Interest rates on hold for now
Interest rates on hold for now
Posted on Tuesday, April 07 2015 at 2:48 PM
The Reserve Bank of Australia (RBA) has once again decided to leave interest rates as they are today, meaning the cash rate still sits at 2.25 per cent.
RBA governor Glenn Stevens
said in his announcement: “The available information suggests that growth is
continuing at a below-trend pace, with overall domestic demand growth quite
weak as business capital expenditure falls. As a result, the unemployment rate
has gradually moved higher over the past year.
“The economy is likely to be
operating with a degree of spare capacity for some time yet. With growth in
labour costs subdued, it appears likely that inflation will remain consistent
with the target over the next one to two years, even with a lower exchange rate.”
He went on to say that
credit’s recording moderate growth overall and that growth in lending to
investors in housing assets is stronger than to owner-occupiers, though neither
appears to be picking up further at present.
“Dwelling prices continue to
rise strongly in Sydney, though trends have been more varied in a number of
other cities. The Bank is working with other regulators to assess and contain
risks that may arise from the housing market. In other asset markets, prices
for equities and commercial property have risen, in part as a result of
declining long-term interest rates.
“The Australian dollar has
declined noticeably against a rising US dollar over the past year, though less
so against a basket of currencies. Further depreciation seems likely,
particularly given the significant declines in key commodity prices. A lower
exchange rate is likely to be needed to achieve balanced growth in the economy.
“At today’s meeting the board
judged that it was appropriate to hold interest rates steady for the time
being. Further easing of policy may be appropriate over the period ahead, in
order to foster sustainable growth in demand and inflation consistent with the
target.”
REINSW President Malcolm Gunning says: “A decision to cut interest rates
would have seen us enter the territory of new record interest rate lows at a
time of a very buoyant housing market.
“Proceeding with caution was a sensible option as we are still seeing
the effects of the February interest rate cut,” he adds.
Mortgage Choice spokesperson Jessica Darnbrough says Sydney’s surging
property market ultimately encouraged the RBA to leave the cash rate alone.
“While the falling value of iron ore combined with a sudden slump in
both business and consumer sentiment had encouraged many economists to believe
the RBA would cut the cash rate again at the April Board meeting, it seems
Sydney’s soaring property values have forced the RBA to leave the cash rate on
hold for another month at least.”
Finder.com.au’s Reserve Bank
Survey shows that 76 per cent of economists and industry experts had predicted
the rates staying as they are for now.
BIS Shrapnel’s Richard Robinson believes the RBA will wait until May or
June to cut rates, in order to boost confidence following the budget.
“They may also want to time cut to get maximum downward pressure on the
Australian dollar,” he says.
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Pain and gain depends on postcode
Pain and gain depends on postcode
Posted on Monday, March 30 2015 at 11:41 AM
CoreLogic RP Data has released its quarterly Pain Gain Report and
its author, analyst Cameron Kusher, notes that making a gross profit or loss on property differs significantly from property to property and area to area, and in some instances is based on the length of time a property’s been owned.
As a stark example, Kusher points out that of
homes purchased prior to January 1, 2008 (i.e. pre-GFC) and subsequently sold
during the December quarter of 2014, only 4.9 per cent of resales were made at
a gross loss.
However, Kusher says that for homes purchased on
or after January 1, 2008, the propensity to make a loss on the resale climbs
substantially. Of those homes that resold over the December 2014 quarter,
14.1 per cent recorded a gross loss relative to the previous purchase price.
To further illustrate this point, for resales
incurring a gross loss over the December quarter, the average length of
ownership was just 5.9 years.
Properties that recorded a gross profit were
held for an average of 10.2 years, while those homes that resold for more than
double the previous purchase price were owned for an average of 16.8 years.
So, how did the market perform over the past quarter and
are more properties selling for a profit or loss? Kusher says: “The proportion of loss-making resales has
fallen to 8.6 per cent over the December 14 quarter, from 9.1 per cent the
previous quarter and 9.6 per cent a year earlier.
“Sydney,
Perth and Melbourne have seen the lowest proportion of loss-making resales,” he
adds, continuing “Sydney and Melbourne in particular are reflective of the fact
that these two cities are currently seeing the strongest growth in home
values. Similarly, regional NSW and regional Victoria have recorded the
lowest proportion of loss-making resales across the regional areas.”
According to Kusher, Sydney and Melbourne (along with regional Vic and regional NSW) are
expected to continue to see a trend towards fewer loss-making sales as the
growth in home values persist. Perth, on the other hand, is likely to see an
increase with the rate of home value growth having slowed sharply over the past
year.
