As he had promised to do almost since the day he became treasurer, Jim Chalmers has presented a gloomy set of forecasts for the Australian economy in his first formal economic statement to the new parliament on Thursday. Inflation is now forecast to peak at 7.75% in the December quarter of this year. That’s higher…
Will there be another double hike in interest rates from the RBA next week? With annual inflation rising to 6.1 per cent today, this is almost certain. In fact, if the RBA increases the cash rate by 0.50 percentage points on Tuesday, the average owner-occupier with $500,000 debt and 25 years remaining will see their…
The property market is going to crash! How many times have we heard that one recently? Inflation is rampant and the RBA is hell bent on getting it under control meaning rising interest rates will strangle our housing markets. Well, that’s what mini so-called experts in the media is telling us, isn’t it? Even our…
Australia’s housing market downturn is gathering momentum as consecutive rate hikes, rising inflation and weaker consumer confidence place additional pressure on values. CoreLogic’s data shows that 41.9% of house and unit markets analysed in the June quarter declined in value, a significant increase from Quarter 1 when 23.6% of markets recorded a fall in values. Using…
Australia’s unemployment rate plummeted to 3.5% in June, the lowest rate in 48 years. The Australian Bureau of Statistics revealed 88,000 more people were employed in June and unemployment fell by 54,000, pushing the unemployment rate down by 0.4% As a result, there were almost the same number of unemployed people in June 2022 (494,000…
Australia’s rental market continues to tighten as low supply levels cause national vacancy rates to dive and rents to rise across all capital cities and property types over the past three months. CoreLogic’s Quarterly Rental Review for Q2 2022 shows the national rental index increased 0.9% in the month to June and 2.9% over the…
Commentary leading up to the RBA monthly board meetings has pivoted from if interest rates will rise to how much interest rates will rise. Most forecasts were leaning towards a 50 basis point lift in the cash rate, and that is exactly what the RBA delivered, along with further commentary focussed on high inflation, which…
Regardless of the economy, the stage of the cycle or market conditions, property is always a hot topic of conversation. And with our housing markets having delivered staggering growth over the last couple of years there is now that talk of us entering the next stage of the property cycle. The spectre of rising inflation…
Australia’s property boom sees 5 Aussie cities placed in the global top 20 for prime property price growth in 2022. International property consultancy Knight Frank’s Prime Global Cities Index Q1 2022, crowned the Gold Coast as Australia’s top-ranking prime property market thanks to robust property price growth. The city ranked in 7th place with a…
Australia’s pandemic property boom looks like it has come to an end, with new figures showing house and unit prices either stagnated or fell for the first time since the June quarter of 2020. And the price shift, amid jitters over rising interest rates, has affected some types of properties more than others. 2-bedroom houses…
