Rate Reprieve for Borrowers
Borrowers can breathe easy - for a few months, anyway Borrowers can expect a reprieve from interest rate rises in the next few months, analysts say, after the Reserve Bank gave strong signals that rates are on hold. After six rises in official interest rates since October, minutes from this month's Reserve board meeting show mortgage rates were back to their long-term average.
Nsw Opposition to Oppose Property Tax
The opposition will oppose the NSW government's proposed property tax and will repeal it in government if necessary, Opposition Leader Barry O'Farrell says. Mr O'Farrell said the proposed ad valorem fee on property transfers, quietly announced by Lands Minister Tony Kelly, is "based on a lie". "Ms Keneally's new tax is not only unfair, but it's also based on a lie," Mr O'Farrell said.
Rents Soar in Sydney's Housing Shortage
Sydneysiders are paying up to $30 a week more for rent than they were just three months ago as prices soar amid the city's housing shortage, a lobby group says. Renters of suburban homes and inner-Sydney apartments were the hardest hit in the latest series of rolling increases, according to property development industry group Urban Taskforce.
Property Investor Confidence Rises
Confidence in the property market among established purchasers is at an historic high as first home buyers recede from the market, a survey finds. Three quarters of established - or next time - buyers believed it was a good time to snap up an investment property - a record high proportion, according to the latest BankWest and MFAA Mortgage and Finance Association of Australia index data.
New Home Sales Climb Higher
New home sales inched up in March despite the tightening monetary lending environment. According to the Housing Industry Association (HIA), nationwide, the volume of homes sales rose 0.9 per cent in March following a 5.2 per cent fall in February.
Now is the Time to Invest
Despite the RBA’s decision to raise rates again, more than 70 per cent of ‘next time’ buyers believe now is a good time to purchase an investment property. According to the latest Bankwest/MFAA Home Finance Index, the number of prospective ‘next time’ buyers has moved up sharply from the 14.5 per cent recorded during the height of the credit crisis, to 74.8 per cent.
Australian Building Approvals Surge in March
Building approvals hit a six and a half year high in March on a boost in flats and townhouses, economists say. Australian building approvals rose 15.3 per cent to 16,383 units in March, seasonally adjusted, from an upwardly revised 14,208 units in February, the Australian Bureau of Statistics (ABS) said on Wednesday.
Home Prices Surge Record 20%
Capital city home prices rose by a record 20 per cent in the year to the end of March, giving the Reserve Bank more reason to lift interest rates tomorrow. For the quarter alone, home prices rose 4.8 per cent, easing from a revised 5.1 per cent recorded for the December, the Australian Bureau of Statistics said today.
Bricks and Mortar Offer a Solid Option
With the Reserve Bank increasing interest rates again this month to 4.25 per cent and more increases on the way, it is important for investors to be aware of how these rate hikes will affect the market. A key benefit of residential property as an investment asset is its stability relative to other asset classes, such as shares.
Rba Eyes May Rate Rise
The Reserve Bank of Australia has left the way open for another rate rise in May. Although analysts have been given little explicit detail to go on with the release of the minutes of its April 6 board meeting, the wording of the reasoning behind the decision to raise rates in April is consistent with another move next month.
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