While the debate over rising property prices rages on, it is also worth noting that housing costs don’t just affect home owners and buyers. In fact, according to IBISWorld, housing prices also have a palpable impact on other industries such as construction, retail and motor vehicle industries.
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Stamp duty may be a tax that homeowners grit their teeth and pay but the NSW Budget shows that it’s been good for NSW infrastructure, with the Government prioritising support for housing construction.
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While the debate over Sydney’s soaring property prices continues, new research shows that the housing market is more affordable than it was 26 years ago.
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Housing and homelessness peak bodies in NSW including the Tenants’ Union of NSW, Homelessness NSW and Shelter NSW have issued a joint statement on the housing affordability crisis, calling on all levels of government to “ensure a fairer system of housing.”
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The housing affordability debate continues with calls for Prime Minister Tony Abbott to scrap what has been described by the Property Council of Australia as the country’s “worst and most inefficient tax” - stamp duty.
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Chief Executive of the Finance Brokers Association of Australia (FBBA) Peter White has urged banks to stop the “unfair practice” of delaying their customer’s mortgage transfer process.
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The debate over Sydney’s property market continues as RBA Governor Gelnn Stevens noted that the rising property prices were “acutely concerning.”
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With property prices skyrocketing across the country, borrowers need to look beyond the big banks to find the best value home loans according to the results of the Mozo Experts Choice Home Loan Awards.
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The demand as well as approvals for home loans have been rising despite contrary expectations with record-low interest rates supporting the housing market. According to data from the Australian Bureau of Statistics, approvals rose 1% over the month of April, with 53,951 home loans approved over the course of the month, up from 53,442 in March.
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Despite the historic low interest rates, a surprisingly large number of Australians are not taking advantage of the favourable environment. According to a new research by Yellow Brick Road, 83% of Aussies with a home loan have not refinanced in years.
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