http://www.onthehouse.com.au/news/ onthehouse.com.au - Latest Property and Real Estate News and Gossip http://www.onthehouse.com.au/news/article/?ArticleId=2537 http://www.onthehouse.com.au/news/article/?ArticleId=2537 Wed, 16 May 2012 00:00:00 EST Shopping centre giant Westfield is punting on interest rate cuts and $5 billion worth of federal government handouts to families to help entice people to spend again. Chief executive Steven Lowy believes the measures will go some way to reversing the trend of consumers saving their hard-earned dollars rather than spending them at the shops. "We'd be quite confident that the community will move back to the norm, thereby reducing the savings rate, particularly when they have more stimulus from the government. http://www.onthehouse.com.au/news/article/?ArticleId=2534 http://www.onthehouse.com.au/news/article/?ArticleId=2534 Wed, 16 May 2012 00:00:00 EST Building products maker CSR expects Australia's housing construction industry to remain in the doldrums for the foreseeable future. The company estimates about 140,000 houses will be constructed in Australia in the 12 months to March 2013, down from 148,300 in the year to March 2012. "Excluding the global financial crisis and the introduction of the GST, this represents the lowest level of housing activity in the past 15 years," CSR said in a statement on Wednesday. http://www.onthehouse.com.au/news/article/?ArticleId=2535 http://www.onthehouse.com.au/news/article/?ArticleId=2535 Wed, 16 May 2012 00:00:00 EST Global shopping centre giant Westfield Group says its forecast distribution for the 2012 year remains unchanged as Australian specialty store sales grew slightly in the March quarter. Westfield also said retail sales in the US and UK grew strongly during the same period. "The first quarter of this year has been pleasing with the group's operations performing in line with expectations," Westfield Group co-chief executives Peter Lowy and Steven Lowy said in the group's first quarter update. http://www.onthehouse.com.au/news/article/?ArticleId=2536 http://www.onthehouse.com.au/news/article/?ArticleId=2536 Wed, 16 May 2012 00:00:00 EST Australia's biggest property developer, Lend Lease, says there are signs of recovery in global construction markets but remains cautious about its medium-term prospects. The Australian housing constructing market remains weak because of low consumer sentiment, managing director Steve McCann told an investor briefing on Wednesday. But engineering construction has a strong growth outlook, he said. http://www.onthehouse.com.au/news/article/?ArticleId=2530 http://www.onthehouse.com.au/news/article/?ArticleId=2530 Tue, 15 May 2012 00:00:00 EST Slowing economic growth, inflation, and interest rate hikes by commercial banks gave the Reserve Bank of Australia (RBA) the impetus to cut the cash rate in May. At its May 1 board meeting, the RBA cut the official interest rate by half a percentage point to 3.75 per cent, the largest rate cut since February 2009. The meeting's minutes, released on Tuesday, noted while global growth forecasts have been revised up, Australian inflation and economic growth forecasts were revised down. http://www.onthehouse.com.au/news/article/?ArticleId=2529 http://www.onthehouse.com.au/news/article/?ArticleId=2529 Tue, 15 May 2012 00:00:00 EST The Reserve Bank of Australia (RBA) has given no indication it is planning another interest rate cut next month, economists say. At its May 1 board meeting, the RBA cut the official interest rate by half a percentage point to 3.75 per cent, the largest rate cut since February 2009. The meeting's minutes, released on Tuesday, noted while global growth forecasts have been revised up, Australian inflation and economic growth forecasts were revised down. http://www.onthehouse.com.au/news/article/?ArticleId=2531 http://www.onthehouse.com.au/news/article/?ArticleId=2531 Tue, 15 May 2012 00:00:00 EST The West Australian government will introduce legislation on Wednesday allowing Bankwest to operate under the same license as its parent company. The legislation is designed to let Bankwest and the Commonwealth Bank (CBA), which has owned Bankwest since 2008, function under one banking licence in line with federal regulations. If Bankwest does not operate under the same banking licence as CBA, it must raise funds under its own Authorised Deposit-taking Institution (ADI) licence. http://www.onthehouse.com.au/news/article/?ArticleId=2533 http://www.onthehouse.com.au/news/article/?ArticleId=2533 