Disaster looming in Aussie housing market

All of a sudden, bad news became good news for asset prices, as it ensured further central bank and government intervention to prop them up.As the images of unemployment lines weaving around the block reached our screens, measures of support were put together by the RBA and the Morrison government, which prevented the worst from happening to the property market.People outside a Centrelink office in Melbourne on April 20, 2020.

Although the conclusion of JobKeeper and the end of hundreds of billions in government stimulus is yet to be felt, the recovery in the official ABS figures has been impressive to say the least.Source:SuppliedIf unemployment were to continue to fall at the same rate as in the most recent ABS labour force report, by mid-year it would sit at just 5 per cent.

Late last year, Bank of Canada Governor Tiff Macklem stated that the BOC was planning on keeping interest rates at their current near-zero level until 2023. Words that may have little concrete meaning when tested by a set of circumstances that central banks like the BOC and the RBA were not expecting., the cash rate being cut by 1 per cent would result in a 30 per cent rise in real housing prices over a three-year period.

That bubble was meant to pop about 10 yrs ago. GFC and covid came around and still nothing

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Worrying sign for Aussie house marketConfidence in Australia’s property market has plummeted to levels close to the beginning of the COVID-19 pandemic, according to research by comparison website Finder. The government needs to stop all international investment in property and remove Chinese investors from the market and see those houses to diary home buyers under market value We needed a survey for this? My son, as did many of his friends. kissed his dream of owning his own home goodbye few years ago.
Fonte: newscomauHQ - 🏆 9. / 77 Leggi di più »

Real estate agent wins appeal against 'unconscionable conduct' finding after buying pensioner's house below market valueAdelaide real estate agent Zane Pitt says he is 'very, very happy' after a court ruled that the pensioner he bought a house from for $175,000 did not have a 'special disadvantage' during the transaction. Mr Pitt's daughter subdivided and built two properties on the block, which went on to sell for a total of $765,000. What do people expect from real estate agents? Altruism Philanthropy Criminality, duplicity etc is wired in the blood Still a dog's act. Nice big cheesy smile photo ,before or after this outrageous debacle, from men who sat in judgment that should have been retired long ago
Fonte: abcnews - 🏆 5. / 83 Leggi di più »