Laws to protect tenants from heartless eviction by banks
01 June 2009
RENTERS will be given a "rent holiday" and a month's grace from eviction when banks repossess properties under new laws to prevent people from being turfed out of their homes. The attempt to put a curb on heartless banks ejecting renters without notice will be put before Parliament this week. Included in the protection measures are the introduction of a minimum 30-day notice to ten... read news item »
Home affordability 'dramatically better' than five years ago
20 May 2009
A TYPICAL home is worth a little over four times the average household's annual after-tax income, down from almost six times five years ago, Reserve Bank figures show. Strong growth in incomes and a period of more sluggish median house price growth are working in the interests of would-be home buyers. "This is a dramatically better picture on Australia's housing affordability," the chief... read news item »
First Home Buyers Boost Extended
13 May 2009
Last night the Federal Government announced that the current First Home Owners Boost scheme will continue in its current format until October 1, 2009. This means that those buying existing homes will receive $14,000 and those buying new homes $21,000. Adjustments to the scheme from October 1, 2009 will see the First Home Owners Boost scheme halved. Which means those buying existing homes will... read news item »
RBA cuts GDP forecasts, signals smaller rate cuts
12 May 2009
The Reserve Bank of Australia has cut its forecasts for economic growth, saying any future interest rate cuts may be smaller and less frequent, ahead of an expected recovery. The central bank said the need for further cuts will depend on economic and financial developments, amid recent signs that a distressed global economy could be turning for the better. "With interest rates at historical... read news item »
Interest rates: what the Reserve has in store
08 May 2009
Anyone finding it hard to work out the likely path of interest rate should be comforted by the knowledge that the Reserve Bank is having no less trouble. In its latest quarterly monetary policy report, released this morning, the RBA forecast further weakness in the domestic economy but said the steepest declines in the global economy were probably over, while the Australian economy was expected ... read news item »
First home buyers to lose boost
23 April 2009
The boost to the first home owners grant will not be extended beyond June 30, Prime Minister Kevin Rudd says. "The first home owner's boost, as you know, we have indicated that will conclude within a very fixed and finite time frame," he told reporters in Perth. "It's had strong useful results so far, but I have got to say all good things must come to an end." The grant was r... read news item »
Banks raise fixed rates and expect more!
22 April 2009
The current easing cycle for interest rates may have only just over seven months to run as the raising of fixed rates on home mortgages by three of the nation’s four big banks points the way to a monetary tightening from December. Westpac Banking Corporation raised interest rates on fixed mortgages by up to 40 basis points and Commonwealth Bank of Australia (CBA) by as much as 45 basis poi... read news item »
Chippendale gets the nod twice
18 April 2009
FIRST HOME buyers seeking a house in Sydney can forget about a harbourfront address - though you can be within cooee of a beach at Brookvale. But being close to transport is no problem - especially if you like air travel. The head of research at Australian Property Monitors, Yvonne Chan, is not claiming her choice of the top 24 first-home-buyer suburbs - a dozen each for houses and apartments - is... read news item »
Rates go down again
07 April 2009
The Reserve Bank dropped its benchmark interest rate, after pausing in March, as it battles the global slowdown dragging on the economy. The central bank cut the key cash rate by 25 basis points to 3%, its lowest level since March 1960. The RBA has chopped 425 basis points since September in an effort to keep the economy from slipping into reverse gear. Today's 25-basis-point cut, if passed a... read news item »
Industry Market Wrap
03 April 2009
Data released by the Australian Bureau of Statistics earlier this week showed that on a seasonally adjusted basis the number of new dwelling approvals increased by 7.8% during February compared to the January results. Although, compared to the same time last year dwelling approvals are still down 25.5%. Whilst the low interest rate environment and Government handouts for first home buyers ... read news item »