Buying an apartment in certain high-density suburbs in the nation's capital cities could now prove potentially more difficult following reporting from the AFR that a number of postcodes have been placed on a ‘blacklist’ by Citibank.
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According to new research from Westpac, rentvesting has become the new trend for young Aussies when it comes to getting into the property market.
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It turns out soaring house prices are not the only deterrent to Aussie homebuyers, after industry body HIA revealed that the average stamp duty bill in Australia has risen by 16.4% over the past year.
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Australia’s housing affordability issues worsened over the June quarter thanks to record high house prices and Sydney was hit hardest of all, according to the Housing Industry Association.
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With interest rates on the rise, savvy borrowers willing to look around for a better home loan deal could be saving thousands of dollars every year, as Brisbane homeowner Jessica Steele discovered when she refinanced her mortgage.
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Despite growth in the Sydney property market lagging behind Melbourne’s in the June quarter, rising auction clearance rates have shown that demand for housing in the harbourside city remains high.
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There’s been much talk lately about the minutes from the most recent Reserve Board meeting, in which it was revealed that the RBA discussed a “neutral” cash rate of 3.50%. Now, Deputy Reserve Bank Governor Guy Debelle has said the discussion shouldn’t necessarily be taken as an indicator of imminent rate rises.
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Sydney’s property market may just have hit another record high, with the median house price now roughly $1.18 million, but when it comes to growth the harbour city is well and truly lagging behind the Melbourne market.
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APRA has announced that the big 4 will need to increase their capital ratios to at least 10.5%, in a bid to make capital requirements “unquestionably strong.” But while the move may safeguard banks, borrowers may end up getting higher interest rates out of the deal.
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Challenger bank and home loan lender, ME has urged borrowers to ensure they’re prepared for a series of potential rate rises following the release of minutes from the RBA’s July 4th meeting.
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