By the end of this year, hundreds of thousands of fixed-rate loans will have expired, with mortgagees left to decide how to proceed. And according to Zippy Financial director and principal broker, Louisa Sanghera, many will not have the option of refinancing due to shifting financial circumstances. “The rapid increase in interest rates since May […]
The Federal Court has ordered the major bank to pay a hefty penalty for unconscionable conduct. National Australia Bank (NAB) has been slammed with a $2.1 million penalty for continuing to charge periodic payment fees despite the major bank knowing it was wrongfully overcharging customers in what the Federal Court has deemed as unconscionable conduct. […]
The central bank continues to wait for the effects of its monetary policy tightening to be fully realised through the economy. On the heels of its third consecutive hold in the cash rate, leaving it at 4.1 per cent, the Reserve Bank of Australia (RBA) confirmed in the September minutes that it is still waiting […]
The prevalence of digital valuations – including both desktop and automated models – has increased to record levels since the pandemic, according to new data. Property data and services provider CoreLogic has revealed that Australia’s valuation and mortgage industry has undergone a digital transformation in the last four years, as more users turn to digital […]
The state beat the Northern Territory and the ACT to the gong even if the portion of income required to meet loan repayments rose slightly in the June quarter, the state’s peak real estate body confirmed. According to data from the Real Estate Institute of Australia (REIA), the portion of family income needed to meet […]
The latest iteration of the UBS Global Real Estate Bubble Index has noted a sharp decline in housing market imbalances the world over. Analysis of the residential property prices in 25 major cities across the world saw real house prices across these cities fall by 5 per cent between mid-2022 and mid-2023. While house prices […]
Australia’s momentous start to the 2023 spring selling season has seen listings increase as if we’re beginning to see the shoots of a balanced property market sprouting. “With this spring shaping up to be busier than last, supply and demand dynamics are likely to continue rebalancing in the coming months,” explained Eleanor Creagh, PropTrack senior […]
In its first state budget in a decade, the NSW Labor government has announced a $2.2 billion Housing and Infrastructure Plan, along with rental reform and support for first home buyers. NSW Treasurer Daniel Mookhey presented the 2023–24 budget, the first since the Labor government was elected to power in March. In its budget, the […]
Ahead of the Labor government’s state budget today (19 September), the NSW government has announced a new program targeting social and affordable housing. The NSW government’s $224 million Essential Housing Package has been labelled as the first step of the lengthy project to rebuild the state’s social and affordable housing system, with this initial investment […]
The majority of Australians believe that property is still a good investment despite current economic conditions, the aggregator’s survey has found. The survey, commissioned by aggregator Mortgage Choice and conducted by Honeycomb Strategy, found that 83 per cent of Australians believe that property is still a sound investment in spite of rising interest rates, lack […]