Among the country’s capital cities, Hobart
performed the worst and Kusher believes this is reflective of the ongoing
weakness across that market over the previous decade.
“Across regional markets [the worst] was
Queensland,” he says, “and again this is reflective of the long-running
weakness in coastal markets and the recent weakness being experienced in
regions linked to the resources sector.”
He adds: “I think it’s due to the fact
that unit stock is more likely to be owned by investors and in the case of
financial difficulty the investment property rather than the home is the
property to be sold.”
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Owners holding homes for longer
Owners holding homes for longer
Posted on Friday, March 27 2015 at 11:58 AM
CoreLogic RP Data research analyst Cameron Kusher has released research that shows homes are being owned for longer across Australia, with the average number of years a capital city house is owned climbing from 6.8 years a decade ago to 10.5 years over the past 12 months.
Across
the capital cities over the past decade, Hobart (4.4 years) and Canberra (4.3
years) recorded the greatest increase in average hold period for houses.
Hobart
(4.2 years) and Adelaide (3.8 years) have recorded the biggest increases for
units. Melbourne and Perth (both 3.3 years) recorded the smallest increase in
average hold period for houses over the decade while Sydney and Melbourne (both
2.4 years) recorded the smallest increases for units.
Across
the council areas, the region to record the shortest hold period was the Darwin
region of Palmerston with a hold period of 5.7 years, while the regional southeast
Queensland area of Somerset has the shortest average hold period for units at
4.6 years.
According
to Kusher, many of the regional areas listed are smaller regional townships linked
to the mining and resources sector. Interestingly, he notes that there are very
few New South Wales, Victorian or Tasmanian council areas on either lists of
shortest average hold period.
New
South Wales and Victoria emerge as the areas that typically have the longest
average hold period. Auburn in Sydney has the longest average hold period for
houses at 15.7 years and Greater Shepparton in north-western Victoria has the
longest average hold period for units at 12.6 years.
Homes
sold in 2014 across the combined capital cities showed that houses had been
owned for an average of 10.5 years and units for 8.7 years. A year earlier the
average hold period of those homes sold was 10.1 years for houses and 8.4 years
for units.
Across
the regional markets, Kusher found that homes tended to sell on a more regular
basis than their capital city counterparts.
According
to Kusher, over recent years there’s been an ongoing trend towards homes being
held for longer. Since the middle of 2005, the average hold period has
continued to trend higher, which has occurred alongside a reduction in
transactions.
“With
the hold period continuing to trend higher at a national level across all
capital cities, it’s evident that home owners are moving less regularly than
they have in the past.
“This
is further highlighted by the fact that the number of houses and units selling
at a national level is much lower than the peak in 2003-04, despite the fact
that the overall national population is much greater now.
“High
home entry and exit costs no doubt play a large role in homes being more tightly
held,” he continues. “Charges levied on the sale price such as stamp duty and
agent commissions no doubt act as a disincentive for home owners to move on a
more regular basis or alternatively move to more appropriate accommodation as
their needs evolve over time.
“We see no evidence to suggest that over the
coming year the average hold period of properties selling won’t increase
further,” Kusher concludes.
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Is it a gift or just a guarantee?
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Is it a gift or just a guarantee?
Posted on Monday, March 23 2015 at 11:17 AM
Any parents wanting to assist their offspring in buying their first property have been warned to carefully consider how they provide the funds, to ensure they’re best protected.
Mortgage
broking group Smartline Personal Mortgage Advisers suggests that parents need
to be cautious about written confirmations that funds are a gift, if in fact
there’s an expectation the funds will be repaid in the future.
Smartline’s
executive director Joe Sirianni says that if parents are looking for the funds
to be repaid at some stage, a better option might be to assist via a family
equity guarantee.
“Putting
anything in writing obviously carries with it the assumption that what is
stated is completely true and correct,” Sirianni says.
“It’s
dangerous and dishonest to advise a lender that funds provided to your child
are a gift if in fact you want that money repaid at some stage.
“However,
we’re aware of many instances where people have provided a lender with written
confirmation that the funds are a gift in order to ‘get around’ the bank’s
lending criteria and secure the loan.”
The
greatest danger with this is in instances where the child receiving the money
has a long-term de facto partner.
If
the couple were to split up at some stage in the future, the house would be
considered a joint asset. The partner could argue that they have written
confirmation that the funds are a gift and not repayable and the partner could
claim his or her share of the equity that exists in the property.
“As
a result, parents could find that a large percentage of the funds they provided
to their child for the future is now in the hands of the child’s ex-partner,”
Sirianni points out.
“Consequently,
it may be that a family equity loan – where the parents use some of the equity
in their home to guarantee the child’s home loan – might be a better option.
