We hope you are enjoying the busy spring property season – it’s certainly in full bloom! Dwelling values are continuing to creep up in many markets, with Melbourne and Sydney leading the way. Auction volumes were on the rise across the capital cities throughout most of September, while clearance rates remain strong. What better time for a fresh start in a fresh home!
Interest rate news
Great news for homeowners and property hunters! The Reserve Bank of Australia (RBA) decided to cut the official cash rate to an historic low of 0.75% pa at its October meeting, following rate cuts in June and July. We’ve never seen a rate this low.
The move did not come as a complete surprise. RBA governor Philip Lowe had previously said the board was prepared to cut interest rates to tackle unemployment.
Now is a good time to review your mortgage to ensure you’re getting a competitive deal. Speak to us and we’ll help you shop around for a home loan that ties in with your financial circumstances and goals.
Home value movements
Property prices are continuing to edge higher in several markets. In the month to September 30, dwelling values increased by 1.74% in Melbourne and 1.68% in Sydney. Brisbane also saw positive growth of 0.10%, while dwelling values increased by 0.95% in Canberra. Perth, Hobart and Adelaide, on the other hand, all saw property values fall (by 0.83%, 0.40% and 0.05% respectively). In Darwin, prices dropped by 0.24%.
Meanwhile, auction clearance rates remained strong throughout most of September, even with volumes on the rise for spring. Sydney recorded the busiest week for auctions this year in the week ending September 29, while auction activity was quieter in Melbourne due to the AFL grand final.
Property market activity
|All dwellings||Auctions / clearance rate
||Private Sale||Monthly Home Values
|VIC||52 / 83%||891||▲ 1.74|
|NSW||560 / 81%||1316||▲ 1.68|
|ACT||32 / 66%||80||▲ 0.95|
|QLD||130 / 45%||962||▲ 0.10|
|WA||7 / 29%||356||▼ -0.83|
|NT||7 / 43%||15||▼ -0.24|
|TAS||0 / 0%||184||▼ -0.40|
|SA||37 / 51%||294||▼ -0.05|
* Monthly Home Values figures as at September 30, 2019
* Australian auction results, clearance rates and recent sales for the week ending September 29, 2019. The clearance rate is preliminary and current as at 10am, October 1
Need finance for a spring property purchase?
If you’re ready to make the most of the interest rate cuts and buy that slice of real estate heaven you’ve been contemplating, speak to us about your finance options. There are plenty of red-hot home loan deals available, and we can help you find the right one for your specific needs. Please get in touch and we’ll get the ball rolling with pre-approval on your finance!
0412 210 099
Stoneturn Pty Ltd
Level 21, 25 Bligh Street, Sydney NSW 2000
T: 02 8256 3109 E: firstname.lastname@example.org
Note that specialist Accounting, Property, Mortgage and Foreign exchange services offered by our partners, Stoneturn, OFX, Hartley’s and LJ Hooker are via referral arrangement only. Note that these Firms are not authorised by NEO Financial Solutions Pty Ltd and therefore NEO Financial Solutions Pty Ltd and Australian Expatriate Services are not responsible for any advice/services provided by these Firms.