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Australian Capital Territory
John
City
In the year to June 2020, home values rose by 9.0% at the 5-city level, driven by Sydney (+13.3%) and Melbourne (+10.2%), whereas Perth was still in the red (-2.5%): Australian housing correction is clearly underway. The big test will come in October if emergency income support and mortgage freezes are abruptly unwound. Get details at: x
Aussie property values dive 0.9% in June - MacroBu...
CoreLogic’s dwelling value results for June are out at the 5-city level, with values falling 0.85% over the month amid universal declines: It was the second consecutive monthly decline:There are 752...
www.macrobusiness.com.au
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3D ago
Justprop Team member
Banks
Prime Minister Scott Morrison and Treasurer Josh Frydenberg met with bank CEOs and the RBA Governor on Friday and confirmed that additional support will be provided to those that need it.
According to the Australian Bankers Association, nearly half a million Australians – representing one in fourteen borrowers – have deferred around $176 billion worth of mortgages. Major banks are bracing for a savage increase in problems in their massive mortgage portfolios after preliminary investigations suggest up to one in five home loan borrowers who have asked for a repayment holiday during the coronavirus crisis are in deep financial strife…
This suggests that some 96,000 borrowers, with mortgages worth almost $35 billion, will end up in the banks’ intensive care units…
These borrowers have typically lost their jobs as a result of the coronavirus, which means they no longer earn enough income to meet their mortgage payments. Get details at: x
Aussie banks extend mortgage repayment freeze - Ma...
Australia’s banks have pledged to continue to defer mortgage repayments for customers struggling financially during the COVID-19 crisis. Prime Minister Scott Morrison and Treasurer Josh Frydenbe...
www.macrobusiness.com.au
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4D ago
Sam2019
Banks
After COVID-19 bit into the Australian economy, thoughts predictably turned to its property market. Sky-high prices had helped the country accumulate staggering levels of household debt. Now, seemingly out of nowhere, a recession – Australia’s first in three decades – threatened to properly challenge that status quo.
The country’s big banks quickly went into bat for the government, agreeing on hardship programs that would allow homeowners in need to defer their repayments for three to six months. At the same time, 485,065 mortgages (or $176 billion worth) remain frozen but will eventually need to be paid back. Add in business loans, and the clock is ticking on $237 billion in debt.
The Commonwealth Bank, Australia’s largest, holds nearly $450 billion in home loans, making it a relatively good barometer for where the market is at. Continue reading at: x
3 months ago, Australia's big banks started freezi...
After COVID-19 bit into the Australian economy, thoughts predictably turned to its property market.
www.businessinsider.com.au
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11D ago
John
City
Crowds watched on as bidders battled for properties on Saturday, driving a 64 per cent preliminary clearance rate from 258 results by realestate.com.au.
About 400 properties went under the hammer, making it Melbourne’s biggest auction weekend since the coronavirus ban on public auctions was implemented in March. The ban has since been lifted in favour of capping crowds at 20, plus real estate agency staff. Meanwhile, no spectators are allowed to attend AFL matches in Victoria.
And it showed, with agents and buyers’ advocates reporting weekend crowds frequently reached their limit as quality stock flew off the shelves. Source: x
Melbourne auctions get bigger crowds than AFL game...
More spectators were on hand for Melbourne auctions than AFL matches over the weekend. And despite the biggest sales list since March, the maxed-out crowds saw plenty of maxed-out results.
