Nobody wants a mortgage
11 July 2012 ABS Housing Finance data out today shows a 7.3 per cent fall in commitments to buy new-built houses in a singe month. This follows a 9.3 per cent fall the month before. “Established house price are now…
Category Press Releases
Housing flips into oversupply: it’s official
3 July 2012 ABS Census data just released shows 1.1 million fewer households and 595,000 fewer houses in Australia than previous estimates; Morgan Stanley researchers calculate Australia now has a 341,000 OVERSUPPLY of houses. The Census revision obliged National Housing…
Giant Savings in Don’t Buy Now!
26 June 2012 Homebuyers who took Prosper Australia’s advice – Don’t Buy Now! – exactly five quarters ago have typically saved themselves $64,000 from the fall in property prices compared to someone who bought. Major land price falls mean a…
Speculative Vacancies in Melbourne Report: 2012
20 June 2012 There are 90,700 vacant houses in Melbourne – 5.9 per cent of the total – according to Earthsharing Australia’s 5th annual Speculative Vacancies Report. “Our lazy land use makes a mockery of the drive for affordable housing,”…
Broadacre Land Prices To Fall Hard
13 June 2012 Victoria Planning Minister Matthew Guy has made big land price falls on Melbourne’s outskirts a certainty with his extension of the metropolitan boundary by around 7000 hectares. “The gaping chasm between developer supply and buyer demand has…
Seller Strike, Buyer Strike
The solid new trend of falling house prices is confirmed by the ABS today with real prices now in retreat for seven quarters and the downward path accelerating.
Repeal Stamp Duty!
Buying a home is a major life-event. Most people need a mortgage to bridge the gap between their savings and house prices. But the Victorian government imposes Stamp Duty at this critical point, increasing the capital needed and lengthening mortgage repayments by an average seven years. Many citizens are either excluded or deterred from home ownership by this extra cost, which traps them in the rental market. We are all diminished.
There is a better way. Remove this burden and fund the change by ending the principal residence exemption from State Land Tax an efficient and just way to fund government.
Nine Quarters of Weak Land Sales
Australia has experienced nine quarters of falling land sales volumes with the last five quarters flatlining forty per cent below long term averages. The big falls in prices we have been predicting are now a certainty.
Don’t Buy Now! campaign saves buyers $58,000 in one year
28 March 2012 Young homebuyers who took Prosper Australia’s advice – Don’t Buy Now! – exactly a year ago have typically saved themselves $58,000. “I congratulate everyone who stood aside from this dreadful Ponzi scheme known as the Australian property…
Prosper sees property price falling 15%, perhaps 20% in 2012
23 February 2012 • Potential First Home Buyers wary of commitment • Volume of stock for sale a swollen flood • Consumers dis-leverage Australia-wide • Banks unwilling to finance credit creation Prosper Australia predicts substantial house price falls this calendar…