In line with the budget announcement last week, the Federal Government has stated that it will extend the First Home Loan Deposit Scheme. The Loan Deposit Scheme, which was due to end in June, will allow 10,000 more first home buyer loan guarantees up to a certain threshold, on the condition that those who get approved are purchasing new builds. The scheme will guarantee the loans of …
What do borders opening again spell for house prices?
A client asked us a question recently regarding borders opening up and international arrivals happening again. They were curious what impact, if any, this would have on house hunting and the housing market overall. Real estate is a finely balanced eco-system. Not one thing generally has a huge impact, but over time, several things can affect market sentiment. As the borders open up, …
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Victorian Government Homebuyer fund – a way to own your new home
If home ownership has always been just out of reach for you, the Victorian Homebuyer fund could be of assistance. The Victorian Government acknowledges that increasing house prices have made it difficult for Victorians to save for a deposit and get into the market. To help purchase a home, the State Government have created a Homebuyer's fund where $500 million has been set aside to help 3000 …
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New social housing levy for developers scrapped
This week, the Victorian State Government has scrapped their newly proposed social housing levy earmarked for July 2024. The Andrew's Government planned to introduce the levy on residential developers building three dwellings or more or greater than 3 lot subdivisions. The 1.75% contribution was set to fund the creation of 1700 new social and affordable housing each year. The proposal was met …
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Melbourne Weekend Auction Results | 31st July 2021
The week ending 31st July delivered a clearance rate of 88% from the 426 auctions reported across Victoria. (Based on REIV data). At the same time last year, 213 auctions were reported and a clearance rate of 77% was achieved. 276 homes sold at auction and 101 sold before auction, with 49 passed in. 18 properties were withdrawn from sale. 594 auctions were postponed. One particular …
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Melbourne Weekend Auction Results | 24th July 2021
The week ending 24th July delivered a clearance rate of 94% from the 443 auctions reported across Victoria, according to REIV data. The volume of auctions was revised down from earlier reports, owing largely to the restrictions currently in place across Melbourne. At the same time last year, 293 auctions were reported and the clearance rate was 79%. 216 homes were sold at auction and 202 …
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Melbourne Weekend Auction Results | 10th July 2021
The week ending 10th July delivered a clearance rate of 80% from the 719 auctions reported across Victoria, according to REIV data. In the previous week, the clearance rate was also 80%, however volume was higher, with 935 auctions reported. 440 homes sold at auction last week, while another 131 sold before auction, with 147 passed in. 27 properties were withdrawn from sale. Among the …
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Price cap increases from July 1st for eligible first home buyers and single parents
The 2021/22 fiscal year is now underway and that means that many government programs and initiatives have been given the green light to go ahead. For anyone seeking to enter the property market, some welcome news is that price caps for homes bought under the First Home Loan Deposit Scheme, New Home Guarantee, or Family Home Guarantee have increased from July 1st 2021. In Melbourne and …
RBA Cuts Official Interest Rate to 0.50%
The Reserve Bank of Australia today decided to further reduce the current official cash interest rate by another 0.25 basis points. This makes the new 0.50 percent rate the new historic low after the last cut in October 2019. The rate has been kept on hold since its last point cut in October. The decision was also in support of the global coronavirus outbreak which has affected many economies …
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RBA Keeps Current Official Interest Rate
The Reserve Bank of Australia today left the current official cash interest rate unchanged at its historic low level of 0.75 percent. The rate has been kept on hold since its last point cut in October. The decision was also expected by analysts or traders although they are anticipating another cut soon by March or April. In his monetary policy statement earlier, RBA Governor Philip Lowe noted …
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