Real Estate and Property Market News

Hold onto your hats, potential homeowners! While house prices remained relatively flat in January, experts warn 2024 could see them skyrocket again, despite affordability concerns reaching historic lows.

A wave of discontent is washing over Ku-ring-gai, as residents and the local council prepare to lock horns with the State government over its proposed high-density housing plan. The plan, which would significantly increase development around railway stations, has sparked outrage amongst locals who fear it will irrevocably alter the character of their leafy suburb.

As a first home buyer in NSW, you may be eligible for a duty exemption, concession and/or a grant.

The Australian Bureau of Statistics (ABS) data showed that the total value of Australia’s housing hit an all-time high of $9.26 trillion in 2021

Eligible first home buyers can apply for a loan to either build or purchase an eligible property through a participating lender, up until 30 June 2022.

The Reserve Bank of Australia will keep its unprecedented low cash rate on hold but could move sooner than 2024

The Australian Prudential Regulation Authority (APRA) told banks to increase the minimum interest rate they use when assessing a new borrower’s ability to meet their loan repayments. The new interest rate is at least 3.0 percent above the usual loan rate. This means that some future applicants will borrow less money. APRA’s objective is to ensure that mortgage lending is conducted on a prudent basis, and that borrowers are well-equipped to service their debts under a range of scenarios.

The NSW Govt has announced changes to the road map this week, which means that if you’re fully vaccinated or have a medical exemption, you can do even more from Monday 11 October.

Eligible residential tenants impacted by COVID-19 who can’t meet their residential rent payments are protected from eviction until 11 September 2021. After September 11, landlords can take termination action for rent arrears if their tenant have not entered into an agreement with them to vary their rent.

As the lockdown continues across Sydney, landlords are able to access support for rent reductions granted to their tenants over the two months from July 14. The financial support by the NSW government is capped at the amount of rent reduction that is passed onto their tenants, or $3000, whichever is lower.