“It’s
a much more formal and transparent arrangement, which still allows the child to
secure a home loan without the risk of potentially losing their parents’ funds
in the future.”
Parents
who do want to help their children buy a property should speak with an
experienced mortgage adviser about the most appropriate options.
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Sydney’s high housing costs driving older people out
Sydney’s high housing costs driving older people out
Posted on Friday, March 20 2015 at 3:30 PM
Council on the Ageing NSW has found that one in 10 people over the age of 80 are renting in the private housing market.
CEO Ian Day says: “Older people on low or fixed incomes are
increasingly moving from Sydney to areas like the Mid North Coast in the hope
of obtaining affordable housing.
“We surveyed thousands of people aged 50-plus about housing last
year and were alarmed to discover how many older people are struggling to keep
a roof over their heads.”
The survey found that 20 per cent of people whose main source of
income is the age pension were renting.
“This is extremely worrying,” Day says, “especially if they’re
renting in Sydney, the world’s third most expensive city. In reality, these
people will often be choosing between paying their rent and paying for food.”
According to COTA NSW, many of these people are turning into
reluctant sea- and tree-changers.
“Older people on low or fixed incomes increasingly have no choice
but to leave Sydney if they wish to obtain affordable housing,” Day adds.
Nearly 40 per cent of respondents to the survey who were living in
the Hunter/Central Coast were on the age pension. In contrast to Sydney, the
region offers a wider range of affordable housing options, including
residential parks and retirement villages.
“We found that more than 30 per cent of respondents who were
living in retirement villages were from the Hunter/Central Coast and over 60
per cent of respondents who were living in residential parks were from the
region.
“While residential parks and retirement villages can represent a
wise choice for someone seeking affordable housing, it’s alarming that many
people on low and fixed incomes are facing a reality where they’ll in effect be
‘forced to move’ as they age because of the dearth of low-cost housing in the state’s
capital.
“Successive governments have failed to act to address the crisis
of unaffordable housing in Sydney. Unless concerted action is taken to address
this issue, we will see ever-growing numbers of vulnerable older people
‘migrating’ to the regions so they can keep a roof over their heads.
Unfortunately, this is likely to put pressure on the stock of affordable
housing in the regions, and we’ll see increasingly desperate competition for low-cost
housing there.
Day says the issue is also one of planning.
“We need to see reform of the state’s planning regime so that more
affordable housing around transport and service hubs can occur, not just in
Sydney, but in major regional towns and centres,” he says.
“For the next Government to meaningfully address this issue, we
need to see committed, whole-of-government action across a range of portfolios,
including Treasury, Planning, Fair Trade and Family and Community Housing.”
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Check your rate is competitive
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Check your rate is competitive
Posted on Monday, March 16 2015 at 4:43 PM
Investors and home owners are being urged to check their home loan interest rates, as the February cash rate cut is still trickling through to the home loan market, according to comparison website finder.com.au.
It’s six weeks since the Reserve Bank of
Australia (RBA) cut the cash rate to a record low 2.25 per cent. And while many
lenders announced rate cuts last month, some variable rate home loans are still
yet to pass on the cuts.
In fact, in the past week there were 20 variable rate home loans that dropped their rates
from 10 lenders including Commonwealth Bank, Big Sky Building Society, Catalyst
Mutual, Family First Credit Union, Heritage Bank, Hunter United Credit Union,
Illawarra Credit Union, RAMS and Western Credit Union, according to finder’s
home loan comparison database.
Of the more than 1300 variable rate home
loans monitored by finder.com.au, 815 (60 per cent) have so far passed on the
cash rate cut.
Money expert at Finder Michelle Hutchison
says some lenders could be taking advantage of borrowers by delaying their rate
reductions.
“While it’s not surprising to see
some lenders being slow to pass on the cash rate cut to their variable home
loan customers, it’s disappointing that some are taking advantage of the
situation.
“Many borrowers aren’t aware of what
interest rate they’re being charged and may not realise that their lender
hasn’t passed on the rate cut.
“It’s up to borrowers to keep their
lenders on their toes by keeping track of their home loan, finding out what
their rate is and whether their lender has passed on the latest rate cut.
“If they haven’t yet passed it on,
borrowers have a right to ask for a discount or compare home loans side by side
and switch to another lender.”
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Another dismal year for first homebuyers, but off-the-plans flying off the shelf in Brisbane
Another dismal year for first homebuyers, but off-the-plans flying off the shelf in Brisbane
Posted on Monday, March 02 2015 at 10:59 AM
Falling interest rates will bring more pain to prospective homebuyers this year, with many first homebuyers likely to be priced out of the market despite an imminent rate cut, according to new research by comparison website finder.com.au.
