Property values were still rising across the combined capital cities in the first months of this year, CoreLogic’s daily home value index showed, albeit at a modest pace as the pandemic property boom petered out.
Experts expect more price falls as interest rates continue to rise and the Reserve Bank offers little indication about how much higher rates could go. Some bank economists are predicting rates could get as high as 3.35 per cent before edging lower next year. Though house values have been falling since earlier in the year, the rate of growth had been slowing since last year, Lawless said, when fixed interest rates began to rise, and the Australian Prudential and Regulation Authority reduced the maximum amount that buyers could borrow.Wheatley Finance owner and mortgage broker Andrew Wheatley said the calls for refinancing or renegotiating loans have become more desperate from clients over the past few months.
“What I’ve [also] noticed in the last three or four months is that people don’t rush in and snap up property quickly,” he said. “Before they had to rush in and buy because the longer it took, the more prices would rise. Waiting six months could cost a buyer an extra $50,000.”
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