Real estate news has been recently characterised by rising interest rates, falling house prices and slowing market action. And while these are key markers of the bigger picture, people are neglecting to point out that there are benefits within the figures for some.
The Reserve Bank of Australia has announced further hikes to the official cash rate, with lenders already passing them on.
To buy or to build? It’s the question most people in the housing market consider at some point, and a complicated one at that. The pandemic shook up both the housing market, and construction industry drastically. We saw home values skyrocket, building material costs increase, and wait times stretch out.
All eyes have been on the real estate market lately, as changes are anticipated, following the recent hike in the official interest rate. The RBA made the long awaited move to increase the rate to 0.35 per cent, an increase of 0.25 per cent in May, after two years of the lowest interest rates in history.
The expansion of the First Home Guarantee (formerly the First Home Loan Deposit Scheme) to 35,000 places a year could lead to more buyer demand in Melbourne’s sub-$600,000 market and get tenants into their first home sooner.