Tuesday, August 19, 2008

WA not the place to build a house

The Housing Industry Association has again revised down its outlook for WA housing starts this year, predicting a 12 per cent drop during 2008-09, according to its market outlook report released today.

The agency was previously forecasting a 3 per cent decline in new home starts, but revised its position to account for interest rate rises, higher petrol prices, share market volatility and the global credit crunch.

It now estimates that 18,700 new homes will be built this financial year, which would lead to a shortfall of 10,000 dwellings.

Housing leases has dropped 21% from the figure last year!

Wednesday, August 6, 2008

WA Home Loan Approvals drop 25% since January

Who wants a mortgage in WA? Perth is currently in Real Estate recession. Today's article said that home-loan approvals fell more than expected in June. Interest rates being the highest in 10 years has scared buyers out of the real estate market, making it more and more likely that the interest rates will fall soon.

The number of home loans, seasonally adjusted, dropped 3.7% in June from the previous month, according to the Australian Bureau of Statistics.

"It's another sizeable negative number," said economist Matt Robinson of Moody's Economy.com, adding that home financing is now down by 25% since January.

Read more here

This homebuyer is holding his ground... and encouraging others to do the same :)

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