According to the latest data from the Real Estate Institute of Queensland, property sales in Queensland are down 28 per cent on last year, and prices are hardly moving. REIQ Chairman Peter McGrath reiterated the claim made by most real estate agents: there is still not enough supply to meet demand. “While demand has certainly …
When it comes to mortgages, Queensland is the most unaffordable state in Australia. Forget Sydney and Perth, if you buy a home in Queensland this week, we’ll throw in absolutely free extreme mortgage stress with over 40% of your household income going into the mortgage! Throw in rising petrol costs and grocery bills, and you’ve …
According to a survey here in Australia, vendors are still reluctant to lower their selling price, even though the real estate market has radically changed. Prices are dropping or staying steady, yet vendors continue to hold out for top dollar. Perhaps their actions are justified. The same survey also found that 33 per cent of …
It seems obvious to most of us, but at least the statistics are there to back us up – according to the Housing Industry Association, housing affordability is now the worst it has ever been in Australia. The First Home Buyer Affordability Index fell by 3.5 per cent during the March quarter to be more …
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.
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 …
It used to be second only to Sydney on the don’t-even-think-about-buying-here list, but things have changed around Australia and now Melbourne is cheaper than Brisbane and Perth. According to The Age newspaper, this is contributing to a mini boom in new arrivals to Melbourne, as people pack it in from elsewhere and head to the …
It had to happen eventually. After 20% growth last year, this year looks like a return to normal, with the median house price rising by just 2% between December ’07 and March ’08 (source: Australian Property Monitors). Apartment prices actually dropped 2%, possibly caused by investors pulling out of the market. I heard someone say …
This looks good: “Prime city land will be transformed into hundreds of new affordable apartments under a $260 million project to bring key workers, priced out of the property market, closer to their work.” – Sydney Morning Herald It’ll take about 5 years to complete, and will be partly funded by government and private housing …
Things are getting pretty serious down south. An article in the Sydney Morning Herald gives a few nasty examples: In 2003 a 3 bedroom home in St Clair sold for $405,000. Last weekend the owners were forced to sell it when they could no longer pay their mortgage. The house sold after they received one …