News
Incomes have risen and loan repayments have fallen, creating the best affordability situation in Australia in three years, according to the latest quarterly index published by Adelaide Bank and the REIA. Media loves to portray housing as beyond the reach of young buyers, but all the available evidence suggests home ownership is attainable - and indeed, in some respects, easier than it was for previous generations. There are big differences in rental performance among the eight capital cities. Canberra, Hobart and Sydney have provided the best growth, according to SQM Research data. The affordabiity debate has been misdirected, with the finger of blame pointed in the wrong direction, says leading consultancy Performance Property Advisory. Leading property educator Trent Giumelli says many factors play a part in property investment success, but the No.1 element is quality research. The first official interest rate cut in 12 months has come on the same day as a Federal Budget which cuts tax for small businesses and confirms that negative gearing rules will not change. Domain says house prices have fallen in most capital cities. But CoreLogic says they're rising. It's another example of research sources creating confusion and misinformation - and media failing to do its job. Developers continue to claim a "chronic undersupply" of dwellings and harass governments for changes to approval processes. But the reality is that Australia has produced record numbers of new dwellings recently and some key markets face the problem of oversupply. The number of homes for sale has fallen in Melbourne and Hobart, thanks to strong sales activity. But listings have risen in Sydney and Darwin, as market activity declines in those cities. Sydney has Australia's fastest-growing LGA, but five of the national top 10 for population growth are in Melbourne.
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Next ›
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