The Reserve Bank governor Philip Lowe says he’s confident the Australian economy will bounce back strongly from the extended eastern states lockdowns and insists interest rates will remain low for years to come.
The Reserve Bank has kept the official cash rate on hold again this month, but it hasn’t stopped banks from slashing variable mortgage rates to try and lure customers.
The end of the HomeBuilder government incentive scheme has seen a sharp drop in new dwelling approvals.
Units are offering particular value for renters, largely being driven by the falling demand for inner-city apartments since the pandemic hit.
Melbourne’s extended lockdown will see hundreds of vendors cancel property sales as the winter auction season comes to an end.
Melbourne house hunters who are looking to buy in the regions may be blocked from personal inspections after a regional NSW town was locked down after such a COVID case.
The Australian property market has had a great year but things could accelerate even further as we close in on 80 per cent vaccination and borders reopen.
Buyers are continuing to move away from the inner city areas and are spending up in the middle and outer suburbs as the city plunges into repeated lockdowns.
As expected, the Reserve Bank has kept the official cash rate at the record low of 0.1% at its August meeting.
Melbourne’s median house price has burst through the $1 million barrier as Sydney falls further down their COVID outbreak spiral and face more weeks of lockdown.
