News & Events
This Week In Property 27 August 2019
7 THINGS YOU NEED TO KNOW IN PROPERTY THIS WEEK - 27 AUGUST 2019
Your quick guide to all the key stories from the property industry this week.
- The Reserve Bank of Australia’s cure for fixing the housing market could be “worse than the disease” as ultra-low interest rates risk reflating the property price bubble, according to global investment bank UBS.
- Meanwhile, the RBA Governor, Philip Lowe has more to say on the new world era where political shocks can become economic shocks and record low interest rates risking the creation of housing and stockmarket pricing bubbles. He has called on the governments to do more to stimulate the economy.
- Sydney auctions hit two-year high. Sydney's preliminary auction clearance rate reached a mammoth 84.7% off 500 properties hitting the block over the previous weekend, up three points from the previous week.
- Australians are now being offered what are possibly the lowest fixed rate mortgage interest rates in history, with banks dropping rates below 3%.
- ANZ says the current auction boom will not translate into another rapid escalation of prices because of tighter current credit conditions.
- The Housing Industry Association is hoping moves toward more stringent lending criteria will have a limited impact on the new-build sector. According to the HIA, detached home building is going to improve faster than apartment developments - but the sector will be reliant on state and federal investment in new infrastructure projects.
- NSW housing developer Landcom has announced its first major metro station housing project, a $700m, 1,100 unit develop at Tallawong on the north-west link of the Sydney metro system. It intends to deliver 11,000 homes at housing hubs across all eight stations between Epping and Tallawong over the next 10 years.
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