With record amounts of homes being approved, Australia's new housing boom is expected to boost the earnings of the country's listed residential developers. AVJennings is due to report its results today, with big developers including Stockland and Mirvac reporting later this week.
JP Morgan Asset Management wants more real estate platform acquisitions in Australia and the region as it expands across developed markets and builds funds under management. JP Morgan Asset Management entered the Asia Pacific in 2006 focusing on real estate in India and China.
A Roy Morgan survey on Australia's unemployment and under-employed shows that the real unemployment rate fell to 9.8 per cent in January 2015. This compares with an official unemployment rate of 6.1 per cent in December 2014. The survey shows 2.27 million Australians are either unemployed or under-employed.
Sydney's price boom means many sellers in 2014 made huge resale profits even though they had owned their properties for less than five years. Fewer properties selling at a loss is a reflection of overall market conditions.
As other sectors languish, a buoyant housing market is its only hope in 2015 and house prices seem poised to rise by about five per cent in most capital cities this year.
There was a 20 per cent jump in apartment sales in Australia in 2014, to a historic high of 14,293, and the Housing Industry Association predicts a higher figure in 2015.
ANZ Bank has announced it will pass on in full the Reserve Bank of Australia's interest rate cut of 25 basis points on February 12, earlier than its main rivals Commonwealth Bank of Australia, Westpac Banking and National Australia Bank.