Stand by for predictions that the property bubble has at last burst.
This week saw news that Sydney’s median house price – $1,167,516 – had FALLEN for the first time in two years, with the inner city and eastern suburbs and apartments on the lower north shore being worst hit.
The Domain Group claimed a fall of 1.9 per cent for the September quarter.
It’s been a five year roller coaster ride for property, so buyers at least are likely to breath a sigh of relief.
Except most commentators also pointed to a Credit Suisse claiming ONE IN FOUR homes in Sydney in NSW is bought by overseas Chinese buyers, who are getting around the credit restrictions using special accounts.
‘‘The Sydney market has well and truly cooled,’’ said AMP Capital chief economist Shane Oliver.
Dr Oliver said property values falling up to 10 per cent was possible.
Why you shouldn’t put you super with your bank
Just in case you haven’t been heeding the message, more bad news for those holding bank superannuation accounts. Banks still run poorest value funds
Stockspot runs something called the ‘‘ fat cat’ ’ annual report on superannuation and managed funds, showing an 18 per cent fall in the number of funds giving poor value.
But the banks maintained their lead…in high fees and low performance.
To qualify as a fat cat, a fund has to underperform its peers by more than 10 percentage points over five years.
Stockspot says there are 521 fat-cat super and managed funds – two thirds are managed by the big banks and AMP.
Coming soon – the bank account that talks to you
Now here’s something new. Soon you’ll be able to talk to your bank account…well, sort of.
The NAB is now allowing customers to have basic banking questions answered by Google’s virtual assistant, including Google Home.
Voice activation is being watched closely by other banks, including ANZ and ING Direct.
NAB says its customers can now ask simple questions such as how to have a lost credit card replaced , or how to reset their password, through Google’s virtual assistants.
Executive general manager of digital and innovation, Jonathan Davey, said that over the longer term the program was likely to be rolled out in a more personalised way, such as allowing people to access their accounts and make transactions by talking with a virtual assistant.
ING Direct expects its ‘‘chatbots’’ will be capable of answering individual customer questions such as ‘‘How much money do I have in my account’’ by the end of this year, though it has not set a date for rolling out such a change.
Let’s look into the future…