotspots
Sunday, 07 September 2008
Regional property is set to outperform metro suburbs according to hotspotting.com.au. Key drivers in the growth of regional prices seem to be the surrounding infrastructure and transport facilities as well as the attractiveness of the area as a ‘sea change’ destination. It’s a great opportunity for savvy investors according to Mr Ryder who runs hotspotting.com.au.
Read full articleRecord mortgage stress ahead of rate cut
Friday, 05 September 2008
Australian property prices may have softened in 2008, but housing is no cheaper as affordability reaches record lows, and NSW & QLD appears to be the hardest hit.
A June 2008 report released by Real Estate Institute of Australia (REIA) found that Australian households need 39.8% of the family income to meet mortgage repayments, the highest figure recorded in the 22 years REIA has been collecting the data. Mortgage stress is considered to occur when over 30% of income is allocated to loan repayments, and with NSW and QLD at levels of 42.6% and 41% respectively and all other states with the exception of NT & ACT above 30% Australians are stretched. Economic uncertainty and high interest rates caused the deterioration in housing affordability in the June quarter. Announcements of interest rate cuts by the Reserve Bank of Australia will bring some relief for stressed out homeowners.
Dodgy agents drive rental bidding wars
Monday, 01 September 2008
Renters desperate to find a home are finding it increasingly difficult due to dirty tactics employed by real estate agents to drive up rental prices. Rental complaints have risen and the tactic of rent ranging to spark silent rent auctions is pushing renters out of their price range and out of the running. Some agents are even charging to provide application forms.
New home sales drop in July
Monday, 01 September 2008
Perhaps it's no surprise that house sales have dropped, after all, high mortgage rates are deterring many from purchasing. Builders are really feeling the fall and unless there's a rate cut soon, the building industry could be heading for job losses.There's been a substantial drop in residential construction and the imminent rate cut by the RBA seems to be needed sooner rather than later.
Housing weakness may impact rate cut
Monday, 01 September 2008
Spending seems to have slowed at least in the housing market where interest rate rises appear to have settled some of the eagerness to build and buy property. Builders are feeling the pinch and likewise the economy has started to feel it too. If the trend continues it’s good news for some with interest rates set to be cut by Christmas to help boost the economy.
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