Financial advisors and mortgage brokers are being offered big commissions – up to 30 per cent bigger than last year – to sell completed apartments during the downturn.
New BIS Oxford Economics figures say Australia’s residential building boom is long gone and housing construction will fall 30 per cent from peak to trough over a two-year correction.
There’s increasing speculation that the Reserve Bank may cut interest rates later this year but the central bank has moved to dispel that notion this week.
There’s more pain ahead for home owners in Melbourne, Sydney and Perth according to new forecasts from Moody’s Analytics.
The RBA has left its official cash rate at the record-low of 1.5 per cent for the 29thmonth in a row but experts are saying a cut this year is becoming inevitable.
Property tax is set for a crackdown from January 1 next year if Labor wins the upcoming election, which current polls suggest they will.
The property downturn is providing an opportunity for first homebuyers not seen for some time but it may pay to use some caution if looking to enter the market for the first time.
Westpac are offering a $2000 rebate for each property to new borrowers refinancing their mortgage in a bid for more market share.
The property downturn in Australia is deepening and becoming the worst in recent history.
Economists say the concept of ‘FONGO’ (Fear Of Not Getting Out) will see a wave of property sell-offs during this property downturn.
