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Sydney’s final auction clearance rate plunges deeper into 40s

July 19, 2018 - 13:15 -- Admin

By Leith van Onselen Last weekend, CoreLogic released its preliminary auction clearance rates, which revealed the following results: CoreLogic has released its final auction results, which reported a large 5.5% decline in Sydney’s auction clearance rate to just 46.9%, with Melbourne’s also falling by 3.8% to 56.2%: According to CoreLogic, Sydney’s auction clearance rate fell

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Bannon: Trump is at “economic war” with China

July 19, 2018 - 12:30 -- Admin

For those suffering from “Trump derangement syndrome” here a Trump 101 series from Steven Bannon via CNBC. On Russia: On NATO: On China: On US politics: Not much reassurance there for the one trick pony Downunder except, of course, if you believe in liberal democracy.

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Employment in detail: Not bad, could be better

July 19, 2018 - 12:17 -- Admin

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) today released its labour force report for June, which registered a 50,900 increase in total employment but an unchanged headline unemployment rate of 5.4%, driven by rising labour force participation. In trend terms, the unemployment rate fell marginally from 5.43% to 5.41%:

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Bloomberg: Sydney & Melbourne house prices to fall for years

July 19, 2018 - 12:00 -- Admin

Via Bloomie: That’s the consensus from a Bloomberg survey of 15 economists, over a third of which have turned more pessimistic within the last three months. Sydney’s slump is poised to deepen, with the median peak-to-trough price fall estimated at 10 percent compared to 5 percent for the country as a whole. Still, the data

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Chinese drive record $107 billion tourism spend

July 19, 2018 - 11:45 -- Admin

By Leith van Onselen Earlier this month we revealed that Chinese tourist numbers had hit an all-time high 1.4 million in the year to May, with their share of total tourists also at a record 15.8%: Today, Minister for Tourism, Steve Ciobo, revealed that Australia’s tourism spend – comprising both domestic and international tourists – increased by

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Major bank mortgage arrears climb to highest since 1990s

July 19, 2018 - 11:45 -- Admin

It’s not seasonal, either, via S&P: Arrears on Australian prime home loans increased in May. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages rose to 1.38% in May from 1.36% in April, according to a recent report by S&P Global Ratings. The SPIN for nonconforming mortgages fell to a record low for

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Australian dollar jumps as jobs boom again!

July 19, 2018 - 11:33 -- Admin

The ABS has released June job numbers and the news is boom again! Employment increased 50,900 to 12,573,600. Full-time employment increased 41,200 to 8,565,200 and part-time employment increased 9,700 to 4,008,400. Unemployment decreased 1,100 to 714,100. The number of unemployed persons looking for full-time work increased 5,100 to 501,900 and the number of unemployed persons

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Land banker: Melbourne overrun by specufestors

July 19, 2018 - 11:30 -- Admin

Via the AFR: Financial Review Rich Lister Nigel Satterley, the country’s biggest private residential land developer, is changing his development strategy amid growing concerns about the stability of the housing market and the emergence of speculators in Melbourne. …Amid the boom in land prices and shrinking affordability, Mr Satterley said he was also concerned at

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Personal insolvencies reach highest level since GFC

July 19, 2018 - 11:15 -- Admin

By Leith van Onselen The Australian Financial Security Authority (FSA) has released personal insolvency statistics for 2017-18, which reveals a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC), with record high insolvencies reached in WA and NT, and debt agreements also hitting an all-time high: According to

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Sydney’s rental vacancy rate to top 3% by year-end

July 19, 2018 - 11:00 -- Admin

By Leith van Onselen We noted on Tuesday how Sydney investors are facing the twin shock of both falling prices and rents. This came after SQM Research’s June rental report revealed that Sydney’s asking rents were now falling on the back of a spike in the rental vacancy rate to 2.8% – the highest level

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