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First Home Buyers Increasing Proportion Of Housing Market

The September housing finance figures released by the Australian Bureau of Statistics (ABS) show that first home buyers continue to increase their presence in the housing market, according to the Real Estate Institute of Australia (REIA). “The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, increased to 17.4 per cent and is the highest proportion since November,” REIA President Malcolm Gunning said. “By contrast, the value of investment housing commitments decreased by 0.5 per cent in September in trend terms following falls in the previous four months and is well down from its 2015 peak. “Overall the figures for September 2017 show, in t

Property Investors Council of Australia Lobby Group Launched

Australia’s millions of property investors have a new outlet to lobby the government, with a new group aiming to protect their interests. The Property Investors Council of Australia describes themselves as a not-for-profit association run “by property investors, for the interests of property investors”. Their objectives include spreading the message that property investors contribute to tax revenue, job creation, property and rental accommodation supply and affordability, self-funding retirement and economic growth. But the group is also aiming to stop investors from being “singled out”, saying that property investors have been blamed as the main cause of unaffordable housing, as well as bei

Productivity Commission Urges Stamp Duty Reform

The Productivity Commission has called for housing tax reform, concluding that stamp duties prevent mobility and efficient use of housing stock. In its report – Shifting the Dial: 5 year productivity review – the Commission looked at factors and influences that may affect Australia’s economic performance over the medium term. “Stamp duties are bad taxes – a bonanza in times of rising housing prices, but unfair and inefficient,” the report states. “Stamp duties add over $50,000 to the cost of a median-priced home in Sydney, penalising people and businesses that move and discouraging others who want to move. “For every dollar raised in stamp duties, the costs to Australia in reduced investment

RBA Hibernation Set To Continue As Rates Remain On Hold

The Reserve Bank of Australia looks set to spend much of 2018 in hibernation as experts see a possible record being set for the longest period of unchanged interest rates. The Reserve Bank today left the official cash rate on hold for the 15th-straight month, in a widely expected move. None of the 28 economists surveyed by Bloomberg expected the central bank to move the official cash rate at today’s December meeting – the last until February 6 – while the market is pricing in just half of one rate hike by the end of next year. Governor Philip Lowe has repeatedly reminded the market the board would like the next move for rates to be up but questions of when and whether it will be able to cont

 
 
 

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