City dwelling prices in Australia slipped 0.3 per cent during May from the previous month on a seasonably adjusted basis, data released by property expert RP Data-Rismark revealed.
Property experts are of the view that Brisbane’s property market will likely not show massive increase in prices for the next three years.
Economic forecaster Angie Zigomanis, of BIS Shrapnel, predicts that median house prices in the Northern Territory capital will jump from $512,000 in 2011 to $557,000 in 2014.
New Zealand (NZ) house prices are quite high and therefore led to decline in house affordability, stated Murray Sherwin, Chairman, Productivity Commission.
House prices in the United Kingdom went up by only 0.1% in May, proving a failure of the economy to bounce back from its largest seven-month drop in April of 1.4%. In the three months through May, values have gone down overall by 1.2% in comparison with the three months before.
With more and more foreclosed home entering the US housing market, prices are expected to take another dive as supply far outdoes demand. While banks and mortgage lenders own almost 900,000 homes at the moment, they are in the process of foreclosing another 1 million home across the country and will likely be forced to repossess several millions more over the course of the upcoming years.
There have been increased claims made in regard of the refinancing of the mortgage applications. There has been a jump for a consecutive third week in this area; the deteriorating rates of mortgages have led to a demand of refinance.
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