In 2022, in Australia’s eastern states, more than a quarter of residential property transactions happened without a mortgage, according to new research by PEXA. This means that buyers could purchase homes without relying on loans, even with high-interest rates at the time. Total value of residential sale settlements in Australia’s eastern states was a whopping…
The RBA lifted the cash rate a further 25 basis points in June, taking the cash rate 400 basis points higher to 4.1%, announcing 12 hikes since April last year. A mix of outcomes across economic data through the month created another ‘line-ball’ call for the outlook in the cash rate. May saw measures of…
According to new research from Canstar, almost half of Australian mortgage holders say they have changed their home loan to cope with higher interest rates including stopping their extra repayments, extending their loan term or even selling their home. Canstar surveyed 669 Australian mortgage holders and found that of the 47% of mortgage holders who…
Building approvals continued to crash in April, with unit approvals soft all year in Sydney and Melbourne. Unit approvals were -35 per cent lower than a year ago, with Sydney and Melbourne leading the plunge. House approvals are also declining across the board, with only the strong Adelaide market holding the line. Overall, building approvals…
The Reserve Bank could deliver a further 0.25 percentage point hike in the next few months, potentially as early as next Tuesday, after today’s CPI figures confirmed inflation has remained stubbornly high in some categories. In a mixed bag of results, the latest data from the Australian Bureau of Statistics (ABS) shows annual inflation increased from…
Strong tenant demand for capital city unit rentals and a shortage of available listings has drastically closed the gap between median house and unit rents, with the gap dropping from $64/week to $39/week in the space of a year. CoreLogic’s monthly Australian Unit Market Update shows growth across capital city unit rents continues to outpace…
Demand for dwellings has seen an impressive lift in the past two months. Evidence of this can be seen through increases in the CoreLogic Home Value Index, higher auction clearance rates, and a rise in the number and value of housing finance commitments reported by the ABS. What will the impact of rising demand have…
In a move aimed at assisting borrowers trapped in mortgage difficulties, the Westpac Group has announced a reduction in stress test requirements for certain refinance applications. Traditionally, banks subject borrowers to stress tests to ensure they can comfortably afford mortgage repayments even if interest rates increase by 3 percentage points above the applied rate. However,…
Consumer sentiment took a hefty knock this month, following on from yet another interest rate hike to a cash rate target of 3.85 per cent. Consumer sentiment in regional Australia in particular is knocking around record lows. House price expectations, on the other hand, have absolutely rocketed back from their lows of Q4 2022. The…
Australia’s property downturn continues to take its toll on premium regional markets that benefited most from the mass exodus away from capital cities during the height of the pandemic, with softer values, longer days on the market and bigger vendor discounts. CoreLogic’s quarterly Regional Market Update, which examines Australia’s 25 largest non-capital city regions, shows…
