Courtesy of Mish.
Record Number of Homes for Sale in Melbourne
Given the alleged housing shortage in Australia, it is interesting to note a Record number of houses for sale in Melbourne
In June, Melbourne’s residential listings grew at a monthly rate of 6.1 per cent – almost four times the national average – and recorded a yearly jump of 27.7 per cent, more than 27 times Sydney’s annual growth of 1 per cent.
Melbourne now has 55,293 unsold homes and apartments, according to today’s report, published by independent property researcher, SQM Research.
The city had a rental vacancy rate of 3.1 per cent in May, the highest among capital cities and an increase from 2.4 per cent a year earlier, SQM said in a release last month.
Permits granted to build or renovate homes soared 27.3 per cent in May from the prior month after the central bank cut interest rates, a report this week showed.
The number of homes approved in Victoria climbed 31.8 per cent from April, the biggest increase among all states, Australian Bureau of Statistics figures showed.
Nothing like building more houses to add to record supply.
Sub-Prime Collapse
The Australian reports Provident implosion exposes low-doc risks
THE $130 million collapse of subprime lender Provident Capital has highlighted the emerging problems in the nation’s low-doc and no-doc lending markets, which flourished during the years of the last property boom.
Provident Capital provided home-loan products but specialised in writing subprime “low-doc” and “no-doc”loans to people with impaired credit histories.
Provident Capital’s Fixed Term Investments offering, which holds about $130 million on behalf of 3500 investors, was frozen after the group wrote down its loans receivable by $13.8m.
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