Australian Property

CoreLogic released its auction report yesterday, which reported another fall in the preliminary national auction clearance rate to 55.9% from 56.7% last weekend (later revised down to 52.6%).

More from UBS today: Major Banks’ housing credit growth slowdown With APRA’s ongoing focus on sound lending practices and the Royal Commission addressing the question of Responsible Lending, the banks have continued to tighten mortgage underwriting standards in recent months.

By Leith van Onselen Prestige property prices continue to boom according to the spruikers at Domainfax: The average home owner may be concerned about how the local market is faring but according to a new report, certain sections of Australian property are maintaining their momentum.

By Leith van Onselen The deflation of Sydney’s and Melbourne’s housing markets rolls on, with both jurisdictions reporting further price falls this week.

Once per year, Macquarie does a secret shopper exercise to gauge credit availability.

By Gerard Minack from Minack Advisors Australian house prices are gently falling.

By Leith van Onselen Developers have praised the Victorian Liberal Opposition promise to release land for 290,000 homes from within Melbourne’s existing growth boundary in a bid to ease the city’s housing affordability crisis: The Urban Development Institute of Australia has long blamed planning inefficiencies in Victoria’s greenfield market for driving up prices.

Via Martin North today: Digital Finance Analytics (DFA) has released the June 2018 mortgage stress and default analysis update.

By Leith van Onselen CoreLogic has released its Quarterly Rental Report, which reveals a two-speed rental market, with rental growth also continuing to slow after recently climbing off the canvas: Rental rates across the nation were unchanged in June 2018 and sat at $429/week.

By Leith van Onselen Labor will push ahead with proposed negative gearing reforms if it wins the next federal election, despite growing expectations that house prices will fall in 2018 and 2019.

From Morgan Stanley via the AFR, Sydney property now only trailing Perth for vendor discounts: Vendor discounting, the difference in price between the asking price and final sale, has risen to about 4.4 per cent in Sydney as pressure grows on sellers who are increasingly fearful of bigger price falls, it warns.

Via Herald Sun: NEW laws to crack down on wild Airbnb parties and compensate angry neighbours are stalled in parliament even as police investigate a weekend rampage by 50 youths that caused $400,000 damage.

There is no accountability in Straya so it won’t matter.

By Leith van Onselen Citigroup forecasts that the rising cost of funding will prompt Australia’s four major banks to increase their mortgage interest rates independently of the Reserve Bank of Australia (RBA), with the banks tipped to begin lifting their mortgage rates by an average of eight basis points by September.

By Leith van Onselen Dr Bob Birrell and Dr Ernest Healy from The Australian Population Research Institute (APRI) have published a new report examining the deleterious impact of Australia’s mass immigration ‘Big Australia’ policy on housing affordability in Sydney and Melbourne.