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Posts Tagged ‘markets’

 

  • Banks say they will be forced to lift rates
  • Will be more than official RBA rises
  • Facing higher costs of raising money
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    BANKS have confirmed homeowners’ worst fears: they will increase mortgage rates by more than the official Reserve Bank rises in the coming months.

    The Big Four banks claim they will be forced to lift interest rates beyond the official RBA cash rate increases because they are facing higher costs of raising money in the wholesale markets.

    Full story  :  http://www.news.com.au/business/money/story/0,28323,26194165-5013952,00.html

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    HOUSE prices could rise by as much as 22 per cent during the next three years, an economic forecaster says.   house price

    ”The conditions are ripe for a sustained recovery in residential property prices,” according to BIS Shrapnel’s Residential Property Prospects, 2009 to 2012, report.

    ”Low interest rates, solid growth in rents and housing shortages are evident in most markets.

    ”However, the current economic malaise will mean confidence will only recover slowly during 2009/10.”

    BIS Shrapnel senior project manager and study author Angie Zigomanis said that, at this stage, all of the action was occurring at the lower-priced end of the market.

    This is due to a surge in first-home buyer demand as a result of the federal government’s first home owner boost scheme and low interest rates, he said.

    BIS Shrapnel forecasts there will be 180,000 first-home buyers in 2009.

    Although first-home buyer demand was expected to ease after the expiry of the government’s boost scheme at the end of 2009, upgraders and investors were expected to take the baton, Mr Zigomanis said.

    ”We expect rising confidence in the prospects for an economic recovery in 2010, so investors are likely to return in greater numbers, attracted by increased rental returns and low interest rates.”

    Among the state capitals, Sydney, Melbourne and Adelaide will show the strongest price growth over the next three years, at 19 per cent.

    More moderate growth is expected in Brisbane, Hobart, and Canberra, while price growth in Perth and Darwin is expected to be weak as the local economies of these cities are impacted by a decline in investment spending in the resources sector.

    BIS Shrapnel estimates Sydney’s median house price at June 2009 to be $530,000, and predicts it will rise by mid-2012 to $630,000. Melbourne’s current median house price is estimated at $425,000, rising to $507,000 by June 2012.

    In Adelaide, the median price is estimated at $360,000 and predicted to climb to $430,000 over the three years.

    Among other cities around Australia, Newcastle and Wollongong are expected to benefit from the migration of residents from Sydney over the coming years.

    The median house price in Newcastle is expected to soar 22 per cent over the three years, while Wollongong is forecast to see growth of 20 per cent in the same period.

    In Brisbane, the average house is estimated to cost $391,000 now and is expected to cost $455,000 by mid-2012, an increase of 16 per cent.

    Hobart’s median house price is estimated to be $335,000 and will rise by 15 per cent to $385,000 over the three year period.

    An average house in Canberra is estimated to cost $440,000, increasing to $515,000 by 2012, a rise of 17 per cent.

    In Perth, the estimated median house price is $425,000, expected to reach $475,000 in three years, up 12 per cent.

    Darwin’s forecast median house price is $470,000, predicted to show an increase of 11 per cent over the three years.

    For the Gold Coast, the Sunshine Coast and Cairns, BIS Shrapnel forecasts prices will increase by 14 per cent, while Townsville prices are expected to grow 13 per cent over the three years.

    Source  :  www.news.com.au

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    More than 40% of Australian employers are struggling to fill positions, according to Manpower’s Fourth Annual Talent Shortage Survey.

    Engineers, technicians and machine operators were all in the top 10 list of jobs that employers are having difficult filling.

    Nearly 11,500 Australian employers were interviewed as part of the global survey.

    “Despite high levels of unemployment in many markets, this year’s talent survey suggests a mismatch between the type of individuals available for work and the specific skills that employers are looking for,” Manpower’s managing director Lincoln Crawley said.

    According to Crawley, companies are being pressured to shift their mindset to think more strategically and creatively about how to do more with less and the same approach is being applied to how they manage their talent.

    “Employers are looking for ways to accelerate their business strategy with less people. It’s this specificity of skills required in the individuals that employers are now seeking that is creating a sense of talent shortage amidst an overabundant pool of available workers.

    “This conundrum is frustrating both employers and individuals,” he said.

    According to the survey, skilled trade vacancies have become the most difficult to fill in recent years, moving from eighth place in 2006, to fifth in 2007, fourth in 2008, and second in 2009.

    Source :   http://www.liveinaustralia.com/home/news.asp

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