Following article extracts courtesy of SMH BusinessDay. Written by Mr Chris Zappone. With more questions hanging over the economy and global markets this week than last, the real estate industry holds little hope for an increase in buyers this weekend. Even before the dramatic volatility on the sharemarkets seen this week, auction clearance rates in Melbourne [...]
Owner occupied mortgage approval ABS figures have remained steady for this month, rising only by 8 commitments reported SMH Property & Domain. “ANZ economist David Cannington said the data showed the owner occupied housing sector was holding up fairly well. But he said it was a little worrying investment housing in value terms was down 4.4 per [...]
All of the recent turmoil in the global powerhouse economies of the US and Europe is looking like another recession, with the forecast for the RBA to proceed with a double rate cut come September reported SMH BusinessDay. “After global shares sustained $2.5 trillion losses last week and US government had its credit rating cut by [...]
The RBA has further downgraded its economic growth projections for the rest of the year, on the back of continued lacking retail spending and increased recession fears reported SMH BusinessDay. “Conditions are expected to remain very strong in the mining industry, as well as those parts of the economy benefitting from high rates of resource-sector investment,” [...]
Consumer group Choice has run a group-buying experiment, attaching more than 10,000 people looking for a better deal on their home mortgage reported SMH BusinessDay. The idea was to bring a mass of people together and then go to lenders seeking a better mortgage deal for each. Choice says the initiative is a world-first. While Choice [...]
Interest Rates have been again placed on standby for the 8th straight month, after the RBA decided that current market conditions were just to fragile and the averted debt default crisis of the US played to greater threat to World economics reported SMH BusinessDay. The RBA board members, though, also had to consider the impact [...]
The RBA has today commented that an interest rate rise right now would do further damage to the senstive economy, with business conditions having slumped back to par with the Global Financial Crisis a few years ago reported SMH BusinessDay. “Almost 50 per cent of firms have had a fall in profit since the end of [...]
Below article extracts courtesy of SMH BusinessDay; written by Mr Eric Johnston. Economists are lining up to make their call on whether the Reserve Bank will hike official cash rates at its board meeting next week, even amid signs that businesses and households are cutting back on borrowing. This would be even worse news for banks, [...]
Freshly released Consumer Price Index figures today surprised economists, jumping more than expected in the last three months til’ June reported SMH BusinessDay. “Investors viewed the higher inflation numbers as all but eliminating the chances of an interest rate cut in the near term. Prior to the CPI figures, futures markets gave a rate cut at [...]
The RBA has looked to reassure the markets that Australian Banks are in good financial health compared to some other counterparts in the World. They are holding little exposure to sovereign debts in risky economies and are strengthening their deposit bases reported SMH BusinessDay. “Speaking to a property conference, Reserve Bank assistant governor Malcolm Edey today [...]
