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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Federal Treasurer Scott Morrison has today announced new banking reforms that will allow credit unions and building societies to legally call themselves banks, in a move aimed at increasing competition between home loan providers.
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NSW has managed to hold on to the number 1 spot on the HIA’s Housing Scorecard this year despite a slight drop in score - but it may not stay there for long, amid a projected Australia-wide slowdown.
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Tightened restrictions around investment and interest-only lending are beginning to make an impact on investment activity, reported Banking Day.
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Bank of Queensland has jumped on a growing trend to raise rates across its range of interest-only loans, while also reducing rates for customers making principal and interest repayments.
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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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