A Short Synopsis of Australian Property Market In 2015
This piece of blog is going to let you know the ins and outs of Australian property market in 2015. Since May 2014 to May 2015, almost every Australian capital city saw an increase in median property prices. As per the figures mentioned in MyRPData’s May Property Snapshot, Sydney is still the most expensive capital, with a median price of $752,000, which is 15% more as compared to this time in last year.
Next was Melbourne with 9.0% increase and the median price of $570,000), which was followed Brisbane (3.1% to $463,000) and Canberra (2.4% to $550,000). After these, Adelaide recorded the highest growth rate of 1.7% to $400,000 and then the Perth with the growth rate of 0.7% with a median property price at $510,000. Opposite to this, Darwin and Hobart were the only capital cities to witness median prices falling by 2.00% to $520,000 and 1.00% to $328,000 (the lowest median price in Australia), respectively, over the last one year.
Today, Australia has the lowest interest rates of all time. As in May 2015, the Reserve Bank of Australia (RBA) lowered the official cash rate (OCR) by 25 basis points to 2.00%, which has been the lowest in history. Additionally, industry reviewers have guessed that more decline can be expected sometime before the end of the 2015. “The recent round of interest rate cuts were aimed at increasing business investment and hasn’t ruled out further rate cuts either” – said RBA Governor Glenn Stevens.
Moreover, for first time homebuyers, the rate cuts can be promising in their endeavours of buying a home through a home loan in Australia. However, there is no assumptions made when a rate hike would arrive around the corner. Still, the Australian property market at present and in coming few months will be a potential investment market.
With great number of home financing options available in Australia through banks and lending institutions, people are resorting to settle on loan offers that fulfils their needs of buying a home and at the same time, can help in saving good amount of money on interest rates.
Loans Direct provides home loans in competitive interest rates anywhere in Australia. All you have to do is to Book a Free No Obligation Consultation to discuss your needs and they will handle the rest for giving you the most suitable home loan deal.