In this week’s 2 minute property investment news video I talk about the rising interest rates and the booming Melbourne and Sydney markets.
It might be time to fix your interest rates according to one advisory website. Financial comparison website RateCity.com.au have released data showing 188 fixed home loan interest rates rose between September and mid November in 2013 – including 88 in a single two-week period.
Alex Parsons, chief executive officer of the website says there’s now an established trend of fixed interest rate rises, and borrowers must prepare for higher interest rates in the future. More news – this time from the sunshine state – there’s going to be changes governing real estate agents in Queensland. [sam id=37 codes=’true’]
Less transparent commissions and extended sole agency timeframes are among the legislative amendments that have been tabled in the Queensland Parliament. CEO of the REIQ Anton Kadash says new laws, including the abolition of a separate warning statement and stricter disclosure of third party benefits, will allow the real estate industry to become more professional and accountable.
And finally – it looks like the booming Sydney and Melbourne markets have spawned a new syndrome – its called “auction fatigue”. Sydney and Melbourne have been achieving clearance rates around 80 per cent in 2013, and this can result in unsuccessful bidders becoming disillusioned with the process.
Agents say bidder burn out presents an opportunity for some sellers to stand out by simply listing their homes with a price – a novel sales approach that people in other capitals have been enjoying for decades now. The more things change the more they stay the same.