Property sector for 2010

| May 14, 2010

We are nearing the end of the financial year and the property sector has had a rocking year this year. there has been up and downs and people scrambling to make the first home owner deadline and then the market slump and rise again.

2010 has been a bumpy ride for first home owners and property investors and has left many with the  idea in the mind have they or have they not done the right thing,  those are the people that took out loans and now seeing the rising interest rates ( possibly rising even more ) , investors  who bought at higher prices  when the rush for property was on and the naive people who got suckered into o to buy  a property without doing their math’s and taking into account rising interest rates and now paying the price with mortgage stress.

property sector 2010

property sector 2010

Housing finance data released this week showed a further slowdown across the sector.

On a seasonally adjusted basis, owner occupier finance commitments for: construction of new dwellings (-7.3%), purchase of new dwellings (-3.2%), purchase of established dwellings (-2.9%) and total owner occupier loans (-3.4%) all recorded falls during March 2010.  Over the year to March 2010 only commitments for construction of new dwellings has increased, albeit by only a small percentage, 1.6%. Meanwhile, on an annual basis finance for the purchase of new dwellings is down -21.7%, finance for established dwellings is down -26.0% and total owner occupier loans are down -23.3%.

By Rp data

Other News:

CFS and Brookfield scoop property awards

Property Investment Research (PIR) has awarded CFS Retail Property Trust (CFX) as the A-REIT of the Year and Brookfield Secured Bonds as the Product of the Year at the research firm’s annual forum held this month.

Aegis buys Property Investment Research

Research house Aegis Equities Research has bought Property Investment Research (PIR). Aegis plans to continue to run PIR as a separate business, but will expand the services it offers. It will widen the coverage of the property sector from the current 200 companies to the top 500 companies

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Category: 2010, Australia, bank rates, Banks, Featured, Housing, Property Market, property outlook, property prices, Property sector, refinance

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