Prior to the latest few rounds of interest rate hikes, commercial property loans in Australia actually hit a record high, increasing by 12.8 per cent in the 12 months to June of this year.
New PopTrack statistics have laid bare the most expensive suburbs to buy property in the country, with 88 coming in with an automated valuation model (AVM) over $3 million.
The COVID pandemic rocked society through and through for a year or two and had its way with the property market, like it did everything else.
The housing market has copped its fair share of negative press this year but there’s signs the fearful sentiment is fading.
The COVID pandemic and rising interest rates are proving no match for the momentum in the Australian commercial property market.
The redraw facility on a mortgage is a popular feature for many borrowers, but users need to be aware of a few traps that could end up costing them more than they realise.
Higher interest rates are currently affecting property investors more so than owner-occupiers according to official numbers from the Australian Bureau of Statistic
Median dwelling values were driven up nearly 30 per cent across the nation since the COVID pandemic struck and it put property out of reach of many buyers.
It’s another big hit for borrowers, who can expect to pay almost $300 a month extra on a $1 million mortgage.
The ANZ Bank have tipped Australian house prices to drop nearly 20 per cent before rebounding by around 5 per cent in 2024.
