The demand for home loans grew at a lower than expected rate in October, rising by 0.1 per cent, according to the Australian Bureau of Statistics. There was a 1.8 per cent rise in total housing finance in October, reaching $21.6 billion.
Australia’s construction sector improved slightly last month. According to the Australian Industry Group and Housing Industry Association, the Performance of Construction Index increased 1.2 points to 37 in November, but remained below 50 which indicates contracting activity.
FNN recently spoke to RBS Morgans Chief Economist and Director of Strategy Michael Knox about the Reserve Bank of Australia’s most recent rate cuts.
Auction results
Sydney recorded a 62 per cent clearance rate from 399 properties for auction, Melbourne cleared 65 per cent from 196 properties, Brisbane had a 30 per cent clearance from 37 properties listed and Adelaide cleared 36 per cent from 21 reported auctions.
Commercial property news
A Lend Lease Group
(ASX:LLC) led consortium has scored the right to construct a convention centre and residential complex at Sydney's Darling Harbour. Work on the project is expected to start this month and will include a hotel, residential apartments and commercial spaces.
Centro Retail Australia Limited
(ASX:CRF) says it plans to change its name to Federation Centres, pending shareholder approval and in an effort to overcome its troubled past.
Cromwell Property Group
(ASX:CMW) has announced a $163 million equity raising via new shares. The proceeds will be used to reduce debt, provide additional working capital and to fund a new unlisted property syndicate.
