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RBA leaves cash rate at 0.10%

The Reserve Bank of Australia continued an extraordinary 11-year streak after leaving the cash rate at 0.10% during yesterday’s monthly monetary policy meeting.

The last time the RBA increased the cash rate was in 2010, from 4.50% to 4.75%.

In the 11 years since, the cash rate has been either left on hold (97 times) or lowered (18 times).

So when will the RBA start lifting rates?

Nothing is set in stone, but the RBA has said numerous times – including yesterday – that it is unlikely to increase the cash rate "until 2024 at the earliest".

#economy #homeloans #interestrates
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RBA leaves cash rate at 0.10%The Reserve Bank of Australia continued an extraordinary 11-year streak after leaving the cash rate at 0.10% during yesterday’s monthly monetary policy meeting.The last time the RBA increased the cash rate was in 2010, from 4.50% to 4.75%.In the 11 years since, the cash rate has been either left on hold (97 times) or lowered (18 times).So when will the RBA start lifting rates?Nothing is set in stone, but the RBA has said numerous times – including yesterday – that it is unlikely to increase the cash rate until 2024 at the earliest.#economy #homeloans #interestrates

Home loan volumes are at historically high levels

The volume of home loans issued in February was slightly down on January’s record result, but still well up on the year before, according to the Australian Bureau of Statistics.

Australians signed up for $28.64 billion of mortgages in February 2021. Here’s how that compared to the year before:

* Total home loan commitments = up 48.8%
* Owner-occupiers = up 55.2%
* Investors = up 31.6%
* First home buyer owner-occupiers = up 66.8%

#property #realestate #homeloans
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Home loan volumes are at historically high levelsThe volume of home loans issued in February was slightly down on January’s record result, but still well up on the year before, according to the Australian Bureau of Statistics.Australians signed up for $28.64 billion of mortgages in February 2021. Here’s how that compared to the year before:* Total home loan commitments = up 48.8%
* Owner-occupiers = up 55.2%
* Investors = up 31.6%
* First home buyer owner-occupiers = up 66.8%#property #realestate #homeloans

Property prices growing at fastest pace in 33 years!

Last month, CoreLogic reported that property prices were growing at their fastest rate since 2003. Now, they’re growing at their fastest rate since 1988!

Across Australia, the median property price rose by an astonishing 2.8% in March.

Since the start of the year, prices have jumped by a massive 5.8%.

As a result, Sydney’s median price is back at record levels, after falling 14.9% from its previous peak (2017) and then falling another 2.9% during Covid.

And Melbourne is also back in record territory, after falling 11.1% from its previous peak (also 2017) and then falling another 5.6% during Covid.

With prices rising fast, anyone who’s thinking of buying should consult a broker sooner rather than later.

#property #realestate #housing
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Property prices growing at fastest pace in 33 years!Last month, CoreLogic reported that property prices were growing at their fastest rate since 2003. Now, they’re growing at their fastest rate since 1988!Across Australia, the median property price rose by an astonishing 2.8% in March.Since the start of the year, prices have jumped by a massive 5.8%.As a result, Sydney’s median price is back at record levels, after falling 14.9% from its previous peak (2017) and then falling another 2.9% during Covid.And Melbourne is also back in record territory, after falling 11.1% from its previous peak (also 2017) and then falling another 5.6% during Covid.With prices rising fast, anyone who’s thinking of buying should consult a broker sooner rather than later.#property #realestate #housing

Life has almost returned to normal for home loan borrowers -

At the end of February 2021, only 0.7% of Australia’s mortgages were still on pause, according to new data from APRA, Australia’s banking regulator.

As the grey line in the graph shows, that is a dramatic improvement from June 2020, when 10.5% of mortgages were being deferred.

Back in March 2020, when the coronavirus crisis began, Australia’s banks allowed borrowers to pause their mortgage repayments for an initial period of six months.

When those deferrals started ending in September and October, banks told borrowers that, if their finances allowed, they would have to resume repaying their mortgages.

Victoria remains the state with the highest proportion of loans subject to deferral, at 0.7%, compared with the rest of the country, at 0.4%.

#homeloans #property #realestate
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Life has almost returned to normal for home loan borrowers -At the end of February 2021, only 0.7% of Australia’s mortgages were still on pause, according to new data from APRA, Australia’s banking regulator.As the grey line in the graph shows, that is a dramatic improvement from June 2020, when 10.5% of mortgages were being deferred.Back in March 2020, when the coronavirus crisis began, Australia’s banks allowed borrowers to pause their mortgage repayments for an initial period of six months.When those deferrals started ending in September and October, banks told borrowers that, if their finances allowed, they would have to resume repaying their mortgages.Victoria remains the state with the highest proportion of loans subject to deferral, at 0.7%, compared with the rest of the country, at 0.4%.#homeloans #property #realestate

House prices outperform unit prices over decade
- Not an April Fools Post :)

See how the blue lines in the graph are higher than the orange lines?

That’s because house prices (blue) outperformed unit prices (orange) in all capital cities between 2010 and 2020, according to Australian Bureau of Statistics data.

The most extreme case was in Canberra, where the differential between house prices (+48.7% change) and unit prices (+17.7%) was 31.0 percentage points.

In Darwin, there was a differential of 27.0 points – even though house prices declined 4.6%, unit prices fell even more, by 31.6%.

Here’s the city-by-city advantage for house prices over unit prices:

* Canberra = 31.0 points
* Darwin = 27.0 points
* Brisbane = 17.9 points
* Melbourne = 12.7 points
* Hobart = 11.3 points
* Sydney = 10.6 points
* Perth = 8.7 points
* Adelaide = 3.2 points

#property #realestate #housing
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House prices outperform unit prices over decade
- Not an April Fools Post :)See how the blue lines in the graph are higher than the orange lines?That’s because house prices (blue) outperformed unit prices (orange) in all capital cities between 2010 and 2020, according to Australian Bureau of Statistics data.The most extreme case was in Canberra, where the differential between house prices (+48.7% change) and unit prices (+17.7%) was 31.0 percentage points.In Darwin, there was a differential of 27.0 points – even though house prices declined 4.6%, unit prices fell even more, by 31.6%.Here’s the city-by-city advantage for house prices over unit prices:* Canberra = 31.0 points
* Darwin = 27.0 points
* Brisbane = 17.9 points
* Melbourne = 12.7 points
* Hobart = 11.3 points
* Sydney = 10.6 points
* Perth = 8.7 points
* Adelaide = 3.2 points#property #realestate #housing