The median weekly rent value across all Australian dwellings has hit a fresh record high of $627 per week, and rental costs range from $770 per week in Sydney, to $547 in Hobart . Summary of median weekly rent and value change – data as of April 2024 Region Median weekly rent Monthly change in…
The lending landscape experienced another surge in March, marking the second consecutive month of growth as buyers rushed into the market ahead of anticipated cuts to the country’s official cash rate. According to the latest ABS Lending Indicators seasonally adjusted data, the total value of new home and investment property loans reached $27.64 billion in…
Australia’s biggest bank, CBA, has revised its cash rate forecast, reducing the number of predicted RBA cuts in 2024 from three 0.25 percentage point cuts to just one, scheduled for November. This decision comes on the back of stronger-than-expected inflation data from the ABS last Wednesday. Last week, Westpac’s economic team also updated the bank’s…
The housing sector in New South Wales is facing a significant downturn, with apartment constructions plummeting since the introduction of additional taxes in 2017. Tim Reardon, the Chief Economist at the Housing Industry Association, highlights a stark 50% drop in unit commencements compared to previous years. “We’re witnessing apartment starts in NSW revert to levels…
Recently the NAB released a summary of recent business statistics, from interest rates to inflation to business confidence, and had a look at the key numbers affecting Australia’s economy. Here’s what they had to say: First rate cut forecast for November The cash rate remains at 4.35% for now with little chance of further hikes,…
Money in the bank from households continues to climb with APRA’s latest data showing Australians collectively stockpiled an additional $6.17 billion in the month of February. This takes the total value of household deposits to a new record high of $1.46 trillion. APRA’s monthly banking statistics released today also show that since the start of…
It’s official – housing affordability in Australia is at a crisis point. A startling report by the Real Estate Institute of Australia reveals that families are now allocating nearly half of their income to mortgage repayments. Specifically, the average household spends just shy of 48% of their income on home repayments. The latest Housing Affordability…
Despite pandemics, rising interest rates, and challenging supply issues, the Australian property market remains a remarkably resilient, unyielding force, with two out of every five Australians determined to buy a home within the next five years. A recent Westpac Home Ownership Report reveals a surge in home buying intentions – 44% of Australians plan to purchase…
Retail turnover increased by just +1.1 per cent over the year to January. After accounting for very rapid population growth and price inflation, this represents quite a significant slowdown for the sector. Source: ABS The national accounts reflected a very similar picture – the Aussie economy grew slightly in Q4 2023, up by 0.2 per…
With another building firm going into administration yesterday, affecting a further 120 projects, it wasn’t a great surprise to see that home-building activity was falling sharply in late 2023 as the pipeline shrunk. Apartment construction held up better. I’ve been of the opinion that anti-landlord legislation and new land taxes will stifle the supply of…
