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…
Despite worsening affordability easing the pace of rental growth in Australia, rental availability tightened in September, with vacancy rates falling to new record lows across the country. CoreLogic’s Quarterly Rental Review for Q3 2023 shows rental values rose 1.6% over the quarter, down from the 2.2% rise seen in the June quarter and a full…
New data reveals that in August, fewer people refinanced their loans compared to the previous month, but it was still the fourth-highest number since rates started going up. This dip was expected because many people rushed to refinance before some banks ended their cashback offers. Since rates began rising, borrowers have refinanced loans worth almost…
House prices will rise nationally by 4.9% over the next 9 months and then surge by 9.4% in the year to June 2025, according to big four accounting firm KPMG. Apartment prices across the country are forecast to see slower growth rising an average rise of 3.1% by next June, then a 6% increase in…
If the Reserve Bank does push up interest rates again, the most likely next date is its next board meeting, on Melbourne Cup Tuesday. The November 7 meeting is especially important because it is one of four each year in which the board has the full set of quarterly staff forecasts before it, as well…
In Australia, everything appears to be on the rise: interest rates, the prices of goods and services, property values, and even the temperature. On the other hand, an surprisingly to some, the number of people selling their homes due to mortgage affordability issues is decreasing. In fact, new Domain figures show a clear decrease in…
The RBA kept the cash rate on hold at 4.1% for the fourth successive month in October, citing ‘a more sustainable balance between supply and demand in the economy’, but also ongoing concerns about inflationary pressures and a heightened level of uncertainty surrounding the economic outlook. The recent uptick in inflation, from 4.9% annually in…
Household wealth rose for the third straight quarter. Yes, it is up 2.6 per cent ($379 billion) in the June quarter of 2023, according to the latest figures released by the Australian Bureau of Statistics (ABS). Dr Mish Tan, ABS head of finance statistics, said: “Household wealth has grown alongside increasing house prices this year….
