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Australian Capital Territory
Justprop Team member
City
The data continues to deteriorate for Australia’s army of negatively geared landlords, with the Australian Bureau of Statistics (ABS) reporting that capital city property rents declined by a record 1.3% over the June quarter and by 1.2% over the year: Most notably, rents fell by 2.0% in Sydney and 1.1% in Melbourne over the June quarter. Given immigration has collapsed and both cities still have an avalanche of supply in the pipeline (see next chart), rents should continue to fall:
Get details at:x
Australian property rents suffer biggest ever fall...
The data continues to deteriorate for Australia’s army of negatively geared landlords, with the Australian Bureau of Statistics (ABS) reporting that capital city property rents declined by a record ...
www.macrobusiness.com.au
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4 Views
7D ago
Anjali
City
Hi everyone, Needed a review of Schofields suburb in terms of travel to the city? Do the nearby stations have car or bike parking spots that can save time for local commute? I am travelling to the city everyday for work so wanted to know if anybody has experience of the commute. Thanks!
1 Reply
20 Views
16D ago
Anjali
Sam2019
Banks
Australian banks have today announced that they will allow mortgage holders in severe financial hardship to extend their mortgage repayment pause by up to four months.
However, homeowners may want to consider the alternatives before extending a repayment pause, to avoid the additional cost in the long run Potential alternatives to pausing mortgage repayments
Use money in your offset or redraw, if available.
Request a rate cut or switch to a lower fixed rate.
Switch to interest-only repayments or reduced repayments for a period of time. While this could increase your rate and/or the overall interest bill, paying something is usually better than nothing. “It’s great to see the banks are proactively checking in with customers to help them explore their options and make absolutely sure they need to be on a home loan deferral,” she said.
“Yet, the reality is, thousands of families will have no choice but to keep their home loan on hold. Get details at:x
Banks extend mortgage deferrals, but what’s the ...
Australian banks have today announced that they will allow mortgage holders in severe financial hardship to extend their mortgage repayment pause by up to four months.
www.ratecity.com.au
0 Reply
23 Views
29D ago
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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26 Views
1Mo 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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24 Views
1Mo 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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29 Views
1Mo 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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29 Views
1Mo 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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37 Views
2Mo 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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44 Views
2Mo ago
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Capital city property rents declined by a record 1.3% over the June quarter
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