The latest data from property watchdog CoreLogic reveals home values across Australia fell -5.3% in the year to June 2023. This decline flows from the significant price plummet Australia experienced nationwide last year.
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Interest rates and property prices are closely related. This is because the cost of financing a home loan greatly impacts whether people can afford to buy property: more buyers, more competition, which means higher prices. While the Australian property market can be hard to predict, watching interest rates can give us a good idea of where it may be going.
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Over the last two months, NAB, Westpac, and Commonwealth Bank have all announced they will lower the home loan ‘stress test’ for select refinancers from the standard 3% to 1%. For eligible borrowers, this means instead of having to qualify for mortgage rates as high as 9%, they may only have to pass 7%.
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The year certainly kicked off with a bang. Despite interest rates climbing to an eleven-year-high, property prices made an astonishing recovery after last year’s 8% fall. Mortgage holders refinanced billions worth of home loans while average rents surged at record rates. But now, halfway through the year, the economic tide shows signs of turning.
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Australia remains a landlord’s market, according to Domain. Its latest rental report revealed an eye-watering wave of rent hikes across the country over the last year, which may make it difficult for renters keen to save for a home loan.
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The permanent security of a home is something we all strive for.
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Against all opinions, the Reserve Bank of Australia (RBA) did not hold interest rates steady in June. Instead, the bank maintained its hawkish bias by adding another 0.25% to the official cash rate to chase down runaway inflation.
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Digital home loans are on the rise in Australia, and as borrowers seek out faster, easier ways to control their finances, neo-lenders are emerging as real challengers to the banks in 2023.
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The Reserve Bank of Australia hasn’t so much pivoted as reset expectations. Last month’s interest rate decision was expected to hold the line, but the central bank surprised by adding another 25 basis points to the official cash rate.
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Property sales rates are at a low by historical standards, according to Westpac’s Housing Pulse May 2023 report. To put it in perspective, the activity within the housing market is operating at about two-thirds of the peak in late 2021.
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