Despite five weeks of an auction clearance downturn in the Sydney property market, the latest results have proven the housing boom is still alive with buyers snapping up 71.5% of dwellings listed on Saturday.
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Several lenders including ING Direct, Macquarie and Bankwest cut fixed home loan rates on principal and interest loans for owner occupiers in June.
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Following moves by other banks ING Direct has announced it will raise the variable rates on several of its interest only home loans, in a move expected to affect not only investors but also owner occupiers.
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AirBnB is a growing trend in Australia’s major cities, but what is a lucrative business for some could be pricing long-term, private renters out of high demand markets, according to Mozo property expert, Steve Jovcevski.
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Twenty per cent more 25 - 34 year olds were shacked up at home on the night of the 2016 Census compared to five years ago, indicating that hipsters are fast becoming a generation that stay in the nest.
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Australia could be in for a series of no less than eight RBA rate hikes over the next two years, according to former Reserve Bank board member, John Edwards.
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The Commonwealth Bank has today joined Australia’s other three big banks in raising rates on interest-only loans, while simultaneously cutting rates for borrowers making principal and interest repayments.
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Three out of four big banks have raised rates on interest-only home loans this month, leaving the Commonwealth Bank as the only one yet to make a move.
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NAB has raised the standard variable interest rates attached to its interest only mortgages by 35 basis points, a move that will kick in for affected investors and owner occupier customers from June 30.
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Homeowners on the Sydney property ladder may soon see their properties become less valuable, after economists have tipped that median house prices will wind down over the next two years.
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