With some interesting data out this week I thought it would be worthwhile summarising some of the more interesting points and more into a blog I wrote tonight. You can view the blog here: Australian Housing - RBA Raises Cash Rate
Or if you like being spoon fed here is the cliff notes (also listed in the article):
Or if you like being spoon fed here is the cliff notes (also listed in the article):
To sum things up:
* The FHBB was removed, reducing the free deposit for first home buyers
* FIRB laws were retightened making it more difficult for foreigners to buy in Australia
* Rates are on the increase via the RBA and independent moves by the banks
* New home sales are down 14% for the September quarter
* Auction clearance rates are dismal in most cities & not great in Melbourne or Sydney
* Listings are on the increase with a significant rise seen in the latter half of this year
* Mortgage lending figures are down on last year and other recent years
* Most capital cities are now seeing stagnating or falling prices
It's looking pretty dismal for the property market at the moment.