www.realestate.com.au
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17D ago
Liam
City
Property values across the state and territory capitals fell 0.5% last month, the first decline since June 2019, according to CoreLogic Inc. data released Monday. Amongst the biggest falls were Melbourne, where prices dropped 0.9%, and Perth, which was down 0.6%. “Eventually government stimulus will wind back and borrower repayment holidays will expire,” said Tim Lawless, head of research at CoreLogic. “In the absence of these policies, housing values could come under some additional downwards pressure if economic conditions haven’t picked up towards the end of the year.” The government is planning to announce a fresh stimulus plan for the building industry, which employs about 10% of the nation’s workforce. Source: https://www.bloomberg.com/news/articles/2020-06-01/australia-house-prices-fall-as-shutdowns-hit-property-marketx
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www.bloomberg.com
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1Mo ago
John
City
Propertyology’s head of research, Simon Pressley, has revealed that Canberra ranks first amongst Australia’s eight capital cities. “Canberra’s economy was already strong before the germ arrived. And with approximately 100,000 of its 213,000 workforce in the public sector, it will be significantly sheltered throughout the COVID job lockdown period,” “Brisbane’s property market is in second spot. Propertyology has been publicly critical of Brisbane, and we remain unchanged from our long-held view that Brisbane’s soft private sector job growth is an important missing link for otherwise solid fundamentals,” Mr Pressley said. Source: x
Australia’s top capital city revealed
Despite the majority of the focus being on Sydney and Melbourne, a property researcher has revealed that neither city gives investors the best bang for their buck.
www.smartpropertyinvestment.com.au
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22 Views
1Mo ago
Roma
Justprop Team member
City
The Logan suburbs with the highest rental yields for houses are Logan Central (6.49 per cent), Kingston (6.19 per cent) and Woodridge (6.16 per cent). Suburbs like Kingston and Woodridge are under a half-hour drive to Brisbane, and suburbs like Eagleby and Beenleigh are just over a half-hour drive to the Gold Coast.
According to OpenAgent’s data analyst Carson Teh, the Logan region is expected to grow significantly this 2020, driven by the increase in population as well as several enhancement projects. “The Queensland government expects the population in Logan to grow from 326,615 people in 2018 to 432,000 by 2031,” said Mr Teh. “Entry-level housing is always appealing, especially to interstate investors when they compare local house prices, NSW in particular, and see significant value long term,” Mr Piotto highlighted.
“Rental returns are always going to be strong with the area located right in the middle of Brisbane and the Gold Coast, great public and private schooling, and the blue-collar industry within a 10-minute drive of these areas.
“With the local and state government continuing to improve amenities, new water parks, Logan Metro Sports Centre and the Logan Entertainment Centre, it’s easy to see why families get a lot of bang for their buck so to speak.” For more details, visit: x
Brisbane suburbs near CBD boast above 5.6% yields
Latest insights from OpenAgent.com.au found that suburbs near the Brisbane city centre boast rental yields over 5.6 per cent.
www.smartpropertyinvestment.com.au
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22 Views
1Mo ago
Sam2019
Banks
A new survey has found that almost half of Queenslanders have had their incomes cut or soon to be cut because of COVID-19, with concern for mortgages now.
The Queensland figure (49 per cent) is higher than the national average (45 per cent), according to the results of the research released by financial comparison service comparethemarket.com.au. It asked respondents if they were losing income because of social restrictions, and changes they would make to their finances as a result, including mortgage repayments.
Homeowners are rethinking ways to cope with job loss and potential job loss due to COVID-19 restrictions, with banks offering several options now for mortgage support. The survey found that two in every five Queensland respondents (40 per cent) were concerned about meeting mortgage repayments for the rest of the year. Among the measures being taken to cope were families freeing up cash by deferring loan or credit card repayments, accessing cash by withdrawing from their super, term deposits or life savings.
Comparethemarket.com.au spokeswoman Abigail Koch said there were hundreds of thousands of Aussies
“Hundreds of thousands of people are experiencing financial hardship at this time, with around six million workers expected to receive JobKeeper payments, while many others are uncertain about their financial security. “ “The Government and financial institutions have introduced a range of relief measures to help Aussies under financial pressure, stay afloat during these difficult times.”
She said the firm had created a COVID-19 FAQ Hub to cope with demand for information on how the pandemic could affect home loans, credit cards, insurance and a range of other household costs. Source: x
Coronavirus: Banks move to stem mortgage fallout -...
A new survey has found almost half of Queenslanders have had their incomes cut or soon to be cut because of COVID-19, with concern for mortgages now. See the list of how banks are responding.
www.realestate.com.au
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23 Views
1Mo ago
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