Tue, 15 May 2012 00:00:00 EST Some Queensland local councils want more choice when it comes to election day. The Local Government Association of Queensland (LGAQ) says some of Queensland's 73 local councils believe the statewide approach to elections doesn't acknowledge the needs of their communities. This year's local government elections in April had the lowest voter turnout on record, with only 80.3 per cent of registered voters casting a ballot. http://www.onthehouse.com.au/news/article/?ArticleId=2532 http://www.onthehouse.com.au/news/article/?ArticleId=2532 Tue, 15 May 2012 00:00:00 EST Westpac has cut its interest rates on its short term fixed rate home loans by up to 20 basis points. The bank said the rate on its three-year fixed rate loan would drop from 6.39 per cent to 6.19 per cent, effective immediately. The new three-year fixed rate is Westpac's lowest for three years, the bank said. http://www.onthehouse.com.au/news/article/?ArticleId=2524 http://www.onthehouse.com.au/news/article/?ArticleId=2524 Mon, 14 May 2012 00:00:00 EST A rise in new home loans in March is a sign the housing sector is stabilising, and recent official interest rate cuts could give it a boost, economists say. The number of home loans approved in March rose 0.3 per cent, according to the Australian Bureau of Statistics (ABS), following falls in February and January. The March result was better than market forecasts of a 2.0 per cent fall for the month. http://www.onthehouse.com.au/news/article/?ArticleId=2528 http://www.onthehouse.com.au/news/article/?ArticleId=2528 Mon, 14 May 2012 00:00:00 EST The cost of Western Australia's solar feed-in tariff scheme is expected to blow out by more than $150 million over its 10-year life, energy minister Peter Collier says. The scheme, which saw households paid for excess energy generated by their rooftop solar panels, was suspended in August after it proved too popular. The state government discovered its 150-megawatt cap on the scheme had been surpassed as applications flowed in. http://www.onthehouse.com.au/news/article/?ArticleId=2525 http://www.onthehouse.com.au/news/article/?ArticleId=2525 Mon, 14 May 2012 00:00:00 EST The outlook for the housing industry remains gloomy after data showing the value of lending to the sector is still heading lower. The figures from the Australian Bureau of Statistics (ABS) on Monday showed the number of loans approved to home buyers rose by an insignificant 0.3 per cent, after seasonal adjustment, in March. The value of home loans approved was down by the same margin, while the value of loans approved for investors fell by 1.0 per cent. http://www.onthehouse.com.au/news/article/?ArticleId=2526 http://www.onthehouse.com.au/news/article/?ArticleId=2526 Mon, 14 May 2012 00:00:00 EST The Australian dream of owning your own home can turn into a nightmare if termites are discovered on your property. The timber pests are often completely concealed by the linings and claddings of buildings, meaning they go undetected when a house is being bought. NSW Fair Trading Minister Anthony Roberts on Monday launched a new pest inspections code of practice, which will ensure properties are more rigorously inspected for possible pest activity. http://www.onthehouse.com.au/news/article/?ArticleId=2527 http://www.onthehouse.com.au/news/article/?ArticleId=2527 Sun, 13 May 2012 00:00:00 EST National Australia Bank (NAB) chief executive Cameron Clyne says he expects the central bank to deliver more interest rate cuts. "We're likely to see another 50 basis points of cuts over the course of the year," Mr Clyne told ABC Television's Inside Business on Sunday. The Reserve Bank of Australia (RBA) lowered the cash rate by 50 basis points to 3.75 per cent at its monthly board meeting on Tuesday, May 1. http://www.onthehouse.com.au/news/article/?ArticleId=2519 http://www.onthehouse.com.au/news/article/?ArticleId=2519 Fri, 11 May 2012 00:00:00 EST ANZ has become the last of the big four banks to pass on some of the Reserve Bank of Australia's (RBA) interest rate cut. ANZ on Friday trimmed its standard variable home loan and business lending rates by 37 basis points - just a month after the bank lifted interest rates. The cut took the bank's standard variable home loan rate to 7.05 per cent, in a move ANZ said would save customers with a $280,000 home loan about $20 a week. http://www.onthehouse.com.au/news/article/?ArticleId=2523 http://www.onthehouse.com.au/news/article/?ArticleId=2523 Fri, 11 May 2012 