Finance advice

Further rate movements uncertain

By Reporter

While responses to the unchanged interest rate yesterday have been varied, it’s clear that most are unclear about where rates will be heading in the future.

General manager of CUA, Jason Murray, told Smart Property Investment that he was “not surprised” by the Reserve Bank’s announcement yesterday that rates would stay on hold at three per cent. Consumer perspective was similar, with a recent CUA survey seeing 53 per cent of consumers expecting it to be on hold.

Looking at the next few months, it’s uncertain ground about whether rates will be cut further.

While AMP Capital’s chief economist, Shane Oliver, has previously said he expects another two rate cuts (bring us down to 2.5 per cent) due to uninspiring data coming in, Mr Murray wasn’t so sure.

“The challenge for the RBA is that a lot of people are just paying off their mortgages faster rather than stimulating the economy by spending,” Mr Murray said.

“It won’t have the desired effect. You get to the point where cuts start to have a negative impact as much as a positive impact when it gets lower than where it is, as those that are saving become affected.

“Experts are still talking about one or two more [rate changes], but as a keen observer I’d say the impact of another rate change has become less and less,” he said.

Real Estate Institute of Australia president, Peter Bushby, agreed that the response to rate changes has been questionable.

“The impact of last year’s cuts is still not clear but with the market remaining relatively flat, potential homebuyers will always love to see interest rates go down,” said Mr Bushby.

“If the RBA had further cut the rate by 25 basis points and the lenders had passed on the cut, affordability would have improved with the proportion of family income required to meet loan repayments dropping to 29.9 per cent compared to 31.8 per cent recorded in the September 2012 quarter,” he said.

The RBA’s meeting yesterday saw the board announce that the global economy’s “downside risks” appear to have abated presently, with signs recently of stabilisation.

Even despite the recognition of the peak in resource investment approaching, “there will be more scope for some other areas of demand to strengthen.”

Residential property, with dwelling prices moving slightly higher, rental yields increasing and building approvals up, also contributed to the decision not to cut.

“The board's view is that with inflation likely to be consistent with the target, and with growth likely to be a little below trend over the coming year, an accommodative stance of monetary policy is appropriate,” the announcement continued.

“The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand.”

A Mortgage Choice franchise owner, Aurelio Tenaglia, said that this should be seen as a ‘glass half-full’ by mortgage holders.

“Further rate cuts are expected in the coming months but for now borrowers shouldn’t lose sight of the fact that rates are at a historical low and this is good news for anyone looking to enter the property market,” Mr Tenaglia said.

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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