433 affordable homes planned in WA and 24,000 applicants on the social housing list – where to now?
The State Government will spend $130 million building 433 affordable homes in the next two years in a boost to WA’s social housing stock. In total, $971 million was allocated in the State Budget for social and affordable housing, including $450 million for the Affordable Housing Expression of Interest program that encompasses the SharedStart shared equity scheme. [Read more ...] ShareTweetShare... [Read more ...]
Spooked Aussie Investors Run For Cover Wiping $32B Off All Ordinaries Index – More Or Less Money For Property Market Now?
The Australian share market has hit a six-month low, wiping $32 billion off the All Ordinaries Index, as investors headed for the exits amid fears about the ongoing instability in the eurozone. Investors are following their overseas counterparts and pulling out of the share market, with the benchmark ASX 200 index losing 2.7 per cent to 4,047 and the broader All Ordinaries giving up 2.6 per cent to... [Read more ...]
Astronomical Spanish borrowing costs and debt threaten Spanish economic bailout or market lockout
Mariano Rajoy pleaded for an urgent “defence of the euro project” yesterday as Madrid was close to being locked out of international markets by “astronomical” borrowing costs. The prime minister of Spain called for European leaders to publicly back the so-called ‘sinner states’ amid fears that contagion from Greece could trigger a highly-anticipated Spanish banking crisis... [Read more ...]
Italian economy in grave danger of massive devaluation as Greece falters – crisis risk is real now
As Greece erupts, Italy is moving into the eye of the storm. Its economy is contracting at speeds not seen since the depths of the slump in 2009 as draconian austerity bites, greatly increasing the risk of social revolt and a banking crisis. With the world’s third largest debt after the US and Japan at €1.9 trillion (£1.18 trillion), it is big enough to bring the global financial... [Read more ...]
Greek financial system could crumble within weeks or days due to tidal wave of Greek bank withdrawals – the crisis is real now
A tsunami of capital flight from Greece threatens to overwhelm the authorities, forcing the country out of the euro before fresh elections in June. Economists warned that the Greek financial system could crumble within weeks or days unless the European Central Bank steps up support. President Karolos Papoulias told party leaders that banks had lost €700m in withdrawals on Monday alone... [Read more ...]
Perth WA families forced to live in tents – what will state Liberal Gov do about this?
Perth’s rental crisis is so severe that workers and families are pitching a tent because they cannot find a home or apartment. And they’re being stung up to $280 a week just for a square of grass to set up camp. Metropolitan caravan parks say they are at or near capacity and most campers sleeping in tents or caravans are not holiday-makers, but residents who cannot find a rental. Rents... [Read more ...]
European crisis escalates as Greek Marxist party reject austerity measures: global market danger
The immediate fate of Greece – and the euro – is in the hands of a boyish motorcycle Marxist. Syriza leader deal Alexis Tsipras has vowed to tear up the hated Memorandum, as the EU-IMF “troika” loan package is known. He showed no sign of backing off as he met his country’s president and began talks on the formation of an implausible Left front. “The... [Read more ...]
European markets slump on Greek and French fears
European stock markets slumped on Tuesday amid question marks over Greece’s commitment to its bailout pledges and France’s future following weekend elections. The UK’s FTSE 100 fell to its lowest level since November last year, while the Athens bourse slid to depths not seen since 1992. Bond yields also widened. Shares across the continent suffered after Antonis Samaras,... [Read more ...]
New home building approvals crash in Western Australia
Building approvals for new homes in WA crashed during November despite the Reserve Bank’s Melbourne Cup day interest rate cut. In the latest sign highlighting the mixed economic fortunes being felt by Australians, dwelling approvals in the State slumped 16.9 per cent to a 32-month low, according to Bureau of Statistics figures out today. The crash in building approvals follows news yesterday that... [Read more ...]
Resources boom cuts deep in Western Australia
When Ian Blevin needs to buy a new truck for his business, he no longer bothers shopping around at Perth car yards. Instead, he boards a plane to Melbourne, buys a truck on the east coast and drives it 3500 kilometres across the Nullarbor. ”It’s cheaper than to buy a truck here,” says Blevin, the managing director of Perth company WOMA, which makes and sells high-pressure... [Read more ...]
2012 Eurozone recession fears grow and currency slides to 11 year low
The euro came under renewed pressure on Friday, falling to an 11-year low against the yen as a fresh round of downbeat data intensified fears the troubled region is heading for recession. The single currency also hit new lows against the dollar and the pound, as a combination of falling retail sales in the eurozone and a sharp drop in German factory orders knocked investors’ confidence. “[Friday's]... [Read more ...]
Govt combines seventy property registers into one for personal property securities
The Federal Government has consolidation 70 different property registers into just one repository to simplify the monitoring of personal-property securities. When people use a piece of their property as security against a loan, the property can be registered in a number of databases, including the ASIC Register of Company Charges, the State Registers of Encumbered Vehicles and Vehicle Securities Registers,... [Read more ...]
Top end of QLD property market drops by up to 56% – foreign investers concerned about volatility
The Mermaid Beach beachfront attracts the highest prices on the Gold Coast – and thereby attracts the greatest attention in both buoyant and depressed markets. The latest resale hasn’t had much publicity, but at 56% less than its 2007 pre-global financial crisis sale price, it’s the highest yet recorded luxury price decline. The 199 Hedges Avenue property has been bought by Parkdon Pty Ltd,... [Read more ...]
USA housing market still depressed with 33% decline since 2007 and huge numbers of vacant foreclosed homes on market
The U.S. Federal Reserve on Wednesday called for more action to stabilize the nation’s ailing housing market, warning that failure to do so could harm the broader economy. In a 26-page white paper sent to Congress, the Fed outlined several potential ways to stabilize the housing market, many of which are already under discussion or being implemented by the Obama administration and housing regulators. “Restoring... [Read more ...]
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