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Property market roars back to life on back of RBA rate cut
More Australians think now is the right time to buy a new home than at any point since November 2013.
Successive cuts to interest rates have increased the borrowing power of prospective buyers and reduced the gap between home loan repayments and renting costs.
So much so that even continued job shedding across the country has failed to dent the enthusiasm for buying new homes. Never mind the gradual withdrawal of government support.
Brisbane property market update: October 2020
October has seen a huge turnaround in buyer sentiment in Brisbane. It seems that even more buyers have entered the market in the last month, and this is contributing to the very high demand that is evident around the city.
Here we will summarise the monthly data and share our experiences of what we have seen on the ground by being out and about every Saturday, mixing with other buyers at open homes in several pockets around Brisbane.
Last month, we reported that Westpac Bank updated its property forecasts, with Brisbane prices tipped to surge 20 per cent between 2022 and 2023.
Australians are building larger homes and renovating more, thanks to COVID
What happens when governments ask millions of Australians to work from home and only leave when absolutely necessary?
They build bigger homes, according to Commsec.
The stockbroking arm of Commonwealth Bank released new research on Monday showing the average size of a new house built in 2019-20 was 2.9 per cent larger than the previous year.
Analyst predicts surge in property prices
A confluence of factors seems sure to push investors back into the property market and therefore drive up property prices, according to analyst Michael Matusik.
When considered alongside the incredibly low mortgage rates on offer, the volatility of the share market and paltry return on money being kept in the bank seems sure to make investing in the property market “more appealing than ever”.
“It is an exciting time if you are a property investor because accessing money is cheaper [than ever before] and there is some assurance from the Reserve Bank of Australia that is not going to change in the near future,” Matusik said.
Big bank sees early stages of another surge in property prices, but who will that benefit?
A fundamental economic logic is being challenged today as major bank forecasts another big run-up in property prices.
Record low interest rates, says the Westpac Bank, will produce ‘a strong resurgence in the housing market’. The Reserve Bank and Westpac both believe that will see more Australians into work.
COVID-19 vaccine is more than 90 per cent effective, Pfizer and BioNTech say
Pfizer says its experimental vaccine was more than 90 per cent effective in preventing COVID-19 based on initial data from a large study, a major victory in the fight against a pandemic that has killed more than 1 million people, roiled the world’s economy and upended daily life.
Earlier this week the Morrison government announced Australia had secured 50 million more potential coronavirus vaccine doses through two new agreements – one with Novavax and a second with Pfizer and German partner BioNTech SE.