00:00:00 EST An architect firm responsible for hospital and resort redevelopments has been appointed to help fix The Lodge in Canberra. Special Minister of State Gary Gray on Friday announced HBO+EMTB Architects was awarded the design services contract for the refurbishment of the official residence of the Prime Minister in the national capital. "The company will prepare tender documentation for slate required for the roof replacement, design the scope of works, and develop cost plans," Mr Gray said in a statement. http://www.onthehouse.com.au/news/article/?ArticleId=2520 http://www.onthehouse.com.au/news/article/?ArticleId=2520 Fri, 11 May 2012 00:00:00 EST A key gauge of activity in the construction industry shows the sector could be in trouble. The March Shipping Index, released by Australia's largest freight forwarder of mining and construction equipment Skelton Sherborne, found that volumes of heavy machinery imports dropped by 25 per cent since January 2012, signalling downturns in the construction and housing sectors. Skelton Sherborne director Brad Skelton said decreased demand for construction machinery was the main contributor to the drop in heavy machinery imports. http://www.onthehouse.com.au/news/article/?ArticleId=2522 http://www.onthehouse.com.au/news/article/?ArticleId=2522 Fri, 11 May 2012 00:00:00 EST Mining company Dart Energy has abandoned plans to drill a coal seam gas (CSG) well in Sydney's inner west. In a statement to the Australian Securities Exchange on Thursday, the company confirmed it would not undertake drilling at St Peters. Dart said it had indicated as much in a July 2011 statement, but was speaking up in light of "media coverage regarding a decision by Marrickville Council" on CSG drilling. http://www.onthehouse.com.au/news/article/?ArticleId=2514 http://www.onthehouse.com.au/news/article/?ArticleId=2514 Thu, 10 May 2012 00:00:00 EST The labour market has defied expectations with unemployment falling to its lowest level in a year. The surprise drop prompted economists to suggest that the unemployment rate may have peaked for the time being, reducing the chance of a further interest rate cut in June. The unemployment rate fell unexpectedly to 4.9 per cent in April after an additional 10,500 Australians found jobs, official data found. http://www.onthehouse.com.au/news/article/?ArticleId=2516 http://www.onthehouse.com.au/news/article/?ArticleId=2516 Thu, 10 May 2012 00:00:00 EST National Australia Bank's six month profit is up to a record $2.83 billion as it beats its rivals on customer growth thanks to a low interest rate strategy. But doubts remain on whether its guarantee to offer the lowest rate among the big four banks is sustainable. A 6.0 per cent rise in NAB's cash profit in the six months to March 31 was the result of higher earnings from NAB's personal, business and wholesale banking divisions. http://www.onthehouse.com.au/news/article/?ArticleId=2521 http://www.onthehouse.com.au/news/article/?ArticleId=2521 Thu, 10 May 2012 00:00:00 EST Mistreated or neglected residents in boarding houses will get new protections as part of a reform package announced by the NSW government. Current laws governing the sector are fundamentally flawed and in dire need of updating, NSW Disabilities Minister Andrew Constance said on Thursday. The reforms are designed to help protect residents at the state's 30 licensed boarding houses. http://www.onthehouse.com.au/news/article/?ArticleId=2517 http://www.onthehouse.com.au/news/article/?ArticleId=2517 Thu, 10 May 2012 00:00:00 EST The pace of annual gains in the value of New Zealand houses crept higher in April amid strong sales activity over the past few months, according to government valuer Quotable Value. National property values are 3.1 per cent higher than a year ago as at April 30 and are now 2.9 per cent off the market peak in 2007, QV said. Values rose 0.4 per cent over a rolling three-month period, down from 0.5 per cent in the three months ended March 31. http://www.onthehouse.com.au/news/article/?ArticleId=2515 http://www.onthehouse.com.au/news/article/?ArticleId=2515 Thu, 10 May 2012 00:00:00 EST A man who won a Supreme Court bid to overturn the sale of his Melbourne home for just $1000 says he is still at risk of losing the dwelling and can't afford to keep fighting. Zhiping Zhou, 50, built the two-storey, five-bedroom brick home himself at Braybrook, in Melbourne's west, in 2006. In 2009, the sheriff was commanded to seize and sell the property after Mr Zhou failed