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  • News - Damaging storms hit Sydney - onthehouse.com.au
    of our previous stories Damaging storms hit Sydney Author AAP Friday 1st February 2013 Severe thunderstorms in Sydney have cut power brought down trees and suspended train services to some areas while large hailstones have fallen in the Blue Mountains Late on Friday afternoon emergency crews from Ausgrid were working to restore power to 1100 homes and businesses in Forestville in Sydney s north A fallen tree closed lanes of the Pacific Highway at Artarmon in the city s north for a while and trains were suspended between Clarendon and Richmond in the city s west when power supply was affected Trains were also suspended between Thirroul and Waterfall on the South Coast Line as a result of heavy rain A State Emergency Services spokesman said there had been 50 calls to help by about 3 45pm AEDT and hailstones the size of golf balls were reported to be battering homes in the Blue Mountains Share This Page Tags NSW Storm Back to More News Home Contact FAQ Advertise With Us Privacy Policy Terms Conditions Sitemap Shareholders Site Follow us on Facebook or Twitter for updates information and more Copyright 2013 onthehouse com au Pty Ltd Part of the onthehouse

    Original URL path: http://www.onthehouse.com.au/news/article/3403/ (2013-02-03)
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  • News - Home sales rise for third month in Dec - onthehouse.com.au
    the data indicated a possible rejuvenation of the housing market in the coming months but would depend on any further interest rate cuts If we look at the under performing market for 2012 detached houses the December improvement was broad based as sales increased in all but one of the surveyed states he said However the overall result for 2012 leaves plenty of room for improvement It is hoped that further signs of an impending new home building recovery emerge in coming months However it remains the case that lower interest rates alone will not deliver a recovery of the magnitude required by Australia s economy and population The data released on Thursday showed a 6 2 per cent rise in home sales for December following rises of 4 7 per cent and 3 4 per cent in November and October respectively Sales were up 3 3 per cent in the December quarter compared to the September quarter but remained 12 7 per cent lower than the same quarter of 2011 Detached house sales were down 22 7 per cent in the year to December while multi unit sales rose 24 1 per cent in the same period In December detached house sales were up in New South Wales 7 1 per cent Victoria 6 0 per cent Queensland 3 8 per cent and Western Australia 12 2 per cent They fell by 1 8 per cent in South Australia but this came after three consecutive monthly rises CommSec economist Savanth Sebastian said interest rate cuts as well as state grants appeared to have encouraged would be homebuyers into the market In large part the recovery is driven by new state government grants that favour home building in preference to the purchase of existing homes but rate cuts have also

    Original URL path: http://www.onthehouse.com.au/news/article/3396/ (2013-02-03)
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  • News - British house prices go up - onthehouse.com.au
    boost lending are having an effect The Council of Mortgage Lenders CML recently reported an increase in lending to first time buyers which should also help some home owners who are looking to sell their home and trade up The Government launched its Funding for Lending scheme in August which aims to unclog the flow of credit by giving lenders access to cheap finance Lenders have been slashing their rates and the number of mortgages on the market has increased since the scheme started The Bank of England reported yesterday that mortgage lending to home buyers last month was at its highest for nearly a year Robert Gardner Nationwide s chief economist said There have been tentative signs of a pick up in activity in recent months The Funding for Lending scheme has achieved some success in bringing down mortgage rates with some signs of a pick up in lending activity Hopefully the momentum will continue to build in the months ahead though much will depend on whether the wider economic environment improves The building society s latest study said that despite the improved mortgage market first time buyers still typically need to put down a 20 deposit compared with 10 before the financial crisis The average first time buyer home costs 4 4 times average earnings which is above the 20 year average of 3 6 times but well below the high of 5 4 recorded in 2007 Nationwide said Mortgage payments have generally become more affordable in recent years due to low interest rates and falling house prices the building society said The typical first time buyer mortgage now accounts for around 20 of average monthly earnings compared with 24 recorded before the financial crisis There is also a trend towards longer mortgage terms with 53 of mortgages

    Original URL path: http://www.onthehouse.com.au/news/article/3400/ (2013-02-03)
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  • News - Home prices fall, again - onthehouse.com.au
    cent on average over the year while Brisbane and Adelaide prices were both down 0 8 per cent Darwin had the strongest housing market with prices up 8 9 per cent while Sydney prices rose 1 5 per cent and Perth prices climbed 0 8 per cent Home prices fell 0 3 per cent across capital cities during December RP Data senior research analyst Cameron Kusher said home prices had fallen for two consecutive years and were now 5 7 per cent lower than their historic highs of November 2010 There was a bright spot in the data however with house prices up 1 8 per cent from their lowest point set in May 2012 But Mr Kusher said recent interest rate cuts had not been enough to spur growth growth in the sector It has become clear that adjustments to official interest rates by the Reserve Bank are not having the same impact on consumers as they have in the past Mr Kusher said in a statement The Reserve Bank of Australia s cash rate currently at 3 0 per cent is 1 75 percentage points lower than its level at the start of November 2011 Over the same period standard mortgage rates have dropped an average of 1 35 percentage points Mr Kusher said that with consumers saving more and spending less the housing market was likely to remain relatively subdued through 2013 though he did expect prices to rise over the year CommSec chief economist Craig James said property investors were still making money with RP Data figures showing returns from the sector up four per cent over calendar 2012 While Aussies are cautious on going into debt the population is still rising while home building has remained weak Mr James said So rents are still rising

