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Another RBA board meeting, home values continue their rise, and when will the fixed rate cliff show itself?
Welcome to Hot Property, REB’s weekly round-up of headline stories that are important not only for the real estate sector, but also for the state of the Australian property market as a whole.
To compile this list, we consider the week’s most-read stories and the news that matters to you, collating your need-to-know property report from across our site and sister brands. Here are the biggest stories of the week:
For the first time in the post-Philip Lowe era, Australia’s central bank conducted its monthly board meeting. With recent Consumer Price Index data indicating inflation is on the rise again, even if slightly, many borrowers waited with bated breath for the board’s decision.
Following the board’s decision to hold the cash rate for the fourth consecutive month, many industry heavyweights offered commentary on the RBA’s October decision, and used data to paint the picture of the cash rate’s potential future.
At the back end of last year and the beginning of this year when the RBA’s cash rate hiking cycle seemed never-ending, fears about a potential fixed rate cliff occurring in the final half of the year arise. But new data from PEXA suggests this reality is hardly playing out.
The sustained value growth momentum experienced in the Australian housing markets in recent months continued in September, with two key research firms, CoreLogic and PropTrack, indicating many markets have either fully or nearly recouped the losses they incurred during last year’s downswing.
Victoria’s government is extending its vacant residential land tax! And people aren’t happy about it.
Australia’s rental crisis is the worst kept secret in the country. New data from a leading property player has put a number on the properties needed to help ease the rental crisis.
Even if the RBA’s October decision adds further merit to the argument we’ve reached our cash rate peak, Canstar revealed that, should the central bank move to increase the cash rate again, a majority of borrowers would struggle financially.
Just because the fixed rate cliff has seemingly failed to materialise doesn’t mean it’s all sunshine and rainbows for Australian borrowers.
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