House price falls accelerate

Posted by Unconventional Economist in Oz Housing Bubble – Oct 28 2011

Housing data provider, Australian Property Monitors (APM), yesterday released its September quarter house and unit price figures. It was another poor result with house price falls accelerating, declining -1.6% nationally in the September quarter compared with a -1.2% fall in the June quarter. Unit prices were more resilient, falling -0.6% in the September quarter, matching the -0.6% decline registered in the June quarter.

Below are the key tables from the APM release via SmartCompany:

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RBA Warns Many First Home Owners Who Used Government Grants May Now Be Vulnerable

RBA Warns Many First Home Owners Who Used Government Grants May now be Vulnerable

Home loans fall to levels not seen in 10 years

The avalanche of bad residential property news just keeps coming. Today, the ABS reported home loan approvals in February has fallen a seasonally adjusted 5.6 percent to 45,393 approvals. This is the lowest number in the past 10 years, when in February 2001, 44,663 approvals were recorded. February’s figure is now 32% lower than the peak 66,767 approvals recorded in July 2007 before the Global Financial Crisis took hold.

Tasmania lead the plunge, recording a 13.7% fall in approvals. Home loans in the Northern Territory fell 11.4, New South Wales 10.1 percent, South Australia 5 percent, Victoria 4.6 percent, ACT 4.5 percent, Western Australia 2.1 percent, while flood ravaged Queensland only recorded a 0.5 percent fall.

» Home loans drop on weak demand in biggest fall in 14 years – News Limited, 6th April 2011.
» Home loans sink to decade low – The Sydney Morning Herald, 6th April 2011.

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