Homebuyer Enquiries on the Rise
Interest rate stability and a more relaxed approach to lending by banks are encouraging first-time buyers back into the housing market, having dropped to the lowest level in four years. But one economist says the Reserve Bank would need to hold fire on raising rates for a few months more if lending is to bloom.
House Prices Record Solid Growth
Median house prices grew significantly over the June quarter, a new report has found. According to Mortgage Choice's Real Estate Market Facts report, the median house price climbed 3.2 per cent to $533,243 last quarter. Mortgage Choice Senior corporate affairs manager Kristy Sheppard said the auction market had performed well, especially when compared with the previous quarter.
New Homes on the Rebound
A forecast 16 per cent rise in new dwellings in NSW this year will lead national new home construction after buyer activity was dampened by the end of first home buyer grants. First home buyer numbers fell 50 per cent earlier this year following the scrapping of grants in 2009.
Rates on Hold till 2011 : Nab
Interest rates will remain on hold for the rest of the year, NAB chief economist Alan Oster has said. According to NAB's latest global and Australian forecasts, the RBA is expected to keep the official cash rate on hold at 4.5 per cent until 2011, when rates will ultimately rise and peak at 5.5 per cent.
Home Buyers Cash in on Relaxed Loan Terms
Homebuyers have been returning to the market, lured by a steady interest rate outlook and cooling house price growth, with demand for mortgage loans picking up. Signs are emerging the big banks are letting home owners borrow more. Mortgage brokers report that some lenders are relaxing lending standards. This pick-up in credit growth continues to benefit the big four banks.
Mortgage Sales Jump 11% in August
Mortgage sales jumped 11 per cent in August as homebuyer confidence strengthened and mortgage delinquencies stabilised.
Sydney Boasts World-class Price Tags
Wolseley Road, Point Piper, ranks as the world's 10th priciest residential street, says the latest Dow Jones Financial News index. Europe property prices are in turmoil, and the priciest street was in Hong Kong. Australia's representative held its ground, and might edge higher after the recent $52 million sale of Villa Veneto.
Off the Plan.... Devil is Always in the Detail
Unwary buyers risk finding out, to their peril, that off-the-plan sales contracts can be a minefield of problems. It's common for an OTP sales document to run to more than 100 pages, most of which is written in dense industry and legal jargon.
Rba Holds Fire
The Reserve Bank has left interest rates on hold, giving borrowers another month to breathe easy over mortgage repayment costs. The central bank kept rates at 4.5 per cent for the fourth consecutive month today. The decision follows official figures that show economic growth has not forced an increase in inflation.
Sales Survive Election Woes
The August residential auction market finished on a strong showing with a 68 per cent weekend success rate, despite the uncertainty of the recent election. An overall 66 per cent clearance rate this month, with only a handful of auctions to go, will rank as the best monthly result since April. It was also a weekend of inner-city records.
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