Apr 30
THE value of housing across Australia rose 1.63 per cent in the first quarter of this year after a fall in borrowing rates lured buyers into the market, a survey shows.

The RP Data-Rismark national dwelling value index rose to 457.191 points in the three months ended March, from 454.618 points at the end of 2008.

First home buyers were particularly active in the quarter as they rushed to take advantage of a boost to the Federal government’s first home owners grant.

A fall in base lending rates to a 45 year low of 3.25 per cent in February, which in turn helped lower bank mortgage rates to an average of 5.7 per cent, also contributed.

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Apr 28

THE jobless rate in parts of Sydney has almost doubled in a year and in some areas up to one in 16 homeowners are defaulting on their mortgages.

Of the top 20 postcodes for mortgages that are more than a month in arrears, 19 are in NSW, data obtained by The Daily Telegraph reveals.

The revelation has prompted an unprecedented study of 200 defaulters by the University of Western Sydney – funded by the  RBA  to understand how they are slipping through the cracks.

The move comes as the Federal Government  announced a crackdown on unscrupulous lenders.

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Apr 23
The end of FHOG
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PRIME Minister Kevin Rudd has confirmed the boost to the first home buyers grant will not be extended past its deadline of June 30. “We’ve indicated that that will conclude in a very fixed and finite timeframe,” Mr Rudd said in a Perth speech reported by Sky News.”It’s had a real effect. We’re still measuring its full effect, but I think it’s very important that as a community we understand that deadlines are imposed for a particular purpose.

“All good things must come to an end.”

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Apr 22
Inflation rate on track – RBA
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FEDERAL Treasurer Wayne Swan says inflation pressures are expected to moderate further as the global financial crisis continues to weigh on the economy.

Figures released today showed annual consumer price...

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Apr 17
Tenants begin to benefit from falling rents
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THE rental market is turning back in favour of tenants, as growth in the average rent for a house across most major capital cities continues to ease.

A combination of more renters looking to buy their own homes amid improved housing affordability, and landlords enjoying lower interest rates, led the median weekly asking rent for a house in Sydney and Melbourne to fall flat in the March quarter at $450 a week, data from  API shows.

But Brisbane still experienced rental growth in the March quarter, up 2.9 per cent to $360, just ahead of Perth, up 2.8 per cent to $370, 

“There is less tension there to get those rises,” APM economist

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Apr 16
Consumers turning to credit cards to get by
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CONSUMERS are racking up debt on the plastic again as the impact of the federal government’s December stimulus package fades, lifting the total outstanding balances on credit cards to a record $45.4 billion.

Data released by the RBA...

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Apr 8
WESTPAC has followed the Commonwealth Bank and ANZ by lowering its standard variable home loan rate by 10 basis points following the Reserve Bank’s cut to the cash rate yesterday.

Westpac’s new standard variable home loan rate will reduce to 5.81per cent per annum effective Monday 20 April 2009.

The cut comes after the RBA cut the official interest rate by 25 basis points to a 49-year low.

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Apr 8
ANZ Passes 10 points of the rate cut
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ANZ  will lower the interest rate on its standard variable home loan by 10 basis points following the Reserve Bank of Australia’s decision to reduce the cash rate yesterday.

ANZ’s standard variable home loan rate will be lowered to 5.81 per cent for new and existing customers and will be effective as of Friday 17th April.

The reductions come after the RBA cut the...

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Apr 7
CBA passes 10 points of rate cut only
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Commonwealth Bank was the first to move this afternoon, cutting the rate on its standard variable home loans by 10 basis points to 5.64 per cent.

“We understand the importance of ensuring that in the current economic climate we support our home loan customers and pass on as much as we can with interest rate cuts,” CBA executive Ross McEwan said.

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Apr 7
The Reserve Bank of Australia (RBA) has cut the cash interest rate by 25 basis points, following its board meeting today.

The cash rate had been lowered to 3.0 per cent, from 3.25 per cent, to a 49-year low.

Economists had been divided over whether the central bank would cut rates after its board meeting in Brisbane, or leave the cash rate unchanged this month.

The RBA did not cut in March, saying it wanted to wait and see the impact of earlier rate cuts and federal government fiscal stimulus initiatives in the economy.

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