It’s happened again. The Reserve Bank has hiked interest rates in November, ending a four month reprieve for mortgage holders amid renewed fears that inflation is not falling fast enough. RBA govenor Michelle Bullock said on Tuesday that inflation is still too high, requiring action. “Inflation in Australia has passed its peak but is still…
For the first time in over a year, Victoria is the country’s best-performing economy according to the latest CommSec State of the States report. Strong economic activity, solid retail spending and business investment catapulted Victoria from fifth place in the previous survey (July 2023) to the number one spot today, with the state also recording…
Household savings reached a new high of nearly $1.42 trillion in September, despite increasing living expenses and 12 interest rate hikes by the RBA. New data from APRA reveals that household deposits in banks increased by $11 billion compared to the previous month and by over $99 billion compared to the same time last year….
Interest from foreign property seekers is surging as migration has bounced back to pre-pandemic levels. According to PropTrack, since the last Overseas Search Report in July 2023, searches from abroad have continued to increase, with buy searches up 11.5% in the past three months and rent searches up 7.8%. Ms Karen Dellow, Senior Data Analyst…
The annual Consumer Price Index has clocked in at 5.4 per cent for the September quarter, fuelling the possibility of another rate hike as soon as Tuesday 7 November. As a result, two of the big four bank economic teams – CBA and ANZ – have now said they expect the RBA will increase the…
In September, Australian home prices hit a new all-time high, and some areas saw growth in the double digits this year. According to PropTrack, prices nationally have risen for nine consecutive months, climbing 0.35% in September and 4.31% year to date. But it is capital city home prices that have taken the lead in 2023…
The labour force figures came in soft for September, with employment up only very modestly, by +6,700. This did come off the back of some volatile numbers in recent months – seasonal adjustments have been a bit thrown off by shifts in school holidays – so it’s a bit easier to look at a 3-month…
The Victorian government will expand its vacant residential land tax to the entire state from 2025 as part of its plan to ignite construction and tackle the housing supply shortage. The tax is charged at 1% of the total value of the property and is currently only applied to existing residential properties located in the…
Aussies are moving house less frequently. The median tenure for a house is nine years and for a unit, eight years, according to Domain’s latest Tenure and Profit Report, Last year’s decrease in prices might have made people delay selling their homes. However, the trend of longer tenure (how long you stay put in a…
We haven’t fallen of the “fixed rate cliff “and we’re not getting a load of forced or distressed property sales. The resilience of household borrowers in the face of surging interest rates has surprised Reserve Bank researchers. In fact most Australian households have successfully manage increased mortgage repayments, according to the recently published Financial Stability…
