There was just a short item on last night’s television news, so I don’t have many details about it just yet, but yesterday a home in Sydney was successfully sold via an online auction. Video footage of the auctioneer was beamed over the internet, with people submitting bids in real time without actually being at …
“I think the industry as a whole is facing a similar situation that funding costs day-by-day are continuing to increase; it’s just a fact of the market. The fact of the matter is, over time, interest rates being charged will increase unless we see significant drops in rates both internationally and locally.” – Ralph Norris, …
The Federal Government has unveiled its new budget, and it includes a number of initiatives designed to attack housing affordability. Let’s take a look at their First-Home Saver Account, the National Rental Affordability Scheme, and the Housing Affordabilty Fund.
Over in the mighty USA, there is so much concern about property values dropping that some new home builders and developers are actually providing a guarantee that the value of the home will not drop. In some situations this guarantee against falling prices can last for a year, two years, or more. Bizarre, but true. …
There was a really interesting article on 60 Minutes tonight covering the sub-prime crisis in America and the possibility of a similar situation taking place here in Australia en masse. If you missed it, here’s the full transcript for the 60 Minutes piece, “House of cards”.
Mortgage stress is the big word for 2008, and it’s generally defined as what happens to you if your mortgage repayment is more than 30% of your net income. So if you bought a home in Brisbane for $500,000, with a mortgage of $400,000, your weekly repayments would be about $775. If you want that …
Michael Matusik of Matusik Property Insights predicts property prices in Brisbane will grow by 25 per cent over the next three years, so long as interest rates don’t get out of control, the economy stays positive, and Darren Lockyer’s knee improves (ok, I made up that last one). “Some commentators are claiming that the residential …
How does a real estate agent sell residential property in a tough market? Put a whole lotta effort into really, really, really good marketing. Market that property until you can market no more. I was chatting with an agent today and he mentioned that some agents have been cutting back on their marketing in what …
Property prices are steadying or dropping. There are a lot of homes on the market but they’re moving slowly. Potential buyers are slow to act and as picky as you can be. Yep, it’s a buyers’ market alright. One agent mentioned to me today that she’s seeing vendors accept offers on the condition of sale …
For those of you who aren’t residents in south-east Queensland, you might have missed the story about land subsidence in the Ipswich suburb of Collingwood Park (click here to see a map of the subsidence area, provided by Queensland’s Department of Mines and Energy). Apparently there’s quite a number of old mines underneath the area, …