numbercruncher
Beware of Dropbears
- Joined
- 12 October 2006
- Posts
- 3,136
- Reactions
- 1
hello,
here's one NC,
http://www.realestate.com.au/cgi-bi...r=&cc=&c=83553067&s=vic&snf=rbs&tm=1202023409
185k, 38km to GPO
pretty good deal, wow that was hard work
so a labourer on 60k doing it pretty easy NC
any moaners on this one
thankyou
robots
hello,
is the house affordable though NC? yes good one
keep moaning
thankyou
A study conducted by Fujitsu Consulting and JP Morgan predicts that as many as 300,000 Australians could be forced to default on their home loans this year.
The study also found that increasing interest rates will mean that about 750,000 households will struggle to pay food and bills, and will be under mortgage related stress.
The predicted default rate has more than doubled since the groups conducted similar research in September and that number will almost certainly rise if interest rates continue their upward trend.
Fairfax newspapers claim that in New South Wales alone repossession rates have risen by 67 per cent in the past 2 years.
Compounding the problem is the fact that many properties are being over-valued at the time of purchase, meaning that even selling properties doesn't necessarily get the borrower out of debt.
Property crunch hits British Land
By Jonathan Russell
Last Updated: 11:25pm GMT 02/02/2008
The UK's second biggest property company, British Land, is braced for a £1.7bn hit on the underlying value of its real estate portfolio when it reveals quarterly results this week.
# The latest news and analysis from the construction and property sector
# Land Securities chief Francis Salway on life at the top
Falling commercial property prices, magnified by the company's relatively high debt, could see a 20 per cent fall in its net asset value, according to analysts at JP Morgan. Others are also predicting significant falls: Deutsche Bank expects 16 per cent and Morgan Stanley 13 per cent.
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JP Morgan analyst Harm Meijer warned that the result could lead to a fall in British Land's share price. He said: "We believe British Land will report a significant drop in net asset value.
Given the recent share price jump and the fact British Land is the first among the majors to report a large decrease, we believe the share price may be negatively impacted this week."
As one of only two FTSE100 property companies to report quarterly figures, British Land's results will be the first to reflect the sudden downturn in prices in the underlying market at the end of 2007.
Valuation experts estimate that City offices, which make up 30 per cent of British Land's portfolio, could have fallen by up to 20 per cent, while the company's retail portfolio will also have suffered significant writedowns.
One expert said: "There is a fundamental problem with the large size of British Land's properties. There is a lack of liquidity in the market for big ticket buildings. The debt financing has gone as have the deep pockets from the investment market. This will affect their value."
Such a fall would take British Land's net asset value per share from £16.82 to £13.50 over the three months to the end of December.
Commentators will be hoping that British Land's chief executive, Stephen Hester, will give the market some comfort over his outlook for the sector. In interim results published in November, British Land said it had £2bn of undrawn banking facilities that it could use to invest in the market.
But with a large unlet development pipeline and the debt ratio set to rise on the back of this week's results, it is unlikely to go further into debt to finance acquisitions.
A rally in property shares since the start of the year has seen British Land and the wider commercial property sector buck the general gloom of the market, rising by over 5 per cent. Its rivals, Liberty and Hammerson, are also due to report in February, but the market is split on its outlook for share movements.
Martin Allen, a property analyst at Morgan Stanley, said: "British Land has a relatively high exposure to the City of London, which we expect to underperform over the next couple of years.
We also expect their two large unlet City office developments to count against them."
hellohello,
check out cfmeu vic site and you can download rates from them,
10% super, reduncancy, site allowance isnt on the page
the latest table is for 06, so proably been some increases from 06
happy reading NC
thankyou
robots
hello
Robots youy are a trade union thug. Just what we need
Thankyou
http://www.skynews.com.au/news/article.aspx?id=215134
Isnt it high time the Realestate Industry was fully investigated?
Or do we, like the US, wait until after it blows up to start investigating?
Alas, something we can agree on.no need to raise tax,
just get rid of all the departments Australia doesnt need
thankyou
robots
I do like how you selectively quote the article numptycruncher.
Compounding the problem is the fact that many properties are being over-valued at the time of purchase, meaning that even selling properties doesn't necessarily get the borrower out of debt.
Hello Gorilla
is it not ok to quote the bit of article I am concerned about ?
Properties being over valued at time of purchase has what exactly to do with Credit Cards ?
Over valuing is Fraud in Australia, just like it was fraud in the US.
Kim Quick, senior valuer at property advisers Herron Todd White, said increasing numbers of people were stuck in a housing trap where their home was no longer worth what they paid for it because it was over-valued when they bought it.
"A few years ago people were desperate to get on the housing ladder and were convinced that property prices were just going to go up and up," she said.
"Now they can't afford to stay but they can't afford to go either."
In the last few weeks, Ms Quick's company has overseen repossessions of an $800,000 house in Annandale and a unit in the central business district.
Last year, the company presided over the repossession of five neighbouring houses in one street in Kellyville, all within months of each other.
Higher Rates Tip More Into Mortgage Stress
Higher home mortgage rates have sent the number of households in mortgage stress soaring since the Census was taken in August last year, according to the Housing Industry Association.
Based on research from the National Centre for Social and Economic Modelling (NATSEM), the HIA has found that 33.2 per cent of all owner-occupiers are in mortgage stress, up from 28.5 per cent in August of last year. In Sydney, more than 41 per cent of home buyers are now in mortgage stress.
Oh your talking about the small time Muppets ? The Flippers and wannabe property moguls, sure they are the first to be sqeezed out.
Big developers keep pumping out blocks etc as long as someone is waiting to buy, they dont go on holiday for a decade waiting for low interest rates etc.
Surely the onus isnt upon the Forum user to prove the accuracy of a reporters report
No I cant prove what this Lady says to be true or that the reporter didnt make errors in reporting it, I simply dont have the time.
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