We constantly hear different numbers thrown around about how much it costs to purchase a home compared to incomes, this week we’re going to put some simple science behind it. The table below details the average weekly earnings of a person in each state as at November 2009 based on data released this week by [...]
Where to from here for interest rates?
The Reserve Bank Board minutes that relate to their meeting in the first week of February make an interesting read if you like to keep up to date on the economic state of play. The minutes provide a relatively easy to digest synopsis of the factors that are deliberated by the Reserve Bank Board as [...]
Strong employment figures set the scene for higher interest rates
The surprising fall in unemployment figures (national unemployment down from 5.5% to 5.3% in January) has caught almost everybody off guard. The consensus amongst economists prior to the announcement was that Australia’s unemployment rate would rise to 5.6%. The rate of unemployment has fallen now for three straight months on a seasonally adjusted basis after [...]
Dwelling approvals jump to highest level since 2004 in December
Building approvals data for December has just been released by the Australian Bureau of Statistics which shows a positive upwards trend in the number of homes approved for construction. On a seasonally adjusted basis dwelling approvals rose 2.2 per cent in December with 14,869 planned dwellings given the green light. This is the second consecutive [...]
Market Activity Increasing rapidly post Christmas / New Year
The New Year is certainly starting with bang. Anecdotally we are hearing that many real estate agents have cut their holidays short due to unexpectedly high prospective vendor enquiries. Also, pre-listings activity from real estate professionals is already higher than at any time over the last two years suggesting that the amount of stock about [...]
Overseas real estate markets are recovering but prices remain well below their peak
As the global economy continues to recover, we thought it timely to re-examine the overseas property markets that we as Australians often use as reference points. Rightly or wrongly, Australia’s residential market is often compared to that of the US, UK and New Zealand. Of course there are significant differences in the market drivers and [...]
Tourism markets feeling the pinch
Australia’s most popular tourism regions are hurting – takings from accommodation are down, occupancy rates are down, overseas visitor numbers are only creeping up (slowly) after the 2008 slowdown. The Tourism Forecasting Committee (part of Tourism Australia) estimates that total tourist consumption is down 3.5% in real terms during 2009 – the worst downturn in [...]
More analysis of population growth and housing supply
Over the last few years we have consistently seen that Australia’s population has been growing strongly with more migrants and an improving birth rate resulting in a jump in natural increase (total births minus total deaths). During the 12 months to June 2009 we have witnessed a slowdown in the rate of population growth, largely [...]
Auction market remains strong with Melbourne leading the charge
Australia’s auction market reached a likely crescendo last week when 2,358 auctions were held – the highest volume of auctions since we began collecting data nationally in the middle of 2008. The national clearance rate remained just above 70 percent highlighting that buyers and sellers are still closely aligned in their expectations of market pricing. [...]
Record home sale shows top end is back… but will the fear of rising sea levels deter future waterfront purchasers?
A Perth mansion recently sold for $57.5 million dollars – a new record price for Australian real estate. It is clear why the property, which was originally listed for sale at $70 million, fetched such a landmark value at sale. There were three self contained homes, cinema, pool, tennis court, gym and boathouse on more [...]
Subscribe Via Email
Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with RP Data on social media.
