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Oceania

Australia Reserve Bank governor Michele Bullock (Credit: RBA)

Aussie homeowners could get slammed with another rate hike

Australia’s real estate stocks slumped on Tuesday (July 2) as investors took backwards step on the sector after the Reserve Bank’s June meeting minutes showed the cash rate could be hiked again if “inflation expectations” change. The discussion, held on June 17 and 18, shows some storm clouds for homeowners. “Members acknowledged that if inflation…

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Australian property prices
Curtin University economics professor Rachel Ong ViforJ

Australian property prices up 8.3% annually

In May 2024, property prices have increased by 8.3% in Australia on an annual basis, as a lack of supply is apparently fuelling house price growth, data from real estate consultancy CoreLogic has revealed. On a monthly basis, prices grew by 0.8%, the 16th consecutive month of growth and the largest monthly gain since October…

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New Zealand building activity
Beehive Wellington New Zealand (Credit: Ulrich Lange, Bochum, Germany, CC BY-SA 3.0, via Wikimedia Commons)

New Zealand’s building activity slows due to cost pressures

The volume of building work in New Zealand stood at 8.3 billion NZ dollars (5.14 billion U.S. dollars) in the March 2024 quarter, down 4.0 percent compared with the December 2023 quarter, amid increasing construction costs, according to figures released by Stats NZ today. The volume of residential building work dropped 4.8 percent to $5.2…

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ASIC Chair Joe Longo (Credit: ASIC)

Australian home loan lenders are under fire

OCEANIA: Banks and lenders in Australia have been accused of not “doing enough to support customers experiencing financial hardship” in a new ASIC report. Australia’s integrated corporate, markets, financial services and consumer credit regulator (ASIC) found that “lenders ignored hardship notices, effectively abandoning customers who needed their support.” Under Australian law, if you are struggling…

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(Reserve Bank of Australia Governor Philip Lowe)

Major Australian banks pass on RBA’s December rate rise

Several Australian major banks including Westpac, NAB and ANZ have increased interest rates following a decision from the Reserve Bank (RBA) to raise the cash rate for the eighth consecutive time. “Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced a range of interest rate changes for deposit and home…

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(Ledge Team Australia)

Australia’s commercial property market outlook is far from doomed

Property has long been a popular investment choice for Australians, offering reliable passive income and long-term capital growth without the share market volatility, according to Ledge, one of Australia’s leading corporate finance companies. Stronger rental returns, longer leases and fewer outgoings than the residential sector make commercial property a particularly attractive asset class. But in…

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(Hayden Groves, President at Real Estate Institute of Australia)

Australian house market sees value declines

Australia’s housing prices dropped over the June quarter as rising interest rates and inflation impacted affordability but not all cities and regions are experiencing price contractions. These are the findings of the Real Estate Institute of Australia’s (REIA) latest Real Estate Market Facts. Combined, the June quarter of 2022 saw a decline in the weighted average…

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