Australia Real Estate
Hobart leads national home value growth for fifth month in a row - realestate.com.au
House prices rising by more than $2000 per day in booming Toorak
Australia home prices slip in December as Sydney slows
Five property market trends to expect in 2018
Boom time for Australian housing market thanks to first-home buyers
‘The ultimate blank canvas’: Notorious Redfern squatter’s house finally up for sale
First Australian tiny house auction fetches $56,000 in Ringwood
Hobart leads national home value growth for fifth month in a row - realestate.com.au
2018-01-19 06:39:28 HOBART house price growth remained smoking hot in December with CoreLogic reporting the city is Australia’s best performing capital property market. The monthly Home Value Index showed an annual change of 12.4 per cent for Hobart’s dwelling values with the next best results in Melbourne (8.9 per cent) and Canberra (4.9 per cent). For the quarter to the end of December, Hobart prices rose 3   Read More ...
More needs to be done to turn renters into first-home buyers
2018-01-18 08:12:24 It was ironic that the news Canberra has some of the highest rents in the country was made public on the same day the Australian Bureau of Statistics announced the proportion of first-home buyers entering the property market was at a five-year high. Canberra, traditionally a tight rental market, has seen its rents skyrocket by 8 per cent in the past year   Read More ...
Canberra rents skyrocket, now third highest in the country
2018-01-17 14:17:13 The cost of renting a house in Canberra has skyrocketed eight per cent in a year, and is now the third highest in the country behind Darwin and Sydney. Apartment rents are second only to Sydney, according to new data released on Thursday by Domain, owned by Fairfax. The median cost of renting a house in Canberra was $540 a week in December, up from $500 a year earlier   Read More ...
Home loan values lift 2.3 per cent in November, boosted by first home buyers
2018-01-17 06:35:18 The proportion of first home buyers entering the property market has reached its highest level in five years after state and federal government intervention lifted the market out of a near-all-time low a year ago. The rally has seen the proportion of loans to first home buyers jump to 18 per cent, according to Wednesday's figures from the Australian Bureau of Statistics, surging from 13 per cent in January last year   Read More ...
House prices rising by more than $2000 per day in booming Toorak
2018-01-13 05:34:37 MELBOURNE’S richest homeowners are getting richer — some by more than $2000 a day. Toorak and Princes Hill’s median house prices gained more money per day last year than the average Melbourne household earns in weekly wages, the latest CoreLogic data shows. The figures reveal Toorak’s median rose a whopping $2322 per day in the year to September 30 to reach $4   Read More ...
Confidence in Queensland’s property sector falls for first time in nearly 2 years
2018-01-11 06:13:03 CONFIDENCE in Queensland’s property market has fallen for the first time in nearly two years on the back of the latest tax grab proposed by the state government. The ANZ/Property Council Survey released today, taken in the weeks either side of the November state election, has recorded a drop of two index points for Queensland in the March 2018 quarter — the first decline in 20 months   Read More ...
Real estate agents want a dedicated ‘property minister' in the Turnbull government
2018-01-10 07:09:05 Real estate agents are pushing the Coalition to introduce a new 'property services' minister to bring the nation's multi-billion dollar housing and development industry closer to the heart of government. However the proposal, floated in a pre-budget submission by the Real Estate Institute of Australia, has come under scrutiny for the "unclear" benefit it would deliver Australians. The plan would see a new portfolio created at the federal or state level to tackle all forms of property policy, including law, taxation, housing affordability and the governance of real estate agents   Read More ...
Housing market set for 'sustained weakness', tips Morgan Stanley
2018-01-10 06:12:43 Australia's housing market is set to weaken further this year, with both prices and building activity to fall, according to Morgan Stanley. The global investment banking giant has constructed a leading index to try and predict the future direction of residential building and home prices in Australia. The MSHAUS index is designed to lead activity by three quarters, and looks at a range of factors that influence housing market activity and prices, including the supply-demand balance, housing accessibility, rental market conditions, credit supply, mortgage affordability and house price expectations   Read More ...
WA's housing market 'close to bottoming out': HIA
2018-01-10 00:21:27 Australia's peak housing body predicts Western Australia's housing market is close to "bottoming out" after the state's housing construction approval figures dropped for the seventh month in a row. Australian Bureau of Statistics November housing approval figures, released on Tuesday, showed WA detached house approvals dropped by 3.3 per cent from October, while non-detached building approvals dropped by 0.6 per cent   Read More ...
Melbourne’s most affordable suburbs for rental properties
2018-01-09 12:31:08 MELBOURNE’S property price boom is also putting the bite on renters, forcing them further from the city centre. New data shows the number of affordable suburbs for renters within 40km of the CBD is shrinking. Just 44 per cent have a median house rental price low enough for renters to avoid housing stress, down from 47 per cent last year. Melbourne’s most affordable rental suburbs are in the city’s north and west, CoreLogic data shows   Read More ...
