Investors Dominate Property Market
Property investors are dominating the mortgage market, new data from Australian Finance Group (AFG) has found. According to AFG’s latest mortgage index, 34.1 per cent of all mortgages arranged nationally in February were for property investors - the highest percentage ever recorded by the company.
Billionaire loses $60 million deposit
Russian billionaire, Mikhail Prokhorov, has reportedly lost his deposit of $60 million he paid to secure a house in South-East France. Currently the chairman of Polyus Gold, Russia's largest gold producer and President of Onexim Group, Prokhorov first made a name for himself in the financial sector.
Property Values Strong
Sydney and Melbourne continue to perform strongly, with last weekend’s auction clearance results tipping 70 per cent in both cities. Melbourne continues to position itself as a force to be reckoned with, recording a clearance rate of 80.9 per cent and a median house sale value of $415,000. Similarly, Sydney also performed very well last weekend with a clearance rate of 73.1 per cent.
Australia Gears up for Property Boom
The Australian economy has emerged from the global financial crisis relatively unscathed and is now gearing up for another major cyclical upswing, according to BIS Shrapnel's Long Term Forecast Report. The report, released today, also said Australians should brace themselves for further rate rises as the economy continues to strengthen by way of increasing employment and greater exports.
House Prices Push Upward in Jan Quarter
The Australian housing market has started 2010 with renewed confidence, with home values rising 1.8 per cent in January, according to the latest RP Data-Rismark Hedonic home value index. Overall, home values pushed up 2.4 per cent in the January quarter, bringing the annual increase to 11.8 per cent over the past 12 months.
Rba Lifts Official Cash Rate
The Reserve Bank of Australia (RBA) has lifted the official cash rate by 25 basis points to four per cent. It marks the first increase in the cash rate since December, when the central bank lifted rates by 0.25 per cent for a third consecutive month.
Buying a property
Buying a property Step 1 - Do your research Step 2 - How much can you afford? Step 3 - Find a lender Step 4 - The buying process Step 1 - Do your research OWNING property has always been the great Australian dream. Whether you are a first-timer or an experienced homebuyer, you need to ask yourself why you want to buy.
Property Market's Latest Winners
The inner west and north shore are Sydney's best-performing residential property markets with surging land values outpacing the traditionally top-ranking eastern and lower northern suburbs last year. But land values in the central business district fell at the sharpest rate since the slump of the early 1990s, with little expectation of a quick rebound.
Rba Could 'hold' Rates in March
Despite an improvement in consumer confidence, the Reserve Bank is cautious about raising rates too soon. According to the Reserve Bank's 2 February board meeting minutes, while the housing market remained "fairly buoyant" throughout December, loans approvals declined. "Perhaps indicating initial reactions to the tightening of policy," the minutes said.
Wealthy Migrants Pricing Locals out of Sydney Property Market
AUSTRALIAN families are being priced out of the property market by record numbers of highly paid skilled workers arriving from overseas. Research by The Sunday Telegraph has revealed for the first time how skilled immigrants - predominantly from Britain, India and China - are forcing house prices to some of the highest levels in the world when compared with average incomes.
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