9 Million New Homes To Meet International Report Projections

“Australia will need more than 9 million new homes to meet the needs of the population projected in the Intergenerational report released today,” Wilhelm Harnisch CEO of Master Builders Australia said. “The nation will need to more than double its current housing stock over the next 40 years to accommodate the expected 1.3 per cent in annual population growth,” he said. “The key challenge will be to tackle intergenerational housing affordability in order to preserve home ownership as a fun...
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Sydney land prices now rising faster than houses

21 February 2015: Sydney’s median residential land price increased by 19.7 percent over 2014 and the city clearly remains the most expensive of all the state capitals, according to data from the Domain Group. The December quarter median land price of $390,000 was well ahead of Melbourne at $245,000 and Brisbane $237,950. Dr Andrew Wilson, Senior Economist, Domain Group, commented; “Sydney’s annual land prices increased at the fastest rate in over a decade and recorded stronger growth than...
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Will Gen Ys Lead Housing Recovery in Australia

The Australian housing market has a bright future, and Gen Ys will be the ones to lead it there, a social demographer has claimed. In spite of growing pessimism surrounding the economy, KPMG partner Bernard Salt has told Australian BrokerNews he expects economic conditions to pick up within the next few years. Salt claimed much of the economic pessimism in the housing market is merely reverberations from the GFC. "We are in the shadow of the GFC at the moment. When you're in the shadow, it...
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Queensland floods and mortgage payments

It's been, for good reason, hard to see any news in Australia this past week other than the devastation and tragedy of the Queensland floods. As the clean-up and recovery begins, there are so many far-reaching consequences that it seems to me to be a constant surprise to see the numerous knock on effects these floods will have, not just for Queenslanders but for all Australians and even abroad. One such effect is that house prices in Queensland are likely to fall. Apart from the obvious prob...
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House prices rise and fall across Australia

Australian mortgage holders in some parts of the country might have become a little nervous this week, with new statistics out showing that the value of Australian houses and units has dropped in some cities - in particular, in Brisbane (by 3.3 per cent) and Perth (by 2.5 per cent) for houses, and in Canberra (by 2.7 per cent) and Perth (by 2.5 per cent) for units, over the three months to the end of July, according to the RP Data-Rismark International quarterly index. In other cities, home owne...
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Mortgage news with election looming

In Australia the news this week is peppered with mortgage related news that is mostly related to the upcoming federal election: International reports have suggested that interest rates and their link to the Australian economy are one of the key factors in decision making of Australian voters for the federal election. They mention that house prices have generally recovered well from the global financial crisis but that rising interest rates are not helping new and especially first home buyers...
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