24/12/2009
2009 has been the year of change. We have emerged from what we were warned was going to be the worst recession into almost boom conditions in some areas of the property market. Perth prices are now back to 2007 peaks.
However, interest rates are rising and that will affect the way buyers and investors act over the next few months.
At Airey & Associates we have had the best 6 months on record and the year 2009 has been very strong with 18% growth in our rental business alone. We are one of the largest property managers in the western suburbs and in 2010 we intend to expand again to maintain size and competitiveness.
Thank you for your continued support during the year. I wish you and your families a very happy Christmas and peaceful holiday season and the very best for 2010.
The office will be closed over Christmas and New Year from 12 noon Thursday, 24 December until Monday, 4 January 2010.
FOR ANY URGENT SALES OR MEDIA MATTERS PLEASE CALL MY MOBILE.
David Airey
President Real Estate Institute of Australia
Office address:
Airey & Associates REIWA
221 Stirling Hwy Claremont WA 6010 Ph 08 9384 0077 Fax 08 9384 0033 Mob 0418906002
Real Estate Institute of Australia
16 Thesiger Court I PO Box 234, Deakin ACT 2600
Phone 02 6282 4277 I Fax 02 6285 2444
www.reia.com.au I reia@reia.com.au
Media Release
7 December 2009
Small decreases in housing affordability will start to add up
This release is embargoed to 12.01am, Monday 7 December 2009.
The Real Estate Institute of Australia’s (REIA) Deposit Power Housing Affordability Report has shown a small decline in housing affordability over the September quarter 2009.
"Although only marginal, the second decline in housing affordability in as many quarters is not positive news for those trying to pay off a mortgage or looking to purchase a home," said REIA President, Mr David Airey.
It is important to note that the September quarter data does not reflect the results of the subsequent three interest rates rises.
"Since economic recovery showed those first green shoots, the REIA has continually warned that despite the early and promising signs, rapid interest rate increases have the potential to dampen the market and stifle recovery. With this in mind, housing affordability could decrease even further in the next quarter, which is a major disappointment for Australians," said Mr Airey.
"We also have the issue of a housing supply shortage, which is not helped by higher rates. It’s a big issue for the Federal Government who will be aware of the potential damage these sudden rate increases will cause not only to the 200,000 first home buyers who have bought a home in the last year, but also to developers and builders." continued Mr Airey.
"The tables appear to have turned very quickly in the Australian housing market, and from a period of extremely low interest rates and high housing affordability, we appear to again be facing escalating interest rates, and no ease in sight for property prices," said Deposit Power National Manager, Mr Keith Levy.
The September quarter report has also recorded a slowdown in the total number of housing loans, particularly those to first home buyers, who have benefited from the First Home Owners Grant Boost (FHOG Boost).
"Factors such as tighter lending criteria and a decrease in demand in certain segments of the market could explain the deceleration in the number of housing loans," concluded Mr Airey.
The REIA Deposit Power Housing Affordability Report is the most comprehensive report on the ability of Australians to meet the finance cost of home purchase, being based on data from the Australian Bureau of Statistics (ABS), major lending institutions and state and territory Real Estate Institutes; all of which undertake extensive sampling to determine market trends.
The Real Estate Institute of Australia (REIA) is the national professional association for the real estate sector in Australia. For further information or interview opportunities, please contact:
David Airey REIA President 0418 906 002
Rhiannon McClelland REIA Manager Communications n 0421 422 919 16/06/2009Westpac and NAB both announced increases to their fixed rate mortgages yesterday.
Effective today, Westpac's fixed rate loans will rise by between 10 and 50 basis points. The hike will take its three year fixed rate mortgage to 6.59 per cent – just 10 basis points behind CBA, who pushed up its fixed rates yesterday.
NAB also increased its fixed rate mortgages by between 15 and 40 basis points, with its three year fixed rate loan increasing by 40 basis points to 6.49 per cent.
While speculation that variable mortgage rates are set to rise has heated up off the back of CBA's 10 basis point SVR hike on Friday, a spokesperson for NAB emphasised that no such plans were in the pipeline.
"There are no current plans to move on our standard variable rate," the spokesperson said.
St George's three year fixed rate now sits at 5.99 per cent – the lowest of the major banks – while ANZ, which moved to lift its three year rate a fortnight ago, is offering a rate of 6.34 per cent.
16/6/09
Westpac and NAB both announced increases to their fixed rate mortgages yesterday.
Effective today, Westpac’s fixed rate loans will rise by between 10 and 50 basis points. The hike will take its three year fixed rate mortgage to 6.59 per cent – just 10 basis points behind CBA, who pushed up its fixed rates yesterday.
NAB also increased its fixed rate mortgages by between 15 and 40 basis points, with its three year fixed rate loan increasing by 40 basis points to 6.49 per cent.
While speculation that variable mortgage rates are set to rise has heated up off the back of CBA’s 10 basis point SVR hike on Friday, a spokesperson for NAB emphasised that no such plans were in the pipeline.
“There are no current plans to move on our standard variable rate,” the spokesperson said.
St George’s three year fixed rate now sits at 5.99 per cent – the lowest of the major banks – while ANZ, which moved to lift its three year rate a fortnight ago, is offering a rate of 6.34 per cent. 1/05/2009
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David has been selling real estate in the Claremont and Nedlands and other western suburbs areas for over 3 decades. David is a Licensed Real Estate Agent since 1976 and Auctioneer since 1977. Currently Deputy President of REIWA, member of the Finance & Audit Committee of REIWA and a Director/Deputy President of the Real Estate Institute of Australia. David is one of the most experienced and respected real estate agents in the western suburbs. He has a simple and straightforward commitment to you: “To serve you honestly, professionally and ethically at all times”. |
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