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Mortgage Business
Detached housing starts jumps 40% YOY: ABS By Malavika Santhebennur 16 July 2021
The number of new houses that commenced construction in the March 2021 quarter was over 40 per cent higher than the same time last year, according to new data.
Building Activity figures for the March 2021 quarter released by the Australian Bureau of Statistics (ABS) have revealed that the seasonally adjusted estimate for the total number of dwelling units commenced rose by 0.2 per cent to 51,662 dwellings.
This was driven by a 5.9 per cent increase in the number of new detached housing commencements to a 20-year high of 35,869 and has followed a 27.1 per cent rise in the December 2021 quarter.
Mortgage Business
Banks welcome NSW COVID support By Malavika Santhebennur 15 July 2021
The big four banks have responded to the expanded COVID support in NSW for businesses and workers impacted by extended lockdowns.
On 13 July, the Morrison and Berejiklian governments announced an expanded support package for workers and businesses affected by coronavirus pandemic outbreaks and associated lockdowns.
The expanded measures included making grants available to eligible businesses with annual wages up to $10 million to cover the first three weeks of restrictions, and payroll tax waivers for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover.
More dwellings cheaper to buy than rent post-COVID By Malavika Santhebennur 15 July 2021
It is now cheaper to service a mortgage than pay rent on a larger proportion of properties compared with pre-COVID-19 crisis, according to new research.
CoreLogic’s weekly Property Pulse has revealed that servicing a mortgage has become cheaper than paying rent on 36.2 per cent of Australian properties, higher than the pre-COVID-19 proportion of 33.9 per cent reported in February 2020.
The analysis found that just over a quarter (26.2 per cent) of properties are cheaper to buy in the combined capital cities, while this figure jumps to 60.1 per cent in the combined regional cities.
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