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economic conditions

Refinancing Topped $20bn

Posted on by Laze Spasevski
Refinancing activity has topped $20bn in August as revealed by the latest Australian  Bureau of Statistics (ABS). It is 3.9% lower than the month before but 12.4% higher than the year before. One major contributing factor to the rise of refinancing activity is due to lots of people coming off fixed rates right now. With this in mind, it’s no surprise that an enormous amount of refinancing i...
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Refinancing Remained at Record Highs

Posted on by Laze Spasevski
“Refinancing activity has remained at record highs in recent months, as borrowers continued to switch lenders amid interest rate rises,” according to the Australian Bureau of Statistics (ABS). Owner-occupiers and investors refinanced a combined $20.2 billion of loans with external lenders in June, the ABS reported. While that was 3.1% lower than the month before, it was 12.6% higher than...
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Unemployment stayed at 3.5%

Posted on by Laze Spasevski
Unemployment stayed at 3.5%
Australia’s unemployment rate has stayed at 3.5% in March. It now had a ‘3’ in front of it for 13 consecutive months. Since February 2022, unemployment has ranged between 3.4% and 3.9%. In March 2023, it held steady at 3.5% for the second consecutive month, according to the Australian Bureau of Statistics. In line with the increase in employment, female participation rates surged to a re...
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Banks Launched Anti-Scam Campaign

Posted on by Laze Spasevski
The Australian Banking Association which represents twenty-two banks (ABA) has launched a new anti-scam campaign to raise awareness about scams. This is a very topical issue, with Scamwatch receiving 14,603 reports about bank impersonation scams in 2022, resulting in more than $20 million in losses, according to the Australian Competition & Consumer Commission. The ABA ads include th...
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Property Downturn May Be Over

Posted on by Laze Spasevski
Property downturn may be over as Australian property prices rose 0.6% in March. According to CoreLogic, property prices rose for the first time in 11 months since April 2022. But while prices increased at a national level, and in Sydney, Melbourne, Perth and Brisbane as well, they did decline in the four smaller capitals. Among the major capitals, Sydney saw the highest increase in prope...
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Good News For First-time Home Buyers

Posted on by Laze Spasevski
There is good news for first-time home buyers as research from Domain shows that over the past year, it’s become significantly easier to save a 20% house deposit. In order to become homeowners, first-time home buyers must overcome 2 significant financial obstacles. They need to save for a lump sum deposit and they need to keep up with the monthly mortgage repayments. February 2022 data show...
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Housing slowdown – Nearing Its End

Posted on by Laze Spasevski
The housing slowdown may be nearing its end, according to new statistics from CoreLogic. While Australia’s median property price fell 0.1% during February, values then rose in some markets in the four weeks to March 15: Sydney – up 0.8% Melbourne – up 0.2% Perth – up 0.1% Brisbane – unchanged Adelaide – down 0.4% That said, it’s too early to call the bottom of the ma...
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Property Prices Set To Rise

Posted on by Laze Spasevski
New data from CoreLogic suggests property prices are set to rise. With that said, we might be near the end of the housing downturn. While Australia’s median property price fell 0.1% during February, values then rose in some markets in the four weeks to March 15: Sydney – up 0.8% Melbourne – up 0.2% Perth – up 0.1% Brisbane – unchanged Adelaide – down 0.4% Tim Lawless...
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Rise In Construction Costs Slowing Down

Posted on by Laze Spasevski
Rise In Construction Costs Slowing Down
Construction costs continue to rise sharply, but the worst is behind us as it appears to be slowing down. Residential construction costs rose 11.9% during 2022, after climbing 7.3% in 2021, according to CoreLogic’s Cordell Construction Cost Index (CCCI). The 2022 result was the largest annual increase on record, apart from the period impacted by the introduction of the GST. However, t...
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Construction Activity at Record High

Posted on by Laze Spasevski
Construction Activity at Record High
Australia is experiencing a “record high” construction activity across all sectors and states, according to Rider Levett Bucknall’s third-quarter construction report. The amount of construction work underway across Australia during Q3 was unprecedented with “similar levels of activity” forecast for the next two to three years. RLB said this building boom was being driven by: Federal...
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