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Archives for March 2010
Property Prices Explode Earlier today, the REIA released its December 2009 Median House Price series and prices have exploded! Here’s a summary of the median house price, the movement since last quarter, and the average daily price increase in the December Quarter. Status Dec 2009 Qtr (Latest Released) Change To Previous Qtr Average Daily Price Increase Comment Sydney $598,000 +$29,000 +$318.68 Strong price growth building confidence Melbourne $540,400 +$60,400 +$663.74 Amazing, but unsustainable! Brisbane $451,000 +$21,000 +$230.77 Improving as property prices awaken Perth $460,000 +$20,000 +$219.78 Encouraging as commodity prices consolidate Adelaide $385,000 +$15,000 +$164.84 Solid and quite sustainable increase Canberra $465,000 +$26,000 +$285.71 Disappointing considering Sydney Hobart $347,500 +$22,000 +$241.76 Dollar return good, but % growth great Darwin $540,000 +$22,500 +$247.25 Continues to outperform Australia $515,000 +$33,700 +$370.33 Prices continue to rise
The article below appeared in the Brisbane Times, Sydney Morning Herald, The Melbourne Age , Herald Sun, Daily Telegraph and the Australian. The data is extracted from the Australian Mortgage Index which was released yesterday. Investor demand for housing loans strong March 9, 2010 AAP Investors have returned from summer holidays to grab their largest share of housing loans since at least 1994, according to a survey by a mortgage broker. Australian Finance Group (AFG), which claims over 10 per cent of the mortgage market, said on Tuesday that 34.1 per cent of all mortgages it arranged nationally in February were for property investors. That was the highest proportion for investors recorded in the 16-year history of AFG’s survey of its brokers’ activity. “Investors are now the driving force of the market, encouraged by rising property prices in recent months, and the longer term view that a housing shortfall will continue to underpin future price growth as well as rental… Read More
The reserve bank today decided to lift the cash rate to 4.00%, a move of 25 basis points. The Commonwealth was first to move, followed by ANZ and St George all matching the reserve bank with a 0.25% hike. The other banks are expected to follow shortly.