Finance advice

Mortgage rate hikes bad for entire property market: CoreLogic

By Sasha Karen
mortgage rate, hike, rates, property market

Analysis by property analytics company CoreLogic has shown the recent loan rate hikes by the big banks are likely to do much more harm than good.

In recent days, three out of the four big banks have said they plan to increase variable mortgage rates, while smaller regional banks have been increasing rates higher over the last few months, the latter claiming rising short-term funding costs as the culprit, according to CoreLogic research analyst Cameron Kusher.

Mr Kusher said that despite the rate increases being relatively small, the effect on housing market sentiment is likely to be significant.

He added that the rate hikes are likely to exacerbate the already existing declines in Sydney, Melbourne, PerthPerth, TAS Perth, WA and Darwin, pushing them down further as well as slowing down existing growth elsewhere.

Mr Kusher claimed the timing of the rate hikes were particularly “interesting” for two reasons.

He said the first reason was the difference between previous targeted impacts on investors and the current impacts on owner occupiers. In the recent market downturn, there has been declines of 5.6 per cent from Sydney’s peak and 3.5 per cent from Melbourne’s peak, which stemmed from higher rates for investors and reduced affordability, while owner occupiers were relatively safe. Now, the recent hikes are also impacting on owner occupiers and the whole market is affected as a result, Mr Kusher said.

The second reason was due to coinciding with the beginning of spring, he said.

“Although spring, in my mind and according to the data, is somewhat overhyped as a good time to sell, more stock does typically become available for sale over the period and buying activity typically increases,” Mr Kusher said.

“The other usual occurrence at the beginning of spring is that lenders offer enticing mortgage rates to the market to jostle for market share. By contrast this year, major lenders are announcing higher mortgage rates.”

“Overall this move seems likely to lead to a continuation of the currently weak housing market conditions over the coming months and may weaken the market further,” Mr Kusher said.

“From the lenders’ perspective, clearly they realise that the housing downturn is becoming entrenched (particularly in Perth and Darwin, but more recently in Sydney and Melbourne) and they are doing what they can to maintain profitability in the face of lower mortgage volumes.”

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

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!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

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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!

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(53) "Finance Tips and Insights - Smart Property Investment" ["menu-meta_description"]=> string(91) "Financial tips for property investors, from mortgages to cash flow to saving for a deposit." ["secure"]=> int(0) ["page_description"]=> string(11) "sample desc" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2018-09-17 06:16:11" ["slug"]=> string(69) "18556:getting-finance-approved-in-this-tightening-lending-environment" ["catslug"]=> string(28) "45:smart-property-investment" ["link"]=> string(89) "/investor-stories-1/18556-getting-finance-approved-in-this-tightening-lending-environment" }
Getting finance approved in this tightening lending environment

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