Ever been so unpopular you straight up took yourself off the market? Turns out this was the case for a startling number of sellers this week, with nearly one in five Sydney properties withdrawn against a middling success rate of only 62%.
Home ownership rates have been falling for decades, especially among younger and poorer Australians. And the latest property boom has made the prospect of buying a home seem even more distant for many.
Last updated: 10:29 am 10 May 2022
NAB has become the latest Big Four Bank to raise fixed rates for home loans, joining ANZ, Westpac, and CommBank in the continuing saga of the April rate-hike scramble.
The Reserve Bank of Australia has offered the clearest sign yet that it intends to raise the cash rate, meaning mortgage holders around the country could be looking at a very different interest rate environment in the coming months.
ANZ and Westpac have joined CBA in announcing changes across their fixed rate home loans last week, with hikes nearly across the board for both investment and owner occupier products. These announcements now mean three out of the Big Four Australian banks have joined the April rate-hike scramble.
With rising home loan interest rates and costs of living on everyone’s mind, there may be relief on the horizon. This month, the Victorian government announced plans for an Affordable Housing Rental Scheme aimed at closing the housing gap and alleviating rental stress.
Property analysts at CoreLogic have noted a quarterly decline in dwelling values across 24% of suburbs in capital cities, most of them in Sydney and Melbourne.
For the second time in three weeks, Commonwealth Bank hiked fixed rates across home loans, lifting 2-year interest rates (OO, P&I) as much as 50 bp. This move follows the continued April trend of rate-hike fever, which has affected all four big banks.
Remember when the Sydney Harbour went brown after flooding? Aesthetics may be only a hint of the impending disaster.