South Australia fire tears through farm land
2018-01-07 17:35:30 A fire tore through thousands of hectares of farm land in South Australia. The combination of strong winds 40 degree heat helped the fire spread. Resident Robyn Verral described her experience.   Read More ...
Oroton battles retail landlords for its future
2018-01-05 15:12:59 Next year, luxury fashion group Oroton is due to turn 80. One needs only to think back to the days when mum or granny carried those Oroton silver or gold Glomesh bags on a big night out to get a sense of brand nostalgia. Whether it survives to mark the occasion now rests with the success of negotiations between a corporate doctor and a group of retail landlords   Read More ...
Canberra property market is not immune from risks of a crash
2018-01-05 14:11:16 Canberrans tempted to gloat over the recent relative strength of the local property market in comparison to Sydney, Perth and Darwin would be advised to think again. Many of the factors that saw the NSW capital join its northern and western counterparts as the only major cities to experience a drop in housing prices in the December quarter are also at play here   Read More ...
Perth’s property market decline eases
2018-01-05 00:12:12 Perth’s lacklustre property market appears to have bottomed out with the rate of decline easing, new data shows. The CoreLogic Hedonic Home Value Index, released on Tuesday, shows Perth property prices in December remained steady, taking a slight dip of 0.1%. Over the past year, home values in Perth have seen a 2.3% decline, making the western capital the second worst performing capital city to Darwin, which sustained a 6   Read More ...
What will happen in the property market in 2018?
2018-01-04 06:10:05 House prices slowed down, rents in capital cities became more unaffordable and interest rates remained unchanged in 2017, but what will happen in 2018? As we move into a new year and a quieter housing market, these are the things you need to know. 1. US rate rises will make your mortgage more expensive The Reserve Bank of Australia is unlikely to budge on rates any time soon, but that doesn’t mean your home loan interest rate will stay where it is   Read More ...
Rogue real estate agent sent to prison after scamming AFL star
2018-01-04 02:19:10 Silver-tongued property spruiker Cameron Deal, 46, has been sentenced to six months in prison after pleading guilty to scamming almost $100,000 from Geelong footballer Stewart Crameri in a hoax real estate venture. The former real estate agent and buyer's advocate blamed alcohol and drug abuse for his dissent into crime, claiming he had been threatened by an armed drug dealer over a $114,000 cocaine debt   Read More ...
Rogue real estate agent sent to prison after scamming AFL star
2018-01-04 02:07:42 Silver-tongued property spruiker Cameron Deal, 46, has been sentenced to six months in prison after pleading guilty to scamming almost $100,000 from Geelong footballer Stewart Crameri in a hoax real estate venture. The former real estate agent and buyer's advocate blamed alcohol and drug abuse for his dissent into crime, claiming he had been threatened by an armed drug dealer over a $114,000 cocaine debt   Read More ...
2018: the year getting a mortgage will become harder
2018-01-03 15:13:05 National housing prices are officially in decline. There are a couple of issues those in the market for a house and those with a mortgage should be looking at in 2018. The first is, what is the increasing difficulty buyers will have in securing a loan for residential property? The other is, will there be growing pressure to pay down the mortgage while interest rates are still low? There will undoubtedly be ramifications for the broader economy if too much household income is being funnelled into reducing debt and taken away from general spending   Read More ...
Real estate 'boom is over' as most experts tip property price weakness in 2018
2018-01-03 00:09:20 Housing is by far Australians' largest asset, worth a total of $6.8 trillion across the country, according to the latest official ABS estimates. 2018 national forecasts Just over $1.7 trillion in outstanding home loans also account for more than 60 per cent of Australian bank assets. That makes housing the bedrock of Australia's household wealth, financial system and economy. It is a foundation that has appeared solid as prices have risen strongly over the past five years in Australia's two biggest property markets — Sydney (75 per cent) and Melbourne (59 per cent)   Read More ...
Sydney property prices tipped to fall 10 per cent in 2018
2018-01-02 14:10:47 Sydney property prices are tipped to pull back by up to 10 per cent over the next 12 to 18 months, experts warn, after real estate markets ended the year with a whimper. The harbour city is leading the country's property downturn, with prices falling 0.9 per cent in December. Prices were down 2.1 per cent for the quarter, well below price growth of more than 17 per cent in mid-2017, said the head of research at property research data group CoreLogic, Tim Lawless   Read More ...
