Housing affordability in Australia always seems to be under the microscope, but it is still possible to buy a house within 10kms from Melbourne’s CBD for under $600,000.
After announcing no change to interest rates last week, the RBA has issued a timely warning to property buyers not to take on too much debt trying to secure a home in the low-interest environment.
With the extended period of interest rate cuts slowly putting positive effects of the economy’s growth, massive job cuts in Australia’s motor vehicle and manufacturing industries have shaken the nation’s consumer confidence.
The ACCC is set to crack down on comparison websites for loans, credit cards, insurance, flights and utilities.
The average home in metropolitan Australia now costs buyers $600,000, after a yearly rise of 13 per cent.
In a bid to help first-home buyers be able to afford to buy a home, the ACTU will make a submission this week to the Fair Work Commission, aiming for an increase to the minimum wage.
The Australian dollar rose, albeit briefly, to a four-month high off the back of this week’s RBA announcement of no change to interest rates.
Lending newcomer Yellow Brick Road has urged the government to teach financial literacy in schools.
Some mortgage brokers believe if the next move in interest rates is upward, it may actually lead to more business for them.
Inner city apartments in Melbourne are suffering from a glut of oversupply. Analysts are concerned that prices in these CBD dwellings could fall as a result.