Australia’s largest Reserve Bank Survey by finder.com.au of 37 leading experts and economists, including from
the big four banks, are split on their forecasts for tomorrow’s board meeting.
More than half (57 per cent) are expecting the cash rate to hold while 16
experts (43 per cent) are betting on a cut.
Of the major four banks,
economists from ANZ, Commonwealth Bank and Westpac all expect the cash rate to
fall on Tuesday, while National Australia Bank’s chief economist Alan Oster is
forecasting no change.
Michelle Hutchison, Money Expert at finder.com.au, says first homebuyers
will need to work harder to jump onto the property ladder this year, with fewer
first homebuyers expected to enter the market.
“It’s going to be one of the toughest years yet for first homebuyers.
“In fact, finder.com.au estimates we’ll see just over 92,000 first homebuyers
this year, which will be the third consecutive year that first homebuyer
numbers have declined. Last year there were 94,571 first homebuyer home loans
financed in Australia, down from 98,217 in 2013 and close to 100,000 in 2012.
“First homebuyers will need
to work harder than previous years, with fewer government incentives and higher
property prices adding greater pressure on these Australians.”
Meanwhile, the Queensland
capital tops the list for online searches for off-the-plan apartments in
Queensland over the past three months, according to realestate.com.au’s New
Apartment Hotspots list.
These 10 Queensland suburbs have had the most views
for off-the-plan apartments in the past three months:
1.
Brisbane
2.
Wooloowin
3.
Noosa Heads
4.
Kangaroo Point
5.
Broadbeach
6.
Everton Park
7.
Hamilton
8.
Highgate Hill
9.
South Brisbane
10.
West End
Inner-city areas around Brisbane are attracting the
most interest for off-the-plan apartments. Inner north and south areas of
Brisbane are preferred with Wooloowin, Hamilton, South Brisbane and West End
sitting in second, seventh, ninth and 10th positions. Bayside areas close to
the beach are also high in demand, with Noosa Heads and Broadbeach coming in at
third and fifth spots respectively.
CBRE project director Jon Rivera said he’s not
surprised by Brisbane’s popularity for off-the-plan apartments.
“Brisbane will be a focus for the next couple of
years for local and international investors,” he says.
“The key factor driving demand for off-the-plan
apartments is affordability compared to other capital cities. Brisbane
apartments are also attracting strong yields.”
Rivera says Brisbane is maturing from the city it
once was to rival the likes of major cities Sydney and Melbourne.
“In terms of its infrastructure and the retail and
dining precincts both within and surrounding the CBD, it’s a transforming,
maturing market,” he adds.
Calls for more caution and education
Calls for more caution and education
Posted on Monday, March 09 2015 at 12:31 PM
Property buyers and investors are being reminded of the importance of understanding their contract, with NSW Fair Trading Minister Matthew Mason-Cox revealing that complaints about buying properties off-the-plan have increased in the last year.
There’s
been a steady increase in the number of complaints received, with 25 recorded
last year, 14 lodged in 2013 and 10 received in 2012.
“While
the overall volume of complaints is low, these complaints can represent financial
losses for consumers,” Mason-Cox says.
“Misleading
or deceptive conduct and requests for refunds are the main areas of complaints.
In some instances consumers have been left waiting long periods for their
properties to be completed, if at all.”
In
one example, a consumer who paid a $5000 holding deposit for a property
off-the-plan was then told by the agent they had to pay a higher deposit or
forfeit the property to other interested buyers. Despite withdrawing from the
deal, and the agent agreeing to a full refund, none was provided. NSW Fair
Trading negotiated the full refund of the $5000 deposit for the consumer.
In
another case, a consumer was told their $1,000 expression of interest deposit
for a property off-the-plan would be returned if the sale did not proceed. NSW
Fair Trading stepped in to negotiate a $1000 refund for the consumer, after the
sale did not proceed but no refund was provided.
Although
most sales agents who market off-the-plan properties are professional and act
lawfully, Mason-Cox urges people to carefully scrutinise any contracts before
signing.
“Purchasing
properties off-the-plan offers a number of benefits for consumers, as they’re
often cheaper than purchasing an already completed property and allow more time
to pay off the property,” he says.
“Off-the-plan
purchases, however, aren’t without risk. I’d strongly encourage consumers to
make sure they read and understand the terms and conditions of the contract
before committing to a property off-the-plan.
“Before
buying it’s wise to carry out a physical inspection of the location of the
proposed development, seek independent advice from an industry professional,
and speak to a legal representative for advice on the terms of their contract.”
