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CBC Homeloans

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19.01.2022 NAB survey predicts apartment supply glut in 2017 The recent Quarterly Australian Residential Property Survey Q2 2016 released by the National Australia Bank expects apartment prices to drop across most capital cities in Australia in 2017 due to a supply surge. House prices are anticipated to grow 0.5 per cent next year, while unit prices are expected to drop 1.5 per cent. Perth will be the most affected city, with a five per cent drop in apartment prices. It will be followed... by Melbourne with a 3.5 per cent decline. Brisbane and Sydney are also set to drop by 1.8 and 1.5 per cent, respectively. Perth is likely tot experience declines due to economic conditions, while Melbourne and Brisbane face increased supply and weaker investor demand. The same factors account for Sydney’s decline, but pent-up demand would stop prices from falling too far. However, the report also stated that the 2016 national house price growth is set to grow from 1.5 per cent to 5.1 per cent. Apartments are likewise expected to grow 3.6 per cent by the end of the year. While there is a significant amount of uncertainty over the outlook for prices, we expect that this renewed momentum in the housing market is unlikely to be sustained over the long term, said Alan Oster, NAB chief economist. NAB is not the only one to predict price declines in the near term. BIS Shrapnel’s Residential Property Prospects report also forecast that house prices would decline across most capital cities over the next three years. However, Oster said that a sharp correction is not in the cards unless there is a significant economic catalyst, like a higher unemployment rate or interest rate. With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - phone Belinda or Rick from CBCHomeloans on 02 6162 1132 for good advice with no obligation.

18.01.2022 Is a 20% deposit always necessary? Does one really need a 20% deposit to buy a house? With property prices in markets like Sydney hitting a new record high of $1.1m, saving a 20% deposit poses enormous challenges for the average Australian....Continue reading

14.01.2022 Rising rates could squash national housing boom After peaking in October and November, demand for property dropped in December with global real estate corporation REA Group saying this could be due to recent out-of-cycle rate hikes. In the REA Group Property Demand Index, chief economist Nerida Conisbee said that the record price rises experienced in Sydney and Melbourne last year would be more subdued in 2017.... The key drivers of this demand decline are likely due to Australian banks increasing interest rates for buyers independently of the Reserve Bank of Australia [RBA] in late November and early December and continuing affordability issues across the eastern seaboard. With the RBA indicating it may still cut the official cash rate further, Conisbee said banks would not pass these cuts onto borrowers. Thus, expectations were that any out-of-cycle interest rate rises would continue. This will be a key issue for borrowers this year, especially first home buyers and investors, with access to cheap money becoming more difficult. The report calculated the number of online visits to REA Group sites over December against the average number of property listings. Final analysis revealed that New South Wales and Victoria experienced the greatest slump during December with demand in both states falling by 8.0% and 8.6% respectively. The total breakdown for dwelling, house and apartment demand across all states can be found below with figures under Month End Value signifying the average level of demand. The higher the figure, the higher the demand in that state. For all your housing loan needs phone Rick or Belinda on 02 6162 1132.

09.01.2022 Half of Aussies think they need 20% deposit CoreLogic housing affordability survey finds huge concern over deposits but large gaps in knowledge 58% of Australians are unaware that banks will lend above 80% LVR, a CoreLogic survey has indicated. ... Only half of those surveyed were aware of stamp duty concessions for first home buyers, 29% knew banks’ lending to investors is limited and just 25% understood that overseas buyer can only buy new properties. One-quarter of all Australians were unaware of any of these four factors which could help them afford a home. 35% of non-homeowners believe they could afford a deposit of up to 9%, CoreLogic's Perceptions of Housing Affordability report found. It’s possible therefore these consumers have been put off buying in the mistaken belief a 20% deposit is essential. The lack of awareness of stamp duty concessions mattered because stamp duty was along with deposits the joint biggest impediment to being able to afford property, selected by 44% of respondents. CoreLogic found that stamp duty and deposits were the biggest impediments ahead of interest rates, loan approval and lenders mortgage insurance. From July, stamp duty will be abolished for first home buyers purchasing a property valued below $600,000, the Victorian Government announced in March. New South Wales and Queensland have stamp duty concessions for properties valued below $500,000 and $550,000 respectively. WA first home buyers who are eligible for the state’s First Home Owner Grant also can access a concessional stamp duty rate. Concern about affording a deposit was highest in Queensland and lowest in the Australian Capital Territory. Concerns about stamp duty were highest in NSW and SA/NT and lowest in Victoria. CoreLogic also found growing interest in ‘rentvesting’: 14% of non-home owners would definitely buy an investment property first, whilst a further 27% would consider it. At present, however, just 4% of non-homeowners surveyed by CoreLogic already owned an investment property. Get great assistance when you purchase your home, phone Belinda or Rick from CBC Home Loans on 02 6162 1132.