Surge in High-end Home Loans
Interest rates may be rising, but that's not stopping people from dishing out more than $1 million for prestige property, a leading mortgage broker says. Loan Market says its brokers have seen a 30 per cent increase from people seeking loans in excess of $800,000 in the past year.
Population Breaks the 22 Million Mark
Australia's ongoing population boom is creating opportunities as well as challenges. During the September quarter Australia's residential population broke the 22 million mark. Fuelled by one of the highest population growth rates in the Western world, the number of Australian permanent residents was estimated to be 22,065,671 persons; 451,876 more than at the same time last year.
Home Borrowers Can Handle Rate Hikes: Moody's
Rating agency Moody's Investors Service says the Australian residential mortgage backed securities (RMBS) market is strong enough to withstand rising interest rates, with the Reserve Bank of Australia's (RBA's) latest hike unlikely to spur a rush of delinquencies or downgrades.
Auctions Running Hot with 73% Clearance
Auction clearance rates across the country soared last month, with thousands of properties selling under the hammer and many going for well above their reserve, particularly in Sydney and Melbourne. According to figures released by RP Data, national auction clearance rates for March reached 73 per cent, up 11 percentage points from the same period last year.
Super Changes 'pushed People into Property'
Investment and Financial Services Association chief executive John Brogden yesterday blamed the federal government's changes to superannuation last year for prompting people to turn to investment properties for their retirement savings.
Financial Crisis Didn't Stop Flow of Housing Credit, Reserve Bank Says
The Reserve Bank says the global financial crisis did not stop the flow of credit to consumers looking to buy houses, although the costs of funding those loans increased and lending standards were tightened.
Big Four Banks to Tighten Reins on Mortgages
Demand for home lending could soon outstrip supply, as the major banks restrict mortgage credit after a period of rapid market-share expansion, according to a report by JPMorgan and Fujitsu.
We Are Not in a Housing Bubble: Rp Data
RP Data's national research director Tim Lawless has slammed claims Australia is currently in a housing bubble. According to Mr Lawless, a housing 'bubble' suggests housing values increased too rapidly and are set to experience a rapid decline, a fate not likely to come to fruition in Australia.
Renovation Tip: Dip in a Toe or Just Take the Plunge
A facelift can turn a tired pool into a haven..... It makes perfect sense that back gardens are transformed for stay-at-home holidays. For those lucky enough to have an old pool, there are ways to make it look new again. As long as you have a concrete pool, there are several options for renovating the interior, depending on budget and look. The ultimate is to fully tile the pool.
Asset Values on the Rise
Property has rebounded and increased in value across the nation by 12.1 per cent last year. A lack of supply and a growing population should lead to property prices continuing to rise. Superannuation funds have started to recoup some of the losses experienced during the financial crisis. It will take another 12 months for values to return to where they were before the economic meltdown.
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