Offshore Investors Flock to Local Property
Offshore investors are flocking to park their money in Australian property, despite recent volatility on domestic markets, Sydney property developer Lend Lease says. Chief executive Steve McCann says negativity in Australia is a ‘‘little bit exaggerated’’, given the strength of the domestic market compared to almost every market overseas outside Asia.
Sydney Still the Leader of the Pack
Based on the May RP Data-Rismark Home Value Indices results, over the past year Sydney has been the only capital city in Australia to record an improvement in home values. Across the combined house and unit market, values are up 1 per cent; a far cry from the 12.9 per cent gain recorded over the year to March last year, which marked the peak in the latest growth phase.
Price Rise Another Sign Sydney Market is Stirring
The Sydney median house price has risen for the second consecutive quarter. Data from Australian Property Monitors reveals the Sydney median house price has risen for the second consecutive quarter. It jumped 1.1 per cent from the $639,770 recorded for the February quarter to $646,662 for the May quarter. This follows a 1.1 per cent rise over the April quarter.
Signs of Life As Sydney Auction Results Start to Bloom
More positive signs emerged over the weekend for the Sydney housing market. Auction clearance rates rose to the highest levels for the year and are now consistently tracking the results recorded for the same time last year. The number of properties being offered for auction still remains below the level at the same time last year.
Fixed-rate Mortgages Level with Variable
In a historically rare event, three-year fixed interest rates are about the same as variable rates, which is good news for embattled budget-conscious first-home buyers. Many prospective buyers have been holding back because they fear monthly mortgage repayments will rise when household expenses are going up.
Rba: Rate Hike 'necessary' at Some Point
The central bank has again signalled that interest rates will increase "at some point" but says it will wait for more news on the state of the international economy and on Australia's domestic demand. The minutes of the Reserve Bank of Australia's (RBA) latest board meeting, show the bank believes inflation is being moderated by a high Australian dollar and recent lowering labour costs.
Home Loan Exit Fees Likely to Go
A last-minute attempt to overturn a ban on home loan exit fees looks set to fail, with a key senator expected to support Treasurer Wayne Swan's bid to lift bank competition. Independent senator Nick Xenophon and the Coalition are seeking to allow smaller lenders to continue charging exit fees through a disallowance motion that would prevent government legislation from coming into force in July.
House Price Crash Unlikely
Australian house prices are unlikely to fall dramatically over the next two years, according to a new study, with steady residential property prices forecast through 2011, and prices in some capital cities even tipped to show moderate growth.
How to Land a Property Deal
So you want to buy a house.... With any purchase, you like to feel you are getting value for money. That's never more important than when buying a house, because it could well be the biggest financial commitment you make.
Housing Body Calls for Steady Rates
The Housing Industry Association is calling on the Reserve Bank of Australia (RBA) to keep rates on hold until unemployment declines sharply, a top official has told Reuters. Australia's central bank warned earlier today a further rise in interest rates will be needed at some point in order to keep inflation contained amid the biggest mining boom in over a century.
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