to pay a debt of more than $100,000 for almost three years. http://www.onthehouse.com.au/news/article/?ArticleId=2518 http://www.onthehouse.com.au/news/article/?ArticleId=2518 Thu, 10 May 2012 00:00:00 EST Shopping centre owner Centro Retail Australia says a $200 million settlement in a class action against it allows it to move on and focus on improving value for its securityholders. Centro Retail on Thursday confirmed it would contribute $85 million to an in-principle settlement payment of $200 million agreed to a day earlier. The class action was undertaken by law firms Slater and Gordon, and Maurice Blackburn against Centro Group and its auditor PricewaterhouseCoopers more than four years ago. http://www.onthehouse.com.au/news/article/?ArticleId=2513 http://www.onthehouse.com.au/news/article/?ArticleId=2513 Wed, 9 May 2012 00:00:00 EST The percentage of US homeowners behind on their mortgage payments dropped in the first three months of this year to the lowest level since 2009, according to a new report. Some 5.78 per cent of the nation's mortgage holders were behind on their payments by 60 days or more in the January-to-March quarter, credit reporting agency TransUnion said on Wednesday. That's down from 6.19 per cent in the same period last year, and below the 6.01 per cent delinquency rate for the last three months of 2011. http://www.onthehouse.com.au/news/article/?ArticleId=2511 http://www.onthehouse.com.au/news/article/?ArticleId=2511 Wed, 9 May 2012 00:00:00 EST The three major international credit ratings agencies have given the thumbs up to the federal government's planned return to surplus - but warn it may be hard to achieve. Standard and Poor's (S&P), Fitch Ratings and Moody's all said Treasurer Wayne Swan's fifth budget, delivered on Tuesday, would help the federal government weather any financial or economic shock that may come. The $1.5 billion surplus plan also would help Australia maintain its AAA rating, they said. http://www.onthehouse.com.au/news/article/?ArticleId=2512 http://www.onthehouse.com.au/news/article/?ArticleId=2512 Wed, 9 May 2012 00:00:00 EST A four-star hotel will be built at Randwick racecourse as it continues its transformation into a premier racing and entertainment venue. The NSW government and the Australian Turf Club (ATC) will on Thursday unveil plans for the trackside complex and name the hotel operator who will manage it. The apartment hotel will provide accommodation, not just for racegoers but tourists and other people attending major events at the track. http://www.onthehouse.com.au/news/article/?ArticleId=2509 http://www.onthehouse.com.au/news/article/?ArticleId=2509 Wed, 9 May 2012 00:00:00 EST Retailers hoping for a splurge of spending from consumers after last week's interest rate cuts could be disappointed. A survey by mortgage provider Loan Market found that just two per cent of homebuyers said they would increase their spending as a result of the average 35 basis-point reduction in lending rates in response to a 50 basis-point reduction by the Reserve Bank of Australia. Instead, 57 per cent of the 856 respondents in the online poll said they would be using the savings from the rate cut to boost their mortgage repayments, while 21 per cent said they would increase their savings. http://www.onthehouse.com.au/news/article/?ArticleId=2504 http://www.onthehouse.com.au/news/article/?ArticleId=2504 Tue, 8 May 2012 00:00:00 EST The federal government insists that returning the budget to surplus is right because the economy is in good shape and will help pave the way for further interest rate cuts. Budget papers, released on Tuesday night, forecast a $1.5 billion surplus for 2012-13, which was widely expected by the market and matches the forecast in the Treasury's Mid-Year Economic and Fiscal Outlook (MYEFO) last November . That's from a $44.4 billion deficit in 2011-12, which is believed to be the biggest fiscal turnaround in half a century. http://www.onthehouse.com.au/news/article/?ArticleId=2508 http://www.onthehouse.com.au/news/article/?ArticleId=2508 Tue, 8 May 2012 00:00:00 EST The federal government insists that returning the budget to surplus is right because the economy is in good shape and will help pave the way for further interest rate cuts. Budget papers, released on Tuesday night, forecast a $1.5 billion surplus for 2012-13, which was widely expected by the market. That's from a $44.4 billion deficit in 2011-12, which is believed to be the biggest fiscal turnaround in half a century.