Meanwhile
Fair Trading NSW itself has come under fire from the
Real Estate Institute of New South Wales (REINSW).
The organisation says the decision by the Baird
Government to crack down on underquoting fails to recognise the heart of the
problem.
REINSW President Malcolm Gunning says low
education standards are at the crux of the issues associated with underquoting.
“This is a problem that’s been created by NSW
Fair Trading, which is ineffective and doesn’t understand the complexity of the
market,” he says.
“Additional legislation will not solve the
problems created by a government that allows real estate agents to enter the
profession with as little as one day of training.
“It’s time to stop the nonsense and
grandstanding and look at the real issue, proper education for agents entering
the profession and ongoing professional development,” Gunning adds.
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Apartment block with a stunning surprise
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Apartment block with a stunning surprise
Posted on Friday, March 06 2015 at 11:14 AM
A new residential block has been unveiled in Melbourne, revealing a fascinating façade – the image of Aboriginal chief William Barak.
The depiction on Grocon’s
Swanston Square Apartments has been realised through the use of cutting edge
technology. Using a bit map line-art reduction,
ARM Architecture sculpted the balcony balustrades to render the image legible
at a distance. Australian artist Peter Schipperheyn was also heavily involved
in the project. Using an approach known as Xylography, the portrait has been
reduced to the critical black and white line elements and these have then been
magnified to become the balustrade shapes.
Barak was the last of the
traditional ngurungaeta (chief) of the Yarra Yarra tribe, belonging to the
Wurundjeri Willam clan. A skilled diplomat and politician, he famously walked
from Coranderrk to Melbourne to negotiate and fight for the social justice of
his people. Towards the end of his life, Barak produced a number of intricate artworks
documenting the traditions of the Wurundjeri people, in order to ensure that
knowledge of their culture would be preserved and continued for future
generations.
Poignantly facing south towards
Melbourne’s Shrine of Remembrance, and sitting at the end of the Swanston
Street axis, the artist’s impression of Barak is 85 metres high, covering 30
storeys, and becomes more visible the further away from the building you are.
The tribe is today a strong and
proud people very much part of modern Australia, and the building is described
as a dedication to all Wurundjeri people past, present and future.
Wurundjeri elder Aunty Joy Murphy says:
“The Wurundjeri people have been custodians of this land for many millennia. We
respectfully acknowledge our ancestors for their continuing presence of spirit
on our traditional lands. We are proud of the suggestion by Grocon and ARM for
the use of an image of William Barak on the Swanston Square building. Barak was
a much respected ngurungaeta of the Wurundjeri
people. His image acknowledges the past and embraces the present and future of
cultures working together.”
Prime Minister Tony
Abbott said of the unveiling: “This development celebrates the Wurundjeri
people, the traditional owners of the land on which the City of Melbourne now
stands.
“This recognition
is fitting for such a highly respected man who was a bridge between our
Indigenous heritage and British foundation.
“The building is
also a symbol for reconciliation,” he added. “I congratulate everyone involved
in this impressive project.”
Grocon is reportedly not completely
satisfied with the resemblance to William Barak and will be spending the next
six months adapting the facade, in close consultation with Wurundjeri elders.
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Housing affordability declines but renters win
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Housing affordability declines but renters win
Posted on Wednesday, March 04 2015 at 4:36 PM
The Real Estate Institute of Australia (REIA) has released its quarterly Adelaide Bank Housing Affordability Report and it reveals Australian property is becoming less affordable.
Amanda
Lynch, CEO of the REIA, says the proportion of income required to meet loan repayments
has increased by 1.1 per cent to reach 31.5 per cent across the nation.
“Housing
affordability is now at its lowest levels since the March quarter of 2013,”
Lynch says.
“In
every state and territory, housing affordability has worsened as a result of
strong rises in property prices and only modest increases in income.”
New
South Wales retained its position as the least affordable state, while South
Australia and Western Australia recording 27.8 per cent and 26.1 per cent
respectively.
The
dark horse is Tasmania where the proportion of income required to meet loan
repayments has risen 1.5 per cent to 25.9 per cent – the biggest increase
across the country.
“The
Australian Capital Territory is still the most affordable state or territory in
which to buy a home with the figure sitting at 20.4 per cent, although many
Canberrans probably don’t feel that this is the case,” Lynch says.
There
is good news for tenants though with the proportion of income required to meet
rent payments decreasing 0.2 per cent to 24.8 per cent.
“Rental
affordability is now at its best level since the June quarter of 2009.
“The
NT recorded the best improvement with the proportion going down by 1.3
percentage points while the figure dropped 0.1 percentage point in Victoria and
Queensland,” Lynch says.
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