Tag: Real Estate

LOS ANGELES (AP) — Homebuilders have pumped the brakes on new single-family home construction this year, a trend that’s likely to extend into 2023, according to several forecasts.

Single-family housing starts were running at a seasonally adjusted annual pace of about 1.16 million properties in January, when the average rate on a 30-year mortgage hovered below 4%. By October, starts had slowed to a seasonally adjusted annual pace of 855,000, as long-term mortgage rates climbed above 7% for the first time in two decades, crushing many would-be homebuyers’ purchasing power.

The slowdown has single-family housing starts set to fall for the first time in 11 years, with another pullback likely in 2023.

Carl Reichardt, a homebuilding analyst at BTIG, forecasts that single-family housing starts will drop about 11% this year and double that in 2023, before climbing 5% in 2024.

A homebuilding industry forecast released this week by Fitch Ratings

News Corp Australia Network

There are already seven registered bidders for this rundown Townsville CBD cottage, but the agent reckons that will double by auction day.

Located at 273 Stanley St, the cottage is a bit worse for wear, with the brick front porch almost non-existent, parts of the gutter have come away, windows are boarded up and the 208sq m block is strewn with fallen branches and twisted foliage.

It is being marketed by Ian Clarke of Ian Clarke Real Estate on behalf of the Public Trustee, and will go to auction on Saturday at 10am.

“It has been pretty popular,” he said.

“There are seven registered already but I reckon that will double, or get to at least 15 by auction day.”

And Mr Clarke has a pretty good track record for drawing huge crows to his Public Trustee auctions.

Late last year, a hoarder house in West

THIS immaculately-presented Queenslander on a large 1012sq m block has all the signature features of a Queenslander, with casement windows with tinted panels, tongue and groove walls, high ceilings and black bean timber floors.

Ray White Cairns South agent Therese Plath said the four bedroom property at

57 Riverstone Road, Gordonvale, had great views to the landmark Pyramid mountain.

“It is a picture perfect highset character Queenslander,” she said.

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The Reserve Bank of Australia has hiked the official cash rate for the eighth consecutive month, delivering yet another hip pocket hit just before Christmas.

At its December board meeting today, the RBA lifted rates by 25 basis points to 3.1% – its highest level since December 2012.

Most economists expected today’s move on the back of the latest inflation data, with the Consumer Price Index sitting at 6.9% in the 12 months to October – down only slightly from September’s quarterly figure of 7.3%.

“Inflation in Australia is too high,” RBA governor Philip Lowe said in a statement.

“Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. Returning inflation to target

THE ultimate knock down, rebuild at a Cairns beach front location is on the market – but it comes with a hefty price tag.

The beach shack at 255 O’Shea Esplanade, Machans Beach, is on the street that time forgot, populated with older houses unlike some swanky northern beaches oceanfront strips.

The three bedroom shack built in 1940 has a $1,095,000 price tag.

It is on a 576sq m block and a major selling point is that the block has dual access to Marshall St at the back, and thus no rear neighbours.

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