Queensland low bucks the Australian home loan trend

THE average new mortgage in Australia has hit an all-time high of $367,000 according to mortgage broker Australian Finance Group.

But Queenslanders have been more conservative than the rest of the country, with the average new mortgage in Queensland sitting at $325,000.

The average home loan in New South Wales is now $433,000; in Western Australia it is $391,000 and $386,000 in the Northern Territory.

Australians have been increasingly taking on bigger mortgages, with the average new home loan 6.4 per cent larger than it was in May 2009.

Queensland bucked this trend, however, with new mortgages taken out in November $10,000 smaller than the previous month and close to the state’s January low of $323,000.

Home loans in both Victoria and New South Wales grew since May – up 12.1 per cent and 10.7 per cent respectively.

The news comes after the Reserve Bank of Australia announced on Tuesday that it was lifting the official cash rate for the third successive time.

The latest 0.25 per cent rise, when passed on by lenders, will cost home-owners with a $367,000 mortgage on a standard variable rate an extra $56 a month, while those slugged with a 0.45 per cent rate hike face an increase of $102 per month.

First-home buyers accounted for just 13.7 per cent of all new mortgages in November, down from their peak of 28.1 per cent in March.

Investors have been steadily returning to the property market over the past four months and represent a third of all new mortgages in November.

Of those who took out a new mortgage in November, only 2.1 per cent opted for a fixed-rate, down from 3 per cent the previous month.

Total numbers of new mortgages were lower than previous months.

Mark Hewitt of Australian Financial Group said: “October and November are seasonally strong months in the calendar, but we’ve seen two straight months of decline.

“Larger average mortgages and greater activity by investors are usually signs of a confident market but confidence is still fragile.

“We believe the RBA hiked rates too quickly and too soon.”

Source  :  www.thenews.com.au

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WA is fastest growing state with 2.204 million people

WESTERN Australia has the fastest growing population in Australia, according to the latest figures from the Australian Bureau of Statistics.

WA’s population growth rate has hit 3.1 per cent for the year ending December 2008 – well ahead of every other state or territory.   

Next was Queensland, growing at 2.5 per cent, Northern Territory, 2.0 per cent, Victoria, 1.9 per cent, ACT, 1.7 per cent, New South Wales, 1.4 per cent, South Australia, 1.2 , and Tasmania, 1.0 per cent.

WA, along with Queensland, had the highest rate of intra-state migration, with WA attracting 6300 people from other states and territories and Queensland luring 21,200 interstaters.

At December 31, 2008, WA’s population was 2,204,000 — the fourth largest in Australia, with NSW the most populous state (7.04 million), followed by Victoria (5.36 million) and Queensland (4.35 million).

Nationally the population increased by 1.9 percent  from 2007 — the highest growth rate recorded since the 1950s and 1960s, which was boosted by post war migration and high birth rates. 

These rates compare with a 1.2 per cent growth rate recorded five years ago.

At the end of 2008 Australia’s population had swelled by 406,100 people to 21,644,000.

Of the 406,100 new Australians,  62 per cent, or  253,400, were overseas immigrants. The excess of births over deaths contributed 152,700. 

The states losing the most people to interstate migration were New South Wales (down 22,700), South Australia (down 5200) and Victoria (down 1000).

Source www.news.com.au

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WA flu man cleared as cases top 400

WA’s only confirmed case of swine flu has been cleared after a week in quarantine, Ten News has reported, while the nation’s swine flu tally has passed 400.

The  man, who tested positive last week after going to hospital with mild flu symptoms, was in home quarantine with his wife and their eight children.

Australia’s Eastern States has been particularly hard-hit by the flu and Victoria has recorded a massive surge in cases, most of them children.
 
By this afternoon the number of confirmed cases in the State had risen to 306, a rise of 94 in 24 hours.

Most of the new cases in Victoria also involved young people aged five to 18, prompting a twelfth Victorian school to be closed today.
 
According to Federal Health Department figures, there were 64 confirmed cases in NSW, 18 in Queensland, six in South Australia, four in the ACT, and one each in Tasmania and the Northern Territory.
 
However, Queensland Health officials say the State now has 22 confirmed cases, the latest being teenage girls.
 
Federal Health Minister Nicola Roxon said the Government was assessing whether to elevate the nation’s response to the disease from the contain to the sustain phase.
 
Victoria is already preparing to move into the sustain phase, under which quarantining is limited to those who share a home with a confirmed swine flu patient.
In the contain phase, anyone who has had contact with a swine flu patient is quarantined voluntarily and given antiviral drugs for a week.
 
The nation’s chief medical officer, Professor Jim Bishop, said the advice to people with flu-like symptoms may change as swine flu evolved.
 
At present, people who come down with flu-like symptoms, especially if they have recently travelled to an affected country, are being advised to seek medical advice.
 
Professor Bishop said in the future, fit and healthy people may be told to stay at home and only those in at-risk groups, including those with seek medical advice and asthma, will be advised to visit their GP.
 
“A lot of people that have these sorts of symptoms of course will, as this thing progresses, stay at home and not necessarily seek medical advice if in their own case it is a at-risk groups— and that we expect to see more of,” he said.
 
“As we move along in this marathon race, what we will need to do is obviously identify those people that we’re concerned about.
 
“If there is large numbers involved, we want to make sure the system is looking after people we most want to look after.”
 
The swine flu-affected ship Pacific Dawn docked in Sydney this morning after NSW Health authorities gave it the all-clear.
 

The P&O ship was forced to cut short its trip to the Barrier Reef last week when three crew tested positive for the virus.
 
A senior NSW Health doctor and 25 nurses boarded the ship in Brisbane on Saturday, testing all 2500 people on board during the two-day voyage to Sydney.
 
While disappointed the cruise didn’t go to plan, passengers said they still enjoyed the journey.
 
David Geers, from Brisbane, joked it was the perfect place to be quarantined for seven days.

 “If you had to be quarantined somewhere I couldn’t have thought of a better place … because we got fed, the drinks tasted the same and the staff were fantastic,” he told reporters at Darling Harbour.
 
More than 15,000 people in 53 countries have tested positive to swine flu, with deaths totalling 99.

Source www.thewest.com.au

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