The seasonally adjusted estimate for the number of dwellings approved in Australia fell 6.1% on month in August, after rising 11.0% in July, the Australian Bureau of Statistics said. The seasonally adjusted estimate for private sector house approvals rose 0.5%, after rising 0.9% in July. Private sector dwellings excluding houses approved fell 16.5%, following a…
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Building consents surged 26% in July 2024 on a monthly basis in New Zealand coming in at 3,352, according to figures released by Stats NZ today. This follows a downwardly revised 17.0 percent contraction in June 2024 (originally a 13.8 percent decline). Consents were issued for 1,685 stand-alone houses, 1,333 townhouses, flats, and units, 234…
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The total number of building permits issued in Australia fell 6.5 per cent in June to 13,237 after a 5.7 per cent rise in May, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS). That misses forecasts for a decline of 2.3 percent. Daniel Rossi, ABS head of construction statistics, said:…
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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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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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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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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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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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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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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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