Housing boom ‘officially’ over, market cooling quickly: UBS

first_imgUBS says housing boom ‘officially’ over, market cooling quicker than expected. Image: AAP/Troy Snook.SIX months after UBS boldly called the top of Australia’s property market, the investment bank has declared the housing boom is “officially” over.In the wake of the latest home price figures for October, economists at the bank are now predicting a “persistent and sharp slowdown” unfolding in response to lending restrictions and out-of-cycle mortgage rate hikes.QUEENSLAND SET FOR DOUBLE-DIGIT GROWTHBRISBANE HOME VALUES INCH HIGHERNEW HOME SALES SINK TO NEW LOWVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:34Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:34 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMonthly Core Index: October 201700:34CoreLogic’s latest monthly read on home values found price growth was flat nationally during October and up just 6.6 per cent annually — a sharp slowdown and the weakest pace of growth since 2016.Values rose just 0.2 per cent in Brisbane and fell half a per cent in the nation’s biggest housing market, Sydney.More from newsParks and wildlife the new lust-haves post coronavirus1 day agoNoosa’s best beachfront penthouse is about to hit the market1 day ago“This is broadly consistent with our housing deep dive ‘calling the top’, which forecast a moderation to 7% year-on-year by end-2017, before dropping further to 0-3% year-on-year in 2018,” UBS economists George Tharenou and Carlos Cacho said.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:35Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:35 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHousing affordability 01:35“Indeed, the weakness in auction clearing rates, and the near flat month-on-month growth in prices in the last 5 months, suggest the cooling may be happening a bit more quickly than even we expected.”UBS expects the Reserve Bank of Australia to keep the official cash rate on hold until the second half of 2018.St. George senior economist Janu Chan said the bank expected the current moderation in housing conditions to have further to run, but while further price falls were possible, it didn’t expect a sharp correction in prices.“On balance, we expect moderate price growth over the course of the year,” she said.“Firm population growth and still low interest rates will continue to lend support to the housing market.”last_img read more

Police: Man Threatened To Kill Dearborn Co. Mother And Children

first_imgA Dearborn County man is behind bars after authorities said he threatened to kill an Aurora woman and her two children.Dwayne Breakiron Jr., 23, was arrested and charged with Burglary, Intimidation with a Deadly Weapon, Criminal Mischief, and Inteference with Reporting a Crime.On Friday evening, the female victim and her children arrived at her home, however, remained in the vehicle because Breakiron was outside of her residence, Aurora Police Chief Josh Daugherty said.“The victim looked at her rear view mirror and saw Dwayne moving quickly towards her car. She started to drive away, and he jumped on top of her vehicle and held on while she and her two young children were trying to get away from him. Dwayne finally got off and she and her children went to a friend’s house to get away,” Daugherty said.The victim and children returned to the home during the early morning hours of Saturday. Authorities said Breakiron returned to the residence and entered the house while the family was asleep.Daugherty said, “Dwayne came into the bedroom where they were sleeping and made the victim get out of bed. The victim said that Dwayne took her to her living room and showed her a long gun and bullets and threatened to kill them all.”Police believe the gun was a .22 caliber rifle.Investigators allege the children did hear the suspect tell their mother he was going to kill them with the gun, but couldn’t find the clip to put the bullets in. Breakiron tried to force the woman to help find the clip, police said.“Dwayne made their mother give him the only cell phone in the house so that no one could call the police,” the police chief cited. Police also said the suspect threatened to strangle the family pet Chinchilla.No word on the connection between the victim and suspect, but Police Chief Daughtery called it domestic violence in an email.last_img read more

Spurs and Pool looking for Europa progress

first_imgSpurs need a win in Azerbaijan against Qarabag, while Liverpool fans will demand a victory at home to Bordeaux.Things are not so good for Celtic, who’ll be eliminated if they lose against Ajax at Parkhead.last_img

Indian Man Shot Dead in Mississippi

first_imgA 21-year-old Indian man was shot dead in front of his house during a robbery in the U.S. state of Mississippi.The incident happened days after a 20-year-old Indian student was killed by two armed robbers at a grocery store in California.In the latest attack, Sandeep Singh was shot in the stomach during the robbery reported around 11 p.m. on Nov. 26 in Jackson city, Mississippi, police said.He died at the University of Mississippi Medical Centre on Nov. 27, reported WAPT, an ABC-affiliated television station.Singh and two other men were standing outside their house when a man in a mask and a hoodie walked up to them. The robber took money and cellphones from the men.As the robber ran away, he fired shots and one of the bullets hit Singh, knocking him unconscious, police said. Singh’s death is the city’s 58th homicide for the year.He hailed from Jalandhar and got a job in the United States after he migrated to the country four years ago on a tourist visa.The gunman could be one of a group of armed men believed to be responsible for recent armed robberies of businesses and individuals throughout the northwest Jackson area, the police said.The shooter was described as wearing a gray hooded shirt and was armed with a 9 mm pistol, police said.“In an attempt to conceal their identities, they have their faces covered with bandannas and/or masks. The suspects have also been observed wearing hooded sweatshirts and gloves,” Commander Tyree Jones said in a news release.All of the men are African American, said Jones.This is the second such incident of the killing of an Indian youth in the United States in the past two weeks. On Nov. 13, Indian student Dharampreet Singh was shot dead allegedly by two armed robbers, including one of Indian-origin, in California. — (IANS) Related ItemsMississippiUnited Stateslast_img read more