FHB activity likely to ‘weaken further’: ANZ/CoreLogic
Challenges concerning mortgage serviceability, housing affordability, and hurdles to saving a deposit could dampen first home buyer (FHB) activity this year, according to a new report. The latest ANZ CoreLogic Housing Affordability Report for the March 2024 quarter has highlighted the challenges FHBs face amid multiple economic headwinds like rising interest rates and a deterioration […]
Home-buying plans reignite for all bar first home buyers
Australians are feeling more confident about their home-buying plans but it’s a different story for first home buyers, according to new Westpac research. The latest Westpac Home Ownership Report has found that 44 per cent of Australians plan to buy a new home in the next five years, up 9 percentage points since July 2023. […]
Rate pause lifts consumer mood but it remains low
A new survey has revealed that the RBA’s decision to pause rate rises in February was a shot in the arm for consumer sentiment, but the mood remains pessimistic. The Westpac Melbourne Institute Consumer Survey Index rose by 6.2 per cent to 86 in February 2024 (up from 81 in January), This marked the biggest […]
New loan values plunged, refinancing surged in CY23: PEXA
Rising interest rates dampened new loan values in 2023 but led to a surge in refinancing activity as borrowers shopped for better mortgage rates, according to new research. The latest Mortgage Insights Report by digital property exchange platform PEXA has revealed that the aggregate value of new home loans declined by 12.7 per cent from […]
Will 2024 be ‘the year of the property investor’?
In 2002, then US secretary of defence, Donald Rumsfeld, delivered a convoluted word salad that’s perhaps one of history’s most awkwardly constructed quotes. In describing his country’s position on the war in Iraq, Mr Rumsfeld said: ”There are known knowns; there are things we know that we know.”There are known unknowns; that is to say, […]
1 in 5 slash spending to pay down loan: NAB
A new survey has revealed that spending habits are rapidly changing amid growing consumer stress, with consumers using these savings to pay down their mortgages. The National Australia Bank (NAB) Consumer Sentiment Survey Q4-2023 of around 2,000 Australians has found that around one in five consumers who cut back on spending used their savings to […]
Mortgage stress eases despite Cup Day rate rise
Mortgage stress decreased for the second straight month in November 2023 despite the central bank raising rates by 25 basis points, according to new research. Data released by Roy Morgan has revealed that 1.49 million mortgage holders (29.9 per cent) were at risk of mortgage stress in the three months to November 2023. This period […]
Housing affordability hits news lows amid rising rates
Mortgagors required almost half their income to meet the average loan repayment in the September 2023 quarter, a new report has found. The latest Real Estate Institute of Australia (REIA) Housing Affordability Report has revealed that housing affordability has continued to worsen as borrowers and renters bear the brunt of rising interest rates and soaring […]
Owner-occupier activity boosts October housing lending: ABS
A sharp upturn in new owner-occupier loan commitments contributed to overall housing lending growth in October, but refinancing cooled off from recent record highs, according to new figures. The latest Lending Indicators data released by the Australian Bureau of Statistics (ABS) has shown that the value of new owner-occupier loan commitments surged by 5.6 per […]
Sydney house prices could fall 4% in 2024: SQM Research
House prices are predicted to fall in Sydney, Melbourne, Canberra, and Hobart as interest rate rises start to bite home owners and buyers, according to a new report. SQM Research has released its annual Christopher’s Housing Boom and Bust Report 2024, in which it has forecast that Sydney’s property prices could record a moderate fall […]