October 2019 Finance News
Updated: Jun 30, 2020
We hope you are enjoying the busy spring property season – it’s certainly in full bloom! Dwelling values are continuing to creep up in many markets, with Melbourne and Sydney leading the way. Auction volumes were on the rise across the capital cities throughout most of September, while clearance rates remain strong. What better time for a fresh start in a fresh home!
Interest rate news
Great news for homeowners and property hunters! The Reserve Bank of Australia (RBA) decided to cut the official cash rate to an historic low of 0.75% pa at its October meeting, following rate cuts in June and July. We’ve never seen a rate this low. The move did not come as a complete surprise. RBA governor Philip Lowe had previously said the board was prepared to cut interest rates to tackle unemployment.
Now is a good time to review your mortgage to ensure you’re getting a competitive deal. Speak to us and we’ll help you shop around for a home loan that ties in with your financial circumstances and goals.
Home value movements
Property prices are continuing to edge higher in several markets. In the month to September 30, dwelling values increased by 1.74% in Melbourne and 1.68% in Sydney. Brisbane also saw positive growth of 0.10%, while dwelling values increased by 0.95% in Canberra. Perth, Hobart and Adelaide, on the other hand, all saw property values fall (by 0.83%, 0.40% and 0.05% respectively). In Darwin, prices dropped by 0.24%.
Meanwhile, auction clearance rates remained strong throughout most of September, even with volumes on the rise for spring. Sydney recorded the busiest week for auctions this year in the week ending September 29, while auction activity was quieter in Melbourne due to the AFL grand final.
Property market activity
Need finance for a spring property purchase?
If you’re ready to make the most of the interest rate cuts and buy that slice of real estate heaven you’ve been contemplating, speak to us about your finance options. There are plenty of red-hot home loan deals available, and we can help you find the right one for your specific needs. Please get in touch and we’ll get the ball rolling with pre-approval on your finance.