Despite the value of new mortgages falling from record high levels earlier in 2022, refinancing has held strong, hitting its second highest level on record. The latest Lending Indicators data released by the Australian Bureau of Statistics (ABS), has revealed that refinancing activity in December 2022 totalled $19.1 billion. While the value of total housing […]
National home prices have dropped once again in January, although according to Home Value Index from PropTrack and CoreLogic, declines are easing. PropTrack’s Home Price Index found that home prices fell 0.9 per cent nationally for the month of January, marking the 10th consecutive month to record a decline in prices. All capital cities (with […]
As higher interest rates are expected and the property market demand eases, economists expect further price falls in the coming months. Australian home values have dropped 8.40 per cent since May 2022 to December 2022, since the property market hit its peak in May last year, according to CoreLogic. CoreLogic Economist Kaytlin Ezzy said the current downturn […]
Half of Australian housing markets saw an annual decline in values last year, with 80 per cent noting declines in the final quarter, according to new data. The number of Australian markets that reported a decline during the December quarter grew from less than 10 per cent in 2021 to 80.7 per cent last year, […]
Increased borrowing costs and tight serviceability requirements have contributed to a decline in new housing lending, with further reductions expected. Industry commentators have raised concerns that increased borrowing costs and serviceability requirements will prevent more borrowers from entering the property market. The Australian Prudential Regulation Authority (APRA) raised the serviceability buffer in October 2021 from […]
An easing of Australia’s rental market in the final quarter of 2022 was not enough to halt the country’s annual rents from growing at record highs, according to new research. Property research and analytics group CoreLogic has released its Quarterly Rental Review for the fourth quarter of last year, revealing that Australian rents rose by an unprecedented […]
The total value of Australia’s residential dwelling has continued to fall from its $10 trillion peak, down to $9.6 trillion in the September quarter, the latest data has revealed. The latest data from the Australian Bureau of Statistics (ABS) showed the preliminary estimate of the total value of residential dwellings fell $358.9 billion to $9,674.4 […]
While economists remain divided on how much inflation and the cash rate will lift, there’s consensus that both will increase. ANZ’s senior economist, Catherine Birch, expects inflation to “run a little higher than previously forecast”, forecasting the Australian Bureau of Statistics consumer price index (CPI) today (30 November) for the month of October to jump […]
There are signs that financial stress caused by higher mortgage debt and rising interest rates has started to show. An estimated 22.6 per cent of mortgage holders (1,013,000) were ‘At Risk’ of ‘mortgage stress’ in the three months to October 2022, up from 21.1 per cent last month, new data from the Australian research company Roy Morgan […]
The world bank has warned the Reserve Bank of Australia must continue to “raise interest rates” to rebalance domestic demand and keep inflation anchored. Following the IMF’s visit to Australia, as part of its regular members’ economic and financial policies monitoring agreement, the world bank said although Australia was likely to avoid recession, it reported […]