Opinion: Looking for a new house? Property prices in Sydney are likely to keep falling for at least the rest of the year | jcollett_money
Property prices in Sydney and Melbourne look likely to keep falling for at least the rest of the year.
Financial markets are expecting the Reserve Bank of Australia to increase official interest rates again next week, probably by 0.5 percentage points. That would make it the fifth consecutive monthly increase in this rate-rising cycle, as our central bank tries to curb burgeoning inflation. Melbourne prices have declined for five months in succession, including dips of 1.5 percent in July and 1.1 per cent in June.
Martin North, founder of Digital Finance Analytics, says is “quite likely” that the property price declines in our two largest cities will be the biggest on record. Russel Chesler, head of investments and capital markets at VanEck Australia, an exchange-traded fund provider, says despite higher interest rates and cost-of-living pressures, households are continuing to spend. And the labour market remains strong, with employment still growing, he says.“Given such strong data, we can expect a rate rise of 50 basis points from the RBA next week.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Victorian authorities warn of increased flood risk this spring, as dams reach capacityThe Bureau of Meteorology says there is a 70 per cent chance of La Niña developing this spring. Wetter conditions across the state will decrease the likelihood of dangerous bushfires.
Read more »
Graziers in western Queensland rejoice over late August rainA 'remarkable' wet start to spring has graziers across outback Queensland welcoming close to 70mm of rain in a 24-hour period.
Read more »
Millman out, de Minaur through at US OpenAlex de Minaur has continued his hot American summer to steam into the US Open second round in New York, while compatriot John Millman bowed out after a tough five-set encounter.
Read more »
Liberty says falling house prices will push borrowers to non-banksLiberty’s CEO says borrowers with higher loan-to-value ratios may be pushed to non-banks as banks tighten loan standards.
Read more »
Young Australians the biggest victims of an unproductive decadeFalling incomes are normally associated with recessions. But over the past decade, even as the economy grew, the real incomes of young Australians fell.
Read more »
Medicinal cannabis users could be granted drug driving exemptionYOUR SAY: Should medicinal cannabis users be exempt from drug driving charges? Queensland is looking at overhauling the state's drug-driving laws to provide an exemption for motorists who are prescribed the drug for medical purposes. 9News MORE:
Read more »