The latest CoreLogic data reveals home values swelled by 2.1 per cent in February, the biggest month-on-month change in the research group’s national home value index since August 2003.
So too was the resilience of the low end of the market during last year’s downswing, but the rapid growth in first-home buyers targeting affordable properties in 2020 is expected to drop off this year as property values continue to rise and incentives are tapered. But it is keeping a close eye on property prices, particularly with projections of a rise of up to 20 per cent over the next two years.Canstar group executive of financial services Steve Mickenbecker said it had been the perfect storm for the property market, with demand running hot and stock being absorbed before or as soon as it hit the market.
“The Reserve Bank doesn’t expect to raise the cash rate for three years or more, but unless property prices can be slowed it will have to start looking for some way to apply the brakes,” he said. “The regulators are more likely to respond to escalating property prices by scaling back government incentives or introducing news caps on risky lending.
Source: Loan Digest (loandigest.net)
Cashed up people spending more on real estate than it's worth wont be affected by interest rate hikes
No central banks can raise rates. Ever.
Property prices are ridiculous. Median house price in Sydney is $1.68 million. Joke. AuspolSoCorrupt keep letting rich foreign investor absorb supply.
Rates ain’t going anywhere. Demand on free standing homes now is like the demand on toilet paper at the begging of the pandemic. Not enough immediate supply to keep up with demand. The surge won’t last, so interest rates won’t go anywhere
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