More good news for home buyers and those paying off mortgages – interest rates have been cut again. In a surprise move, the RBA dropped rates to one per cent, despite rumour having it that we were going to have to wait until Christmas.
In other news, auction clearance rates are up to 70% and we’ve certainly noticed buyers breathing a bit easier when it comes to dealing with the banks. After tight lending criteria applied the brakes across the market for early 2019, it’s great to see that buyers are once again being given a chance to purchase their homes.
And finally, June was the first month for prices to rise in Melbourne in over 18 months – in fact they rose by 0.2% (a small rise, but none the less, what looks like the start of a positive trend).
According to Corelogic head of research Tim Lawless “The June housing market results present an early sign that lower mortgage rates and improved sentiment are already having a flow-on effect for housing market conditions in Sydney and Melbourne, while most other regions of Australia continue to show relatively soft housing market outcomes. Sydney and Melbourne dwelling values recorded a slight rise in June, up 0.1 % and 0.2% respectively, and was the first monthly increase in Sydney housing values since the market peak in July 2017. Melbourne dwelling values haven't risen since the market moved through a peak in November 2017”
For further reading, please head over to the Corelogic website
https://www.corelogic.com.au/news
By Jennie Duggan
11 July 2019
People Power - VCAT victory for the Albert Park Community
04 June 2019
Gothic styled architecture gets a contemporary makeover