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Mining Town House Passed in at Auction in Million Dollar Dive, sign of the times?

Posted: February 10th, 2015 | Author: | Filed under: Australian Home Prices | Tags: , , , , | Comments Off on Mining Town House Passed in at Auction in Million Dollar Dive, sign of the times?

Mining Town House Passed in at Auction in Million Dollar Dive, sign of the times
A house in the Western Australian mining town of Port Hedland has been passed in at auction for $360,000 after it was bought four years ago for $1.3 million.

The three-bedroom, one-bathroom fibro and iron house was built in the 1960s :: Read the full article »»»»


More Pressure on First Home Buyers

Posted: March 28th, 2014 | Author: | Filed under: Australian Home Prices | Tags: , , , , , , | Comments Off on More Pressure on First Home Buyers

More Pressure on First Home BuyersLatest figures from the Housing Industry Association – HIA –  suggest it will become even harder for first-time buyers to enter the housing market, according to the report affordability has waned, and 2014 is likely to see further gains in residential property prices, locking out more first timers.

The HIA’s Affordability Index eased by 0.5 per cent in the December quarter, as the impact of previous interest rate cuts declined. Hobart reported the biggest fall of the capital cities, with a 9.2 percent drop. That was followed by Sydney, down 4.4 percent, Perth, 2.5 percent, the ACT 1.2 percent and Brisbane 1 percent.

However affordability in both Melbourne and Adelaide rose by 5.5 percent during the quarter, the HIA report suggests that addressing the supply of affordable housing is one of the most prominent policy challenges facing all levels of government. In a separate report, population growth has also put pressure on housing affordability :: Read the full article »»»»


Australian House Prices Fall For Second Straight Year

Posted: January 2nd, 2013 | Author: | Filed under: Australian Home Prices | Tags: , | Comments Off on Australian House Prices Fall For Second Straight Year

Australian House Prices Slip For Second Straight Month

Australian capital city home prices have ended in the red for the second year in a row. The latest home value index from real estate analysts RP Data and Rismark shows capital city prices eased 0.3 per cent in December, to be 0.4 per cent down over the year. That is a better result than 2011’s 3.8 per cent decline.

RP Data spokesman Cameron Kusher says home prices improved slightly over the second half of 2012. “Capital city home values remain 5.7 per cent lower than their historic highs of November 2010, however, dwelling values are up 1.8 per cent from their low of late May 2012,” he noted in the report.

Hobart remained the nation’s cheapest capital city to live in, with a median price of $317,500. Prices in the Tasmanian capital were virtually unchanged over 2012, but rose 0.7 per cent in December. Melbourne had the worst price declines over the past year, with home values down 2.9 per cent, despite a 0.5 per cent rise in December. Brisbane and Adelaide saw 0.8 per cent declines over the past year, while Perth had a 0.8 per cent rise. The nation’s capital saw prices down 0.3 per cent in 2012, with Canberra home values sliding 1 per cent in December :: Read the full article »»»»


Australian Home Prices Flatline

Posted: September 4th, 2012 | Author: | Filed under: Australian Home Prices | Tags: , , , , | Comments Off on Australian Home Prices Flatline

Australian Home Prices FlatlineAustralian home prices have ended their run of gains, with a leading private sector index flat in August. RP Data’s Hedonic Home Value Index was unchanged in August for the eight capital cities, and rose just 0.1 per cent in regional and rural areas.

Capital city home prices were up 1.6 per cent over winter, but down 2.4 per cent over the past year. The biggest prices gains over the past month were in Adelaide (1.4 per cent) and Canberra (1.2 per cent), while Sydney and Melbourne posted modest 0.1 per cent increases.

Perth and Hobart had the two largest falls of 1.2 per cent, with Darwin down 0.5 per cent and Brisbane off 0.2 per cent.

RP Data’s director of research Tim Lawless said Sydney has been the most consistent performer amongst the capitals.

“Sydney dwelling values have increased over five of the past eight months providing a cumulative capital gain of 1.9 per cent over the year to date,” Mr Lawless said. “Canberra (+1.4 per cent), Hobart (+3.9 per cent) and Darwin (+8.4 per cent) have also yielded owners capital gains over the first eight months of 2012. In contrast, other capitals, like Adelaide (-1.3 per cent), Brisbane (-1.4 per cent), Perth (-2.5 per cent) and Melbourne (-2.6 per cent), have recorded tougher conditions this year.”

Mr Lawless said the price gains are an encouraging result for the traditionally quiet winter season, but the true test will be how the market copes with all the new listings that come onto the market in Spring.

“We know that there is likely to be an increase in new supply over Spring, which may introduce some headwinds for a recovering market,” Mr Lawless added. “How the market plays out over the Spring season will be an important litmus test for its resilience.”

The most expensive property market in Australia remains Sydney, with a median dwelling price of $530,000. The cheapest capital city market is Hobart, with a median price of $275,000.

RELATED: Australian Home Prices


Business Spectator: Watch House Prices Fall in 2012

Posted: February 4th, 2012 | Author: | Filed under: Australian Home Prices, Business and Economy, Mortgage | Tags: , , , , , , | Comments Off on Business Spectator: Watch House Prices Fall in 2012

Watch house prices fall in 2012The Australian Bureau of Statistics house price data for December 2011 shows that house prices fell 4.8 per cent in nominal terms between December 2010 and December 2011. The usual suspects are already trying to see this as marking the bottom, while “just the facts, ma’am” reporting simply emphasises the scale of the downturn. In response to requests for my views on the next calendar year, here they are – along with some historical perspective on the house price bubble.

The force driving prices down is the same one that drove them up. Houses are overwhelmingly bought with borrowed money, so keeping house prices where they are requires a constant supply of new mortgages at the same level (relative to GDP per household) as now; rising house prices require new mortgages to be growing compared to income; and house prices fall if mortgages grow more slowly than income (Deflecting an Aussie debt demolition, January 31). That we’re now in a period of mortgage debt falling relative to income is finally obvious; only the FHVB delayed this happening.

Mortgage debt is now decelerating almost as much as it was prior to the introduction of the First Home Vendors Boost – the rate of acceleration is now about minus 1.5 per cent of GDP.

Read more at Business Spectator