It was a confidence-boosting weekend for Melbourne’s property market after CoreLogic figures recorded an auction clearance rate of 67 per cent from a whopping 2078 auctions held.
More hikes are expected to the US Fed’s target funds rate later this year and again in 2019 while the Australian rate stays relatively steady.
UBS says the Australian Prudential Regulation Authority (APRA) has been hinting at moves on serviceability and the banking royal commission has had its early focus on responsible lending and it’s building pressure on regulators to act.
The new HomesVic scheme will assist up to 400 first-home buyers meet the criteria to be eligible to enter the housing market by reducing the amount they need to snare a property.
Government land-use regulations and zoning rules are costing homebuyers in Melbourne $324,000 on an average property.
The Commonwealth Bank has issued a round of interest-only rate cuts and the other major lenders are expected to follow suit.
In its policy statement for March released yesterday, the RBA look set to stick with the current rate of 1.5 per cent for some time yet as it feels a little less confident about the economic outlook for the rest of the year.
The first Super Saturday of the year returned auction clearance rates above 70 per cent in both Melbourne and Sydney.
According to HSBC the RBA could look to lift interest rates by the second half of the year off the back of strong economic growth and mining sector improvement.
Commercial construction is forecast to surge 15 per cent this year after three years of decline.
