Melbourne unit approvals double national average… Australians more comfortable with debt…
Melbourne market strong with unit approvals
Unit approvals in inner city Melbourne are more than double anywhere else in Australia, as strong demand from investors and low interest rates drive a surge in construction, according to Sourceable.
CoreLogic RP Data research analyst Cameron Kusher says approvals for unit developments nationally are at a record high with investors showing a clear preference for them. Kusher says inner city Melbourne is already experiencing a high volume of new unit construction and the pipeline keeps growing.
Melbourne inner city has recorded 12,516 unit approvals so far this financial year, more than double that in the second-placed region of inner city Brisbane (5,808), according to regional analysis of Australian Bureau of Statistics dwelling approvals data.
"With a particular focus on investment mortgages this may have an impact on demand from investors who are seemingly a key driver of the surging demand for inner-city units," Kusher said on Thursday.
Aussie household debt triples since 1990
Household debt on average has grown threefold in 25 years for Australians, new data from the Curtin Economics Centre has revealed. According to the study, 1990 saw the average Australian household debt at less than six months of annual income. This year, the average has tripled to 18 months of annual income.
"When you look at those sorts of debt-to-income ratios, with debt rising so much and particularly amongst households that are approaching retirement, that is really something we ought to guard against," the centre's director Alan Duncan was quoted as saying by ABC News.
He warned that there is a high risk that Australians may live beyond their means if saving disciplines aren’t followed.
Unit approvals in inner city Melbourne are more than double anywhere else in Australia, as strong demand from investors and low interest rates drive a surge in construction, according to Sourceable.
CoreLogic RP Data research analyst Cameron Kusher says approvals for unit developments nationally are at a record high with investors showing a clear preference for them. Kusher says inner city Melbourne is already experiencing a high volume of new unit construction and the pipeline keeps growing.
Melbourne inner city has recorded 12,516 unit approvals so far this financial year, more than double that in the second-placed region of inner city Brisbane (5,808), according to regional analysis of Australian Bureau of Statistics dwelling approvals data.
"With a particular focus on investment mortgages this may have an impact on demand from investors who are seemingly a key driver of the surging demand for inner-city units," Kusher said on Thursday.
Aussie household debt triples since 1990
Household debt on average has grown threefold in 25 years for Australians, new data from the Curtin Economics Centre has revealed. According to the study, 1990 saw the average Australian household debt at less than six months of annual income. This year, the average has tripled to 18 months of annual income.
"When you look at those sorts of debt-to-income ratios, with debt rising so much and particularly amongst households that are approaching retirement, that is really something we ought to guard against," the centre's director Alan Duncan was quoted as saying by ABC News.
He warned that there is a high risk that Australians may live beyond their means if saving disciplines aren’t followed.
