Australian Property

It’s never a good sign when central bankers appear on prime-time TV.

The Bank for International Settlements (BIS) has released its global household debt statistics for the December quarter of 2021. This data shows that Australia once again took the silver medal for household debt when measured against Gross Domestic Product (GDP).

Recent Australian first home buyers should feel aggrieved at the Reserve Bank of Australia (RBA). In 2020, the RBA dropped the official cash rate (OCR) to a record low 0.1% and then spent the following 18 months assuring Australians that rates would remain on hold until 2024.

The Grattan Institute has published analysis showing that Australian households with a mortgage are facing a sharp rise in mortgage interest repayments in the event that projected increases in the official cash rate (OCR) come to fruition.

CoreLogic’s preliminary auction results suggest that buyer demand is collapsing following consecutive interest rate hikes by the Reserve Bank of Australia (RBA).

Following Tuesday’s ‘shock’ 0.5% hike in Australia’s official cash rate (OCR) to 0.85%, Australia’s futures market raised its interest rate expectations.

In 2006, Australia signed a global agreement with the Financial Action Taskforce (FATF) to implement ‘tranche 2’ global anti-money laundering (AML) rules pertaining to non-financial assets (including property).

CoreLogic has released its final auction market results for last weekend, with the nation’s clearance rate falling to a fresh 2022 low of 58.2%.

According to PropTrack Economist Paul Ryan, Australian house prices have experienced their sharpest deceleration in growth since 1989: “Home price growth has slowed down quickly in 2022.

Even before yesterday’s 0.5% rise in the official cash rate (OCR) by the Reserve Bank of Australia (RBA), major indicators were pointing to the beginning of a severe house price correction.

New data from SQM Research shows that the number of homes that have been listed for sale nationwide for more than 180 days increased to 49,813 in May.

With fixed mortgage rates more than doubling from their pandemic low, and variable rates tipped to follow as the Reserve Bank of Australia (RBA) tightens monetary policy, homes sales are falling.

Today’s housing finance data from the ABS showed that loans for new construction have collapsed from the HomeBuilder-induced peak.

The Australian mortgage market tanked in April, according to new data released today by the Australian Bureau of Statistics (ABS).