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Perth Property Maket not in a slump - REIWA |
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Friday, 14 September 2007 |
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Australian Property Monitors (APM) says properties in Perth are taking longer to sell and are being bought for discount prices. The time taken to sell property has increased to 89 days APM has found.
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Perth market decline continues |
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Friday, 14 September 2007 |
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Evidence of the decline of the Western Australia property market continues to drift in. Australian Property Monitors' data shows that the time taken to sell a Perth house has doubled in the past year - it now takes 13 weeks to sell the typical Perth home. The average discount (difference between the original asking price and the eventual sale price) has expanded from 3.5% a year ago to 6% now. Figures from the Real Estate Institute of Australia show that Perth was the only Australian capital city not to record a rise in median prices in the June quarter. The median house price for Perth dropped 4% while the median price for units was unchanged. Affordability has become a big issue in WA: typical households are now spending 35.3% of income to meet their loan repayments, one of the highest ratios in the nation despite the relatively high incomes earned in resources-boosted WA (and compared to 21% in the ACT and 22% in the Northern Territory). |
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Weak home building keeps vacancies low |
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Friday, 14 September 2007 |
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There was a 4% drop in the number of new homes built around Australia in the June 2007 quarter, following a fall in building approvals earlier in the year. Economists had expected a 0.5% fall. Over the 12 months ending June 2077, new home building was down 3.4%, a weaker-than-expected result. Economists believe the August interest rate rise will keep dwelling starts low for the rest of this year and that it won't be until 2008 that we see an upswing in home building. This suggests that the low vacancy rates for residential property around the nation are likely to remain well into next year. |
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Loan predators target vulnerable |
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Friday, 14 September 2007 |
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ALMOST 40,000 homeowners have fallen victim to "predatory" lending practices such as excessive and hidden fees and high interest rates, a report shows. |
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Queensland is the place to live |
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Thursday, 13 September 2007 |
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Queensland really is the place to live. The Sunshine State is the nation?s fastest growing state, has record low unemployment, a strong economy and, according to
the latest Real Estate Institute of Queensland (REIQ) median house prices, a very solid property market.
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Property Investment in India ? not there yet. |
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Thursday, 13 September 2007 |
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India?s tourism industry is booming with over 15% growth in the past year but around 30-35% of Airline flights were canceled last month.
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Rents Increasing in the UK |
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Thursday, 13 September 2007 |
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A survey by the Royal Institute of Chartered Surveyors in the UK has shown that while rents had fallen in 2002 and 2003 they risen since. Rental rates have increased in London by about 12% over the last year.
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Home prices to soar again |
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Wednesday, 12 September 2007 |
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BRISBANE house prices will rise by as much as 40 per cent ahead of a nationwide residential property boom in three years, a leading forecaster predicts. |
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Housing woes to worsen with credit crunch |
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Monday, 10 September 2007 |
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HOUSING finance was much weaker than expected in July and is expected to get worse as the impact of higher interest rates and a credit squeeze take their toll, economists say. |
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First homebuyers back in market |
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Monday, 10 September 2007 |
- More first homebuyers buying properties
- But value of home loans falling
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