Sydney and Melbourne home prices fall, more declines tipped for 2018
2018-01-02 10:14:55 National property markets ended 2017 with a whimper, with half of Australia's capital cities recording falling house prices in December. These declines are likely to continue over 2018 and 2019, with research house CoreLogic predicting falls of about 7 per cent for Sydney and Melbourne. Sydney's home prices dropped by almost 0.9 per cent in the last month of the year, making it the joint-weakest capital with Darwin   Read More ...
Australian housing prices drop, led by Sydney and Darwin slowdown
2018-01-02 06:06:09 Cautious home buyers and stricter lending policies are responsible for a drop in housing prices across Australia, according to a leading property report. Key points: Property prices fell 0.3 per cent last month Hobart was best-performing housing market, with prices up 12.3 per cent in 2017 Property consultant CoreLogic's monthly figures revealed national property prices fell 0.3 per cent in December, setting the scene for a weaker housing market this year   Read More ...
Canberra property market ends 2017 on a high, according to CoreLogic report
2018-01-02 03:07:01 Canberra ended 2017 on a high for the property market with dwelling values up one per cent over the final quarter of the year, according to CoreLogic. The CoreLogic Hedonic Home Value Index report said the capital's dwelling prices edged 0.2 per cent higher in December and it was 4.9 per cent higher throughout the year. The report found houses in the capital are rising at more than double the rate of unit values, with house prices up 5   Read More ...
Australia home prices slip in December as Sydney slows
2018-01-02 01:39:14 SYDNEY (Reuters) - Home prices across Australia’s major cities fell in December as the once red-hot Sydney market continued to cool in the face of tighter rules on investment lending, a relief to regulators but a potential drag on consumer spending power. Property consultant CoreLogic said its index of home prices for the combined capital cities dipped 0.4 percent in December from November   Read More ...
Sydney and Melbourne home prices fall, more declines tipped for 2018
2018-01-02 01:06:35 National property markets ended 2017 with a whimper, with half of Australia's capital cities recording falling house prices in December. And these declines are likely to continue over 2018, according to research house CoreLogic. Sydney's home prices dropped by almost 0.9 per cent in the last month of the year, making it the joint-weakest capital with Darwin. Over the quarter, Sydney house prices were down 2   Read More ...
Full recourse home loans lower defaults but may increase risky lending
2017-12-27 06:27:58 The tune of Jingle Bells is probably still stuck in your mind in the days after Christmas. But around this time a decade ago it was "jingle mail" that was starting to get attention in the US. Jingle mail is the term for home owners who simply hand the keys to their house back over to the bank when they can't afford their mortgage repayments   Read More ...
Melbourne’s most affordable suburbs for rental properties
2017-12-24 11:07:19 MELBOURNE’S property price boom is also putting the bite on renters, forcing them further from the city centre. New data shows the number of affordable suburbs for renters within 40km of the CBD is shrinking. Just 44 per cent have a median house rental price low enough for renters to avoid housing stress, down from 47 per cent last year. Melbourne’s most affordable rental suburbs are in the city’s north and west, CoreLogic data shows   Read More ...
Perth real estate agency out $45,000 after property manager falls for Nigerian scam
2017-12-21 04:11:25 A Perth property manager has copped a $2500 fine after falling for a holiday accommodation booking scam which left her real estate agency out $45,000. The State Administrative Tribunal found Vicki Theresa Redfern had "failed to exercise due skill, care and diligence" when dealing with an overseas scammer who is understood to have used a fake name when dealing with Ms Redfern   Read More ...
Which bubble? Ratings agency Moody's isn't worried about Australian house prices
2017-12-21 00:17:50 A widening chasm between housing prices and rental cost could be a sign that a correction is right around the corner. The biggest chasm can now be found in Norway. That's the finding of a study of 20 advanced economies by Moody's Investors Service looking at the dynamic between house prices and what it defines as a market equilibrium. The thinking goes that when rising home values fail to trigger a move into the rental market, it may be a sign that households may have unrealistic expectations of further price appreciation, a common signal of a market bubble, the credit rating company says   Read More ...
Five property market trends to expect in 2018
2017-12-20 06:17:36 It’s the question on the lips of Australia’s property punters, homeowners and wannabe buyers: what will the property market do in 2018? It’s now clear that 2017 will go down as the year that saw some of Australia’s hottest property markets switch gear following a five-year streak that saw Sydney’s median house price pile on over $530,000 and Melbourne’s add more than $352,000   Read More ...
NAB refunds $1.7 million for overcharging interest on home loans
2017-12-19 02:09:21 National Australia Bank has refunded $1.7 million to 966 home loan customers after incorrectly setting up some mortgage offset accounts over a seven-year period. NAB started an internal review after a number of customers complained they were overpaying interest on their home loans, the Australian Securities and Investments Commission (ASIC) said in a statement on Tuesday. The review found that between April 2010 and August 2017 it had not linked some offset accounts to broker-originated loans, which meant money in those offset accounts did not reduce the interest payable on the home loan accounts   Read More ...