    Original URL path: http://www.onthehouse.com.au/news/article/3312/ (2013-02-03)
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  • News - Foreign property buyers offered residency - onthehouse.com.au
    previous stories Foreign property buyers offered residency Author AAP Wednesday 21st November 2012 Foreign investors will be offered Spanish residency rights in an attempt to dispose of some 750 000 unsold properties abandoned since the 2008 market collapse Bad debt in Spanish banks rose to a record 10 7 per cent of the loan total about 182 billion euros A225 8 billion in September with institutions desperate to offload the crippling assets We have proposed to the other ministries that for residents who acquire a home in Spain for more than 160 000 euro that will automatically entail a residency permit Spanish Trade Minister Jaime Garcia Legaz said in an article published by British newspaper The Times on Tuesday Russian and Chinese buyers are understood to be targeted in the initial real estate scheme and it is unknown if the subsequent residency will be for Spain alone or the entire European Union With some five million Spaniards out of work the number of people unable to maintain repayments and forced to leave their homes continues to rise with reports claiming 300 evictions per day in the first half of 2012 In November Spain s government announced a two year halt to evictions of vulnerable home owners after the practice was linked to acts of suicide Spain s residency offer which aims to revive the construction industry is more attractive than similar schemes in Ireland and Portugal where buyers are offered such rights only after buying houses worth more than 400 000 euro or 500 000 euro respectively Share This Page Tags Crisis Property Spain Back to More News Home Contact FAQ Advertise With Us Privacy Policy Terms Conditions Sitemap Shareholders Site Follow us on Facebook or Twitter for updates information and more Copyright 2013 onthehouse com au Pty Ltd Part

    Original URL path: http://www.onthehouse.com.au/news/article/3201/ (2013-02-03)
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  • News - House prices to rise in 2013: report - onthehouse.com.au
    capital cities fell 0 6 per cent in the September quarter compared to the June quarter However the average price for other dwellings including apartments rose 1 2 per cent While Sydney remained top of the list for the most expensive median house properties prices fell 0 4 per cent to 641 890 from the previous quarter Darwin was the next expensive city at 568 300 followed by Melbourne at 530 000 The cheapest median capital city price was in Hobart at 340 000 REIA president Peter Bushby said prices were expected to improve in 2013 We expect to see increased growth in the market based on improving affordability coupled with recent interest rate reductions he said The rate cuts were a step in the right direction and should encourage investors to start looking at investment properties A strong demand for rental properties would be encouraging for would be investors while buying a home would also become more attractive thanks to increased affordability Mr Bushby said The Reserve Bank of Australia cut the cash rate by 0 25 per cent to three per cent at its December 4 meeting following earlier cuts in May June and October Australian Property Monitors agreed that next year should be a good one for the market with median house prices expected to rise by three to five per cent APM s State of the Market report also released on Wednesday forecast median house prices were set to rise by three to five per cent in 2013 Perth and Darwin would experience the largest growth of between five and seven per cent respectively while prices in Hobart and Adelaide would be flat Overall markets have stepped forward modestly into recovery in 2012 with the prospect of this trend continuing in most capital cities APM senior

    Original URL path: http://www.onthehouse.com.au/news/article/3272/ (2013-02-03)
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  • News - Data points to robust growth in 2013 - onthehouse.com.au
    a solid turnaround from the minus 0 4 per cent reading in April Westpac chief economist Bill Evans expects above trend economic growth of 3 5 per cent in 2013 but is less optimistic about current growth predicting a pace of only 2 5 per cent in the second half of 2012 Next year the economy will still be benefiting from a surge in mining investment although our expectation is that the spending peak will be around year end or in early 2014 Mr Evans said in a statement He said a key reason behind the Reserve Bank of Australia s RBA decision to cut interest rates over the past year was to stimulate non mining sectors of the economy and complement the growth mix when the mining industry slows There is scope to ease rates further to ensure support for non mining sectors through 2013 Mr Evans said Without further rate cuts growth is likely to struggle to exceed 2 5 per cent in 2014 RBA governor Glenn Stevens said in a speech on Tuesday the bank s board felt further easing might be required over time To the surprise of many economists the RBA left its cash rate unchanged at 3 25 per cent at the last board meeting on November 6 Mr Stevens also said a significant easing was already in place and its effects were still coming through So it seemed prudent to sit still for the moment he said Economists at ANZ said Mr Stevens speech gave few clues about the actual timing of a further rate cut It could easily be a small accumulation of data that tips the board from a no change to a further easing view they said in a client note The RBA board next meets on December 4 Other

    Original URL path: http://www.onthehouse.com.au/news/article/3197/ (2013-02-03)
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  • News - New tax law takes effect in Cuba - onthehouse.com.au
    in the Cuban economy and which have created new opportunities in the private sector over the past two years The law contains 19 taxes three contributions and an equal number of fees but not all these charges will be effective this year and are subject to changes according to the nation s economic conditions as in the case of income and real estate taxes The list includes taxes in support of social security and local development derived from personal income profits use of work forces land transport advertising and customs Postponed during 2013 among other categories are taxes on goods and services in the retail network for the use of beaches and inland waters and on agricultural properties A special regime has been established for the agricultural sector with tax benefits that reduce its tax rate by as much as 50 percent compared with other economic sectors in order to stimulate food production a matter of national security for the state considering the millions of dollars it spends on food imports Those who are granted the use of idle lands for farming which at the end of the year were more than 170 000 people are exonerated for two years from paying at least three taxes that are obligatory for other self employed workers For the purpose of promoting all kinds of private sector work whoever takes up self employment will not pay a series of taxes related to their chosen activity for some three months after which a progressive scale will be applied according to income Unlike what happened in 1994 when ex President Fidel Castro introduced taxes as a kind of sanction on enrichment in the emerging private sector Raul Castro has said that this is a fundamental instrument of the nation s economic policy The vice president

    Original URL path: http://www.onthehouse.com.au/news/article/3316/ (2013-02-03)
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