Commentary Home buyers and businesses are suffering sticker shock as the Reserve Bank of Australia (RBA) lifted the official cash rate from 0.1 percent to 3.35 percent in the course of the nine months since April 2022. But they should probably be thinking of rates of this level as the “new normal.” Assuming lenders pass…
Australian Interest Rates: How High, How Long?
February 9, 2023
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Australian Interest Rates: How High and for How Long?
February 9, 2023
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AustraliaAustralian Cash rateAustralian economyAustralian Home Loan MarketBusiness & Marketseconomyinflationinterest rateInternationalOpinionphilip loweRBAViewpointsWorld
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Commentary Home buyers and businesses are suffering sticker shock as the Reserve Bank of Australia (RBA) lifted the official cash rate from 0.1 percent to 3.35 percent in the course of the nine months since April 2022. But they should probably be thinking of rates of this level as the “new normal.” Assuming lenders pass…
New Loans Pick up as Australian House Prices Continue to Grow
February 1, 2022
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New Australian housing mortgage commitments rose 4.4 percent in December to a record high value of $32.8 billion (US$23.3 billion) as house prices in the country continue to climb. The Australian Bureau of Statistics (ABS) revealed that it was driven by a 5.3 percent increase in the value of new owner-occupier loans. The average loan…
Australian Property Values Ended the Year 22 Percent Higher but Subdued Conditions Expected in 2022
January 6, 2022
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The Australian property market grew 22.1 percent during 2021 on the back of low interest rates but ended the year on a subdued note CoreLogic revealed, with the national median house value in December only rising one percent, down from 1.3 percent in November. It reflects the cooling market as the monthly growth rate had continued…
Australian House Prices to Fall 10 Percent in 2023 After Interest Rate Rise: Commonwealth Bank
November 21, 2021
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The Commonwealth Bank of Australia (CBA) expects house prices to fall by around 10 percent in 2023 after the official interest rate lifts. Gareth Aird, the head of Australian economics at CBA said a further tightening of macro-prudential policy looks unlikely, and the housing market will see moderate growth over the first half of 2022….
It’s Cheaper to Buy Than to Rent for Over a Third of Australian Properties
July 16, 2021
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Buying is now cheaper than renting in over one-third of Australian properties, aided by eight months of record low-interest rates, property researcher CoreLogic found. The company’s analysis showed that it is cheaper to repay home loans than to rent for 36.3 percent of Australians properties, up from the 33.9 percent reported in Feb. 2020. CoreLogic…
New Home Loans Reach Record $31bn on the Back of Owner-Occupier Loans
June 4, 2021
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Home loan commitments have risen to another new high in April, and financial regulators are pleased that it has not led to easing lending standards. New figures from the Australian Bureau of Statistics show that new housing loans have risen 3.7 percent to a record high of $31 billion (US$23.8 billion), driven by owner-occupier loans….
Single Parents to Be Able to Buy Homes With Two Percent Deposit
May 10, 2021
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The Treasury has announced additional home loan assistant measures to help more Australians become homeowners as part of the 2021-22 budget. Single parents with dependent children will be able to purchase a home with a deposit of two percent. It will be under the Family Home Guarantee, which the government will establish to provide 10,000…
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