Home loan switch could cause economic headaches as housing screws tighten
2017-12-17 22:09:07 The big switch is on in the mortgage market. Key points: In past 6 months $36bn of mortgages switched from interest-only to principal & interest loans and is expected to to rise to $150bn by 2020 The switch adds up to an extra 50 per cent to loan repayments APRA likely to tighten lending rules further, targeting loans to home buyers with little surplus cash flow In just the past six months the amount of interest-only (IO) loans held by the banks have dropped by around $36 billion, according the Australian Prudential Regulation Authority   Read More ...
Westpac to refund $11m to overcharged interest-only mortgage customers
2017-12-14 08:15:06 Westpac has committed to pay a total of $11 million in compensation to customers who held one of 13,000 owner-occupier, interest-only home loans affected by a mortgage processing error. The error led to those customers continuing to make interest-only repayments on their loans, instead of being switched to principal and interest repayments at the end of their interest-only period. The bank said the mistake predominantly affects loans with an interest-only period that expired between 2009 and 2016   Read More ...
Westpac to compensate mortgage holders going back 25 years
2017-12-14 08:11:10 Westpac will repay $11 million to 9400 mortgage holders due to a systems error affecting some loans going back 25 years. The bank failed to switch the owner-occupiers, who had interest-only home loans, to principal and interest mortgages at the end of their interest-only period. The error meant customers did not start paying down the principal on their loans at the time agreed with the bank and, as a consequence, paid more in interest and had less time to pay off the principal   Read More ...
Underquoting: Real estate agency Fletcher and Parker Balwyn fined record $880,000 in Federal Court case
2017-12-14 04:08:18 A Melbourne real estate agency has been fined $880,000 for regularly underquoting blue ribbon properties as part of a cavalier strategy to “quote them low and watch them go”. The Federal Court on Thursday fined Fletcher & Parker (Balwyn) Pty Ltd $40,000 for each of the 22 properties that its Canterbury and Blackburn offices admitted underquoting during 2015. Justice Bernard Murphy also ordered the business publish notices about its misleading and deceptive conduct in full-page newspaper ads and on its website   Read More ...
Real estate agent Fletcher and Parker fined $880k for underquoting properties in Melbourne's eastern suburbs
2017-12-14 04:08:04 A real estate agency in Melbourne's east has been fined a record $880,000 after underquoting on 22 properties. The Federal Court found Fletcher and Parker, an agency based in Balwyn, breached consumer law in 2015 by falsely advertising the price of properties, engaging in misleading or deceptive conduct, and by making "false or misleading representations about the sale of land". The court stated the realtor knew houses would sell for much more than the advertised price, and the scheme had gone on for a number of months   Read More ...
'Enough is enough': Why Sir Frank Lowy walked away from Westfield
2017-12-14 02:54:28 After nearly 57 years as Australia's shopping centre czar, Sir Frank Lowy has opened up about the reasons he is walking away. On Monday, it was announced that Europe's largest listed commercial property company, Unibail-Rodamco, agreed to buy his Westfield Corp in a $32.8 billion deal. In an interview with The Australian Financial Review, Sir Frank said it was time to step away from the "useless formalities of public life"   Read More ...
Most homeowners with mortgages couldn’t handle a minimum rate rise, survey finds
2017-12-12 15:15:12 than half of Australian homeowners with a mortgage would be in dire straits if their repayments increased by more than $100 a month, new data shows. A nationwide survey found 54 per cent of borrowers do not think they could handle a repayment rise of more than $23 a week. “There are a lot of burnt out borrowers out there,” Finder money expert Bessie Hassan said   Read More ...
First home buyer activity hits five-year high: ABS
2017-12-12 00:09:25 FIRST home buyer participation in the housing market has hit a five-year high following a series of concessions introduced by the NSW and Victorian governments. Data from the Australian Bureau of Statistics (ABS) revealed first time buyers accounted for 17.6 per cent of all owner occupier housing loans in October, the highest share of borrowing since November 2012. The 10,061 home loans given to first home buyers nationally was also 37   Read More ...
Banks, mortgage brokers pledge to reform home loan commissions
2017-12-11 03:08:29 Mortgage brokers would no longer have an incentive to sell customers larger-than-necessary home loans, the industry claims, under a package of changes designed to address regulator concerns. In response to a review by the corporate watchdog into the $2.4 billion a year in mortgage broker commissions, a group of brokers, banks and other lenders are vowing to curb some of the payments and practices that have long been criticised by consumer groups   Read More ...