MoneyHouse price slide continues, but analysts say the end is nigh
'He's definitely got his claws out tonight!' Viewers slam House Rules judge Laurence Llewelyn-Bowen for being overly critical as he likens room reveals to a 'clinic' and 'duty-free shop'
Laurence Llewelyn-Bowen is known as the straight-talking, eccentric judge on House Rules. And during Sunday night's episode, the British design guru was slammed by viewers on Twitter for being overly critical. © Provided by Associated Newspapers Limited 'He's definitely got his claws out tonight!' Viewers SLAMMED House Rules' Laurence Llewelyn-Bowen (far right), 54, for being overly critical of the room reveals on Sunday's episode The 54-year-old did not hold back, likening two room reveals to a 'clinic' and 'a duty-free shop'.
Home price falls are continuing to slow in Australia's two biggest cities, as an increase in auction clearance rates prompts some analysts to predict that the property market will bottom this year.
CoreLogic's latest monthly home value index shows prices fell an average of 0.4 per cent in May, with regional areas declining a smaller 0.2 per cent.
Darwin and Perth led the declines, with prices off 1.6 per cent and 1 per cent respectively last month.
Sydney and Melbourne have bigger declines over the past year, but both cities had smaller declines in May of 0.5 and 0.3 per cent respectively.
Auction clearance rate bounce points to house 'price stability'
The Sydney and Melbourne property markets are showing early signs of ending their steep slides, with a strong bounce in auction clearance rates on the first Saturday after the federal election. Preliminary figures from CoreLogic show that 69.9 per cent of homes that went under the hammer in Sydney found a buyer, while 62.9 per cent of auctions in Melbourne cleared. Those figures will be revised lower once extra results are submitted by agents, but Westpac senior economist Matthew Hassan expects the final result to come in about 65 per cent for Sydney and 60 per cent for Melbourne — the highest rate since April last year.
That fits with recent improvements in auction clearance rates in the two cities, where well over 60 per cent of properties that went under the hammer last weekend sold.
These preliminary figures are likely to drop to clearance rates in the low-60s to high-50s when the final figures come in later this week, but this is around the highest levels in more than a year.
CoreLogic's Cameron Kusher said the price falls in Sydney and Melbourne over May matched the improvement in auction clearance rates.
"We have been seeing the rate of decline on a monthly basis slow," he told ABC News.
"That [0.5 per cent fall in Sydney] was actually the slowest monthly rate of decline since March of last year and, similarly, in Melbourne we saw a 0.3 fall over the month, which was the slowest rate of monthly decline since April last year."
Sean Price hit with extra six months after assaulting officers
Convicted school girl murderer Sean Price has had six months added to his prison sentence. A Geelong Magistrate today hit him with the extra jail time for recklessly causing injury to a police officer while behind bars. He was also given three months for issuing a threat to kill. That sentence will be served concurrently. Price was serving a minimum term of 40 years for a series of crimes including the 2015 murder of 17-year-old Masa Vukotic in a Doncaster Park, and the rape of a woman in a Christian bookshop in Sunshine two days later.
However, while the falls in the big cities are moderating, they are continuing to spread beyond the south-east, with Adelaide the only capital city to record any price growth last month.
Nationally, Cameron Kusher is expecting the housing market to reach its nadir later this year.
"We expect that there's going to continue being some monthly declines over the coming months and then the market will probably bottom late this year," he predicted.
However, he is not expecting a rapid bounce in prices because homes are still expensive, particularly in Sydney and Melbourne, and tighter lending criteria will remain in force.
"We still think it's going to be a very slow recovery and the main reason for that is we have seen the prospect of changes to negative gearing and the capital gains tax now gone, we see that APRA is now talking about changing some of the serviceability limits, and that's positive for the market, and then we also potentially get an interest rate cut tomorrow or in the coming months, and those three factors are positive for the market.
"But it's still going to be a lot more difficult to get a mortgage than it was before 2014."
'Investors generally unsupportive': Analysts flag concerns with AGL's bid for Vocus.
AGL Energy's $3 billion takeover bid for telecommunications company Vocus has not been welcomed by all shareholders in the energy business as it scrutinises the books to determine whether to go ahead with a deal.
House price slide continues, but analysts say the end is nigh
House price slide continues, but analysts say the end is nigh By business reporter Michael Janda Photo: Preliminary auction clearance rates were above 60 per ...
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