Best Victorian Independent Mortgage Brokerage
We are proud to announce that we have won the Best Independent Mortgage Brokerage in Victoria (with over 5 brokers) at the Advisor Better Business Awards. We want to take this opportunity to thank you, because without our clients’ support, accolades like this are not possible. Thank for allowing us to help with your finance needs. We are looking forward to an even more successful 2016
Summer is over and now that we are entering the busy autumn selling season, our property markets are picking up and resuming the hectic pace we saw last year!
Last week, the Reserve Bank of Australia (RBA) met for its March meeting and as widely expected by analysts, decided to keep the official cash rate on hold at 2.0%. Whilst the RBA is not ruling out a further cut in rates this year, it looks as though the cash rate will remain at this level for some time.
Property markets are going strong, with auction clearance rates picking up around the country. For the week ending February 29, there were 1,327 auctions recorded in Victoria with a good clearance rate of 75%. In NSW, there were 872 auctions with a clearance rate of 73%, Queensland 175 auctions with a clearance rate of 58%, South Australia saw 118 auctions with a clearance rate of 73%, ACT had 72 auctions with a clearance rate of 70%, Tasmania had just 9 auctions with a clearance rate of 60%, NT had 10 auctions with a clearance rate of 63% and Western Australia held 47 auctions with a clearance rate of 44%.
Whilst last year saw some very rapid rises in home values, this month growth has been slower. Sydney home values increased by just 0.47%, Melbourne 0.30%, Brisbane & Gold Coast 1.30%, Adelaide 1.88% Darwin 0.40% and Hobart 2.85%. Perth and Canberra showed small declines in home values over the last month, with Perth showing a 1.13% decrease and Canberra 0.16%.
Many lenders have been making changes to their interest rates outside of the RBA cash rate movements. Recently we have seen small increases in interest rates on commercial property loans and investment property loans. However, interest rates remain very low overall and buying conditions look particularly good for owner-occupiers – great news if you are a first home buyer or looking for your next home.
Remember, we are here to support you with all your finance needs. If you are thinking about getting into the market this autumn, then give us a call and we will help you to get pre-approval on a loan so you are in a great position to buy. If you are an investor, do not be put off by any small rises in rates – we are here to help you find the most suitable loan for your needs, so call us today.
We recommend that you seek independent financial and taxation advice before acting on any information in this newsletter. It contains general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Interest rates are subject to change without notice. Lenders terms, conditions, fees & charges apply. Information sources: Auction results:www.realestate.com.au. Home values: www.corelogic.com.au
Sincerely , The Team at Acceptance Finance