Cash Rate Decision July 2023: RBA Leaves Cash Rate Unchanged At 4.1%
The Reserve Bank of Australia has left the cash rate unchanged at 4.1%. Why Did The RBA Leave The Cash Rate Unchanged? In his statement on the RBA’s decision, Governor Dr Philip Lowe said, “Interest rates have been increased by 4 percentage points since May last year. The higher interest rates are working to establish […]
Support For First-Home Buyers In South Australia
South Australia announced the 2023/24 state budget on 15 June 2023. As part of the budget, first-home buyers in South Australia can get the following: Relief from stamp duty An increase in the property price cap for eligibility for homeowner grants A loan for building a new home with a deposit as low as 2%. […]
Cash Rate Decision June 2023: RBA Increases Cash Rate To 4.10%
The Reserve Bank of Australia (RBA) has increased the cash rate to 4.10% for June 2023. How Does The Cash Rate Affect My Interest Rate? Lenders add a margin to the official cash rate to determine the variable interest rate they offer to customers. So if you have a variable interest rate, it will almost […]
A Tale Of Recovery And Uncertainty
CoreLogic’s national Home Value Index (HVI) recorded a third consecutive increase, with a pace of growth of 1.2% in May 2023. After hitting bottom in February, home values increased by 0.6% and 0.5% in March and April, respectively. Sydney Leading Housing Recovery Sydney led the recovery trend, with a 1.8% value increase over May. This […]
NSW Surcharge Purchaser Duty: Exemptions For Foreign Buyers From Selected Nations
Foreign buyers who purchase residential-related property in NSW are subject to a surcharge purchaser duty of 8% in addition to any transfer duty; however, this policy no longer applies to foreign individuals from New Zealand, Finland, Germany, South Africa, Norway, Switzerland, Japan and India. This change is effective immediately, due to international tax agreements entered […]
Federal Budget 2023-24 | A Big Win For Homebuyers
With housing affordability, lack of housing supply, inflation and interest rates all remaining pressing issues for Australians, the 2023-24 federal budget’s housing-related policies and initiatives are crucial. Let’s look at the key measures in this budget that affect homebuyers, homeowners and investors. 1. Expansion Of The Home Guarantee Scheme This was the biggest news – […]
Is The Housing Downturn Over? CoreLogic Thinks So
CoreLogic’s Home Value Index posted a second consecutive monthly rise in April 2023, increasing by 0.5%. Sydney home values increased 1.3% and led the positive turn in housing conditions. Its values are now 3% higher than at its recent trough recorded in January. CoreLogic research director Tim Lawless said, “Not only are we seeing housing […]
Cash Rate Decision May 2023: RBA Increases Cash Rate To 3.85%
The Reserve Bank of Australia (RBA) has increased the cash rate to 3.85%. How Does The Cash Rate Affect My Interest Rate? Lenders add a margin to the official cash rate to determine the variable interest rate they offer to customers. So if you have a variable interest rate, it will almost certainly go up […]
NSW Labor To Repeal Property Tax Option For First-Home Buyers
The incoming NSW Labor government has announced plans to repeal the First Home Buyer Choice scheme, which came into effect on 16 January under former NSW premier Dominic Perrottet’s government. The scheme allowed first-home buyers (FHBs) purchasing owner-occupier properties valued at up to $1.5 million to opt out of stamp duty and pay an annual […]
Australian Property Market: NHFIC’s 2022-23 Report Insights
Every year, the National Housing Finance and Investment Corporation conducts comprehensive research into housing demand, supply and affordability in Australia. The NHFIC’s State of the Nation’s Housing Report 2022-23 was published on 3 April 2023. The Current State Of Australia’s Housing Market Here are notable findings from the report on the Australian housing market: In […]
