After the property market boomed in 2021 and started cooling in the first half of 2022, it now appears to have stabilised, according to realestate.co.nz. The data is also telling a much more positive story than the doom-and-gloom headlines might suggest. After the property market boomed in 2021 and started cooling in the first half…
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National residential construction costs increased 10.0% over the 12 months to June 2022, according to CoreLogic’s Cordell Construction Cost Index. That’s the highest annual growth rate on record, apart from a 10.2% result in 2001, when the GST was introduced. CoreLogic construction cost estimation manager John Bennett said that as fuel, freight and electricity costs…
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Two key statistics from a recent CoreLogic report show why now could be a great time to be a property investor. First, the national vacancy rate (which is the share of untenanted rental properties) fell to just 1.2%, which is the lowest in recorded history. Second, the median weekly rent for an Australian rental property…
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Australia has recently experienced “significant and unprecedented” rises in electricity prices, according to the Australian Competition & Consumer Commission, which actively monitors the energy sector. As of July 1, regulated price caps have jumped by up to 18.3% for households, compared to the previous financial year. The ACCC attributed the recent price increases to several…
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As of July 1, the federal government has made another 40,000 places available in its Home Guarantee Scheme (HGS) for first home buyers and single parents. Under the HGS, eligible buyers can purchase a residential property with a very small deposit, without having to pay lender’s mortgage insurance. Income caps and property price caps apply.…
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Nine of the 13 main industry sectors reported month-on-month increases in revenue in April, according to the latest data from the Australian Bureau of Statistics (ABS). Even more encouragingly, all but one of the sectors reported year-on-year increases. These sectors enjoyed both monthly and annual growth: Accommodation & food services Administrative & support services Arts…
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The Australian Taxation Office (ATO) has advised businesses to update their payroll and accounting systems, with two big superannuation changes due to take effect on 1 July 2022. First, more employees will be eligible for the super guarantee. That’s because the $450-per-month eligibility threshold will disappear in the new financial year. However, your business won’t…
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There’s been a big jump in workers heading back to CBD offices, in a further sign the economy is returning to normal. According to the Property Council of Australia’s latest monthly office occupancy survey, which measures occupancy rates in CBD offices, all the major capital cities made gains between February and May: Sydney = occupancy…
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Employees on the national minimum wage will receive a 5.2% pay increase from July 1, following a decision by the Fair Work Commission’s expert review panel. The new national minimum wage will be $21.38 per hour or $812.60 per week. Several employer bodies proposed an increase of between 2.5% and 3%; the Australian Council of…
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If you’ve taken out a fixed-rate loan in the past three years, your home loan repayments are likely to significantly increase once your fixed period concludes, according to new analysis. Investment bank Morgan Stanley estimated that the big four banks have originated more than $550 billion of fixed-rate loans since the 2018-19 financial year, and…
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