Finance advice

No rate cut 'disappointing'

By webmaster

Yesterday’s decision by the Reserve Bank to keep the rates steady at 4.25 per cent has been called ‘disappointing’ for property buyers by industry experts.

Investors currently paying off loans needed the cut for further assistance and first home buyers will not have the needed encouragement to enter the market, the Real Estate Institute of Australia (REIA) claimed after the announcement.

"We know that first home buyers are starting to return to the property market but another reduction would have assisted in stimulating the lower end of the market and provided a ripple effect to those buyers trading up," said REIA president Pamela Bennett.

Ms Bennett pointed to the latest Consumer Price Index figures being well within the RBA’s target zone of two to three per cent as an indicator that rates should have been cut.

“The RBA's Governor has even indicated that he expects inflation to fall further in the next quarter or two.

“Although just one component of the solution, lower interest rates are needed to reduce the proportion of income that Australians are spending on loan repayments in an effort to improve housing affordability,” she said.

The rates were cut in both November and December in 2011 following 12 months of steady rates.

Real Estate Institute of New South Wales chief executive officer Tim McKibbin said that the general consensus had been an expected rate cut of at least 25 basis points if not more.

However, while it may have been unexpected, Mortgage Choice spokesperson Belinda Williamson said the RBA had been keeping a close watch on the economic indicators and if there are setbacks in coming months then a rate cut may still arise.

"Today's decision by the Reserve Bank to keep rates steady may come as a disappointment to many borrowers who had budgeted for a rate drop this month, but it speaks positively of our overall domestic economic position," Ms Williamson said.

“I believe a rate cut would have helped to stimulate housing and the economy generally, and I think it is still likely the central bank will cut rates this year,” said Mr McKibbin.

For variable rate borrowers who were expecting a cut, there are still steps that can be taken, Ms Williamson said.

"Reviewing their home loan and lender could unearth a product that better suits their needs and has a more attractive interest rate, fewer fees, and/or offers loan features that can help them make a larger dent in their debt.”

Borrowers who recently took out a fixed rate loan, one in five borrowers for January Mortgage Choice home loan approval data, and have locked in their interest rate can be reassured by the steady rates, she said.

"There is a strong possibility that a stable interest rate climate may also encourage buyers to enter the property market based on a degree of certainty around the direction of the economy and hence their ability to repay a loan,” she said.

There are still positive factors for those who are looking to buy, with variable and fixed rates from lenders falling recently, lower property prices and low vacancy rates with increasing rent.

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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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