Yesterday i posted REIV stats showing that median house prices in Melbourne continue to increase at a solid rate…hot on the heels of the REIV report came an interesting article in the Herald Sun (August 10, 2010), showing that prices of property in the $1M+ price range have fallen by 15% from their peak. The Herald Sun reported:
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Filed under: Buying Property, Property Prices | Comment (0)
The REIV has released the June quarter median prices which reveal that the median price of a house in Melbourne has increased by 8.5 per cent to $559,000 from a revised $515,000 in the March quarter.
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Filed under: Buying Property, Property Prices | Comment (0)
From a Melbourne-wide perspective, the median price of a unit or apartment increased by 4.7 per cent from $442,525 to $463,215. This was a smaller increase than the 8.5 per cent recorded for houses in the quarter; however, demand in the unit or apartment market is proving more stable than it is in the house market.
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Filed under: Buying Property, Property Prices | Comment (0)
It has never been harder for first home buyers to get into the market. Australian property prices are at record highs and each week they go up further.
With property prices having gone up by between 20% in the last 12 months even the most diligent savings efforts by 2 young professionals (each on 6 figure salaries whilst living at home rent free) would not have made buying a home easy.
These challenges have been exacerbated with lenders tightening their lending criteria over this same period. Here are some of the changes to the lending landscape with major institutions:
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Filed under: Buying Property, First Home Buyers, Lenders & loans, Managing your finances | Comment (1)
At its meeting today, the Reserve Bank Board decided to raise the cash rate by 25 basis points to 4.5 per cent, effective 5 May 2010. The RBA Governor released the following statement:
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Filed under: Economy, Interest Rates | Comment (0)
Property prices in Melbourne have risen by 27% over 12 months – the highest annual growth since 1995, according to Australian Property Monitors. However, recent interest rate rises have now gently put the brakes on house price growth.
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Filed under: Uncategorized | Comment (0)
ANZ & CBA have both moved immediately following the RBA announcement today to lift their variable home loan rates by 0.25% passing on the full RBA rate rise (but no more).
All other banks are expected to follow with their announcements in the next few days and I expect all banks to lift their rates.
Filed under: Economy, Interest Rates | Comment (0)
At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.0 per cent, effective 3 March 2010.
Statement by Glenn Stevens, Governor Monetary Policy RBA: “The global economy is growing, and world GDP is expected to rise at close to trend pace in 2010 and 2011. The expansion is still hesitant in the major countries, due to the continuing legacy of the financial crisis, resulting in ongoing excess capacity. In Asia, where financial sectors are not impaired, growth has continued to be quite strong. The authorities in some countries are now seeking to reduce the degree of stimulus to their economies.
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Filed under: Economy, Interest Rates | Comment (0)
Every one talks “equity” but most don’t really understand what it is and how it can be used. So at a time when property prices have jumped forward by somewhere between 5-20% in the last 12 months, I thought it might be useful to have a look at what “equity” is and how you can use it to your advantage.
What is equity? Equity is the amount of your home that you “own”. In other words, it is the difference between what your home is worth and what you owe on your home loan. So the more you pay down your home loan, or the value of your house increases, the more equity you have.
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Filed under: Buying Property, Managing your finances, Renovations | Comment (1)
I outlined 4 solutions:
