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| 16 June 2010 |
Median house price growth slows in the first quarter of 2010
The release of today’s REIA Mortgage Choice Real Estate Market Facts publication has shown a slowdown in the growth of median house prices for the first quarter of 2010.
“The cessation of the First Home Owners Grant Boost (FHOG Boost) and increases in mortgage rates have contributed to the more moderate growth in median prices. In the first quarter of 2010, the number of loans to first home buyers decreased dramatically, as did the total number of housing loans,” said Real Estate Institute of Australia (REIA) President, Mr David Airey.
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| 16 June 2010 |
No housing bubble in Australia
Real Estate Institute of Australia (REIA) President has slammed comments by GMO’s chief strategist Jeremy Grantham – that Australia is in the midst of an unmistakable housing bubble.
“What we are experiencing in the housing market is normal growth for house prices. If Australia was in the midst of a so-called housing bubble, then we have been there for some time. REIA’s data highlights that historically, median prices, compared to income, have been relatively stable for the past ten years, taking into account normal fluctuations,” said Mr Airey.
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| 09 June 2010 |
Affordability declines: average household loan repayments $337 higher than 12 months ago
With the release of the REIA Deposit Power Housing Affordability Report for the March quarter 2010, it is evident that housing affordability has once again declined in Australia.
During the first quarter of 2010, housing affordability decreased across all Australian states and territories, with the proportion of income required to meet loan repayments increasing nationally from 30.7% in the December quarter 2009, to 32.6% in the March quarter 2010.
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| 09 June 2010 |
Lowest level of housing commitments since April 2001
Australian Bureau of Statistics (ABS) Housing Finance figures for April show, in trend terms, the number of commitments for owner occupied homes fell 2.8 per cent, compared to the previous month.
In seasonally adjusted terms, this is the lowest level of housing commitments since April 2001.
“This is the tenth consecutive month of falls in housing finance. This is the largest number of consecutive months of declines since the thirteen months between April 1994 and April 1995,” said Real Estate Institute of Australia (REIA) President, Mr David Airey.
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| 08 June 2010 |
COAG affordability report timely
Real Estate Institute of Australia (REIA) President, Mr David Airey has welcomed the release the Council of Australia Government’s Reform (COAG) National Affordable Housing Agreement: Report on Performance 2008-09.
The report identifies housing affordability for renters and home buyers as a major issue. In 2007–08, at least 60 per cent of home sales in each state and territory were unaffordable to moderate incomes households. Perth and Brisbane were the least affordable of the capital cities, and Melbourne was the most affordable.
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| 01 June 2010 |
State of the housing market considered
Last week, Real Estate Institute of Australia (REIA) President, Mr David Airey, appealed to the Reserve Bank of Australia (RBA) to take the state of the housing market into consideration when making today’s decision regarding official interest rates.
“I am glad to see that the Reserve Bank has made an accurate assessment regarding the state of the housing market. Further interest rate rises would have only been more devastating news for Australian home buyers and the strength of the housing market,” he said.
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| 28 May 2010 |
Where have all the buyers gone?
The Real Estate Institute of Australia (REIA) President, Mr David Airey has today appealed to the Reserve Bank of Australia (RBA) to take the state of the housing market into consideration when making a decision regarding official interest rates next month.
“The slowdown in the housing market over the past month is a real concern for our economy. Since early April, we’ve seen the market change from buoyant to slow and depressed,” he said.
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| 18 May 2010 |
‘What Lies Ahead for the Housing Market’ – Presented by Mr David Airey
REIA President, Mr David Airey will today present ‘What Lies Ahead for the Housing Market’ at the Australian Financial Review’s Residential Property Conference being held at the Sheraton on the Park, Sydney.
“The presentation looks at where we are now and where the housing market is heading and aims to explain the behaviour of house prices and to identify factors that will affect future performance,” said Mr Airey.
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| 12 May 2010 |
First home buyers a dying breed
Australian Bureau of Statistics (ABS) Housing Finance figures for March show that, in trend terms, the number of commitments for owner occupied homes fell by 4.1 per cent, compared to the previous month.
“This is the ninth consecutive month of falls in housing finance. We are now down to the levels of the global financial crisis in 2008”, said REIA President, Mr David Airey.
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| 11 May 2010 |
Federal Budget does not address long-term solutions for housing affordability
The Real Estate Institute of Australia (REIA) is disappointed that the Government has not considered long-term solutions to address the issue of housing affordability in the Federal Budget.
The REIA proposed two recommendations for consideration in its pre-budget submission which were aimed at long-term solutions for housing affordability in Australia. The first was to index the grant to median house price movements annually and the second was to allow first home buyers access to voluntary superannuation contributions.
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