The Reserve Bank of Australia (RBA) has confirmed it is lifting the cash rate for the sixth consecutive month, with another 25 basis point increase following October’s Board meeting. The cash rate has now surged to a nine-year high following a rapid 250 basis points increase in just 153 days, as the RBA battles to curb rising inflation. Philip Lowe, Governor of the Reserve Bank of Australia, …
Do you know how to choose the right suburb to buy your next home?
Buying a home is one of the most important decisions a person makes in their life. As such, it should not be rushed. Time should be taken to research and plan. This will make sure that you buy the property of your dreams in the right location and within your budget. When choosing a property and suburb, thorough research is strongly recommended. It is also essential that you understand the …
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Do you know the 3 most common methods of sale?
You have finally found the most perfect property. You have fallen in love with the house, land and lifestyle that you could have – you have even visualised where your furniture will be placed. But now you are faced in a bidding war against equally motivated buyers wanting to purchase YOUR dream property! This is yet another challenging scenario that …
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Queensland Land Tax Changes
As seen in the REIV newsletter last week, The Queensland government has recently passed a significant change to the way land tax is calculated on eligible real estate in Queensland. From 30 June 2023, the Queensland Government will use the total value of your Australian land. This includes your taxable land in Queensland and your relevant interstate land. REIV supports the REIA in opposing …
Buyers are increasingly seeking a home with a study or second living space
Among many other changes post pandemic, buyers re-evaluating their buying criteria, particularly the space and rooms their dream property has. Considering the number of weeks in lockdown we have spent in our homes, particularly in Melbourne, a home office or study has become of key importance for buyers. For renovators and house flippers this should be a renovation priority right …
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RBA rises interest rates at their fastest pace in three decades
At their monthly meeting this afternoon, the RBA has decided to further raise its cash rate by 50 basis points, taking it from 1.85% to 2.35%, it's fastest pace in three decades. Shane Oliver, Chief Economist at AMP, told news.com.au, "They've done five hikes in a row, four consecutive 0.5 per cent increases, it's the fastest tightening cycle since 1994." On top of that, Australia's 2.35 per cent …
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Has Melbourne’s housing market taken a back step?
According to REIV's quarterly data, the typical metropolitan house price fell $32,000 or 2.9%, to $1.081m in the three months to June 30. That puts 21 once million-dollar suburbs on special - giving buyers a chance to get in without the seven-figure price tag. Suburbs from Altona North to Watsonia, have dropped out of the million-dollar club, and many more could soon slip below seven figures. …
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How to create your perfect budget when saving for your first home
Saving for your first home takes commitment and financial discipline, but it doesn’t mean that you will miss out on living your life to its fullest. Creating a perfect budget to stick to, will ensure you can focus on increasing your savings funds. We have explored some budgeting options for you to implement in your first home buying journey. Knowing what your concrete end goal is, and aiming …
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How to get a better deal in the current property market
The last quarter has seen property prices fall in about four out of ten suburbs in Victoria, which has in turn reduced the amount of competition for homes and buyers are getting more bang for their buck.However, a recent Sydney Morning Herald article states that buyers are still having to compromise when searching for and buying their first or next home, which is due to the pullback in the number …
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RBA Hikes Cash Rate to 1.85%
At its monthly meeting today, the RBA once again has decided to raise Australia's cash rate by 50 basis points, taking it up to 1.85%, with predictions of more hikes to come over the coming months. As stated in Domain's article today, in a statement by RBA governor Philip Lowe, recent increases in interest rates were required to bring inflation back to target, while also flagging further rate …
