Archive for the ‘Economy’ Category

New Loan Commitments Continue to Grow

Despite the pandemic still hanging around creating intermittent havoc, the Australian property market remains resilient, continuing to break records and defying the logical premise of instability one would have predicted when the COVID lockdowns commenced in 2020.

The latest information from CoreLogic, sourced from the Australian Bureau of Statistics (ABS) – reveals the total value of new loan commitments for housing grew for the seventh consecutive month and shows no sign … Read the full post »

Regional Markets Continue to Shine!

Australia’s leading property market analysts and data collectors, CoreLogic released their latest report on the health of the national property market this week, and there’s plenty of good news, particularly for regional markets along the eastern seaboard, such as the Sunshine Coast.

December home value data showed the combined regional dwelling market increased 6.9% in value over the year; a growth rate more than three times the rate of the combined … Read the full post »

Reflection on the Property Market 2020

When we reflect on the year now gone, one of the biggest questions many economists and property analysts have asked, and addressed – is why didn’t the Australian property market crash in response to the global pandemic?

When the COVID19 outbreak began, the headlines were filled with doom and gloom as we headed to our first recession in over 28 years…yet somehow the property market has pulled through remarkably well, and … Read the full post »

Queensland Sticking to Original Moratorium

The Queensland state government has announced that it will stick with the original deadline of the eviction moratorium for residential tenants. Under the announcement, the moratorium, which is applied to residential tenants suffering an income loss of at least 25% amid the COVID-19 pandemic, will be lifted by the end of the month.

Housing Minister Mick de Brenni said Queensland’s economy is faring better than other states, making it ideal to … Read the full post »

Open Homes Back on the Agenda

Firstly, we hope that all the mothers out there had a wonderful mother’s day and got the opportunity to spend time with your family, if possible; or at the very least have some contact via social media interactive platforms like Zoom or facetime, or a telephone call.  It is very important that we all stay connected with our loved ones, despite the challenging environment we are currently living in.

From last … Read the full post »

COVID-19 and The Real Estate Industry

Amid the spread of coronavirus, the past few weeks have seen increased expectations of an Australian recession, a slowdown in business activity and trillions of dollars wiped off global share markets. It has many asking what the impact of the coronavirus would be on Australian residential property.

Australia’s leading real estate researcher and analyst CoreLogic explores fundamentals of housing to better understand outcomes in the current climate. It has found:

Housing … Read the full post »

Interest Rates on Hold

The Reserve Bank of Australia (RBA) board held their monthly meeting on Tuesday; retaining the official cash rate at 1 per cent.

RBA Governor, Philip Lowe reports that despite further signs of a turnaround in established housing markets in Sydney and Melbourne; softer economic conditions and heightened global uncertainty could lead to further cuts in coming months.

“Economic growth in Australia over the first half of this year has been lower than … Read the full post »

All in the Timing?

Post-GFC Australia has undergone a property boom (particularly in the capital cities) that meant some aspiring home buyers all but gave up on the ‘Great Australian Dream’ of owning their own home. However, in the last 18 months, there has been a decline in property prices creating more of a buyers’ market, increasing affordability and allowing more people to enter the market, despite the tightening of credit.

Whilst, a softer market … Read the full post »

Historic Move by RBA

On Tuesday, at its monthly board meeting, the Reserve Bank of Australia (RBA), has reduced interest rates, for the first time since August 2016, in line with predictions by many analysts and commentators, slashing it by 25 basis points from a record low of 1.5%, to a record breaking 1.25%.

There could be more cuts on the way; many economists predict this is the first of several more heading our way, … Read the full post »

Proposed Changes to Mortgage Lending

The Australian Prudential Regulation Authority (APRA) has flagged lowering the minimum interest rate serviceability buffer from 7% to a level determined by banks and other financial institutions; essentially removing the cap and allowing more Australians to take out mortgages and larger loans.

The removal of the interest rate floor comes amid falling house prices, record-low credit growth, and expectations that the Reserve Bank will cut interest rates this year; as early … Read the full post »

Back to Work…

After a short break the team here at Wright Place are back at work and fired up for a busy and prosperous 2019. We had a bumper year in 2018, and we are looking forward to continuing the momentum for the next 12 months and beyond.

There’s a lot of talk in the media at the moment about the state of the property market, particularly the downturn in Sydney and Melbourne, … Read the full post »

Why List in January?

With the New Year fast approaching, if you have been thinking of selling, January is a very opportune time to do so. Why?

• Peak Tourist Time – the Sunshine Coast enjoys masses of tourists both intra and interstate in January, many holiday in the Coolum/Mount Coolum/Yaroomba/Marcoola area, and some love it here so much they make a decision to relocate…this is certainly not a ‘new story’, there are many instances … Read the full post »

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