Aireys Inlet Real Real Estate Open House Inspections October 22 -23

Home loans rise again: housing steadies

The housing sector is stabilising as talk of an interest rate rise wanes and Australians are encouraged to borrow more, economists say.

The number of home loans approved in August rose 1.2 per cent to 50,965, official figures show. Economists’ forecasts had centred on a 1 per cent rise in housing finance commitments for the month.

August was the fifth straight month that housing finance commitments had risen.

The Australian Bureau

of Statistics said total housing finance by value rose 1.0 per cent in August, seasonally adjusted, to $20.848 billion.

JPMorgan economist Ben Jarman said the figures showed the housing sector was stabilising rather than rebounding.

‘‘It certainly means it’s not falling into a hole,’’ Mr Jarman said. ‘‘In the last few months worth of data, the housing finance figures have benefited from the perception that the RBA won’t be doing much in the near term.

‘‘So, if you went back to the start of this year, the RBA didn’t hike rates but there

was all the forecast and all the language were making noises that you would get a couple of hikes this year.

‘‘Those aren’t being delivered and things offshore have turned a little bit sour.

‘‘What you’ve seen in the last few months in the home loans data is these fading expectations are helping out and people are coming back and they are happy to take on new debt.

‘‘We’re kind of calling this a mini-rally, but don’t think that this is the start of a tear away in the housing market.

‘‘There’s still a lot of uncertainty globally and that’s what’s keeping the RBA on the sidelines.’’

Mr Jarman said JPMorgan still expected the RBA not to change the cash rate from its current 4.75 per cent until at least the middle of 2012.

Check details on this weekends surf here.

See you in Our Backyard.

Aireys Inlet Real

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Estate Open Inspections August 6 2011

Open houses this weekend

Saturday 6th August
11:00am – 11:45am Lot 36 Narani Way, Fairhaven
11:00am – 11:45am 7 Narani Way, Fairhaven
11:00am – 11:45am Lot 29 Narani Way, Fairhaven
12:00pm – 12:30pm 22 Beach Road, Aireys Inlet

Sunday 7th August
11:00am – 11:45am Lot 36 Narani Way, Fairhaven
11:00am – 11:45am 7 Narani Way, Fairhaven
11:00am – 11:45am Lot 29 Narani Way, Fairhaven

Lot 36 Narani Way, Fairhaven

See you on the coast.

Reserve Bank holds back Interest Rates

It’s good news for mortgage holders today – the Reserve Bank has opted to keep rates on hold at 4.75 per cent for another month.

The move comes on the back of recent comments by the Governor of the Reserve Bank that consumers had become cautious and were spending less and saving more.

“Whether we were going to get a rate rise was a bit touch and go this month,” says Domain.com.au property expert Carolyn Boyd. “On one hand inflation came in higher than expected last week, but on the other there’s still plenty of uncertainty in the global economy and locally, retailers are complaining of very tough conditions.”

Looking over the next year, it is difficult to tell where rates are headed with economists divided about whether they will head up, or down, or remain stable.

But Boyd says for mortgage holders, it’s always safer to err on the side of caution and assume that rates could go up. “With that thinking in place, it’s a good idea to pay a bit extra off your mortgage if you can,” she says.

Each 0.25 per cent interest rate rise adds another $60 to the monthly cost of an average Australian mortgage.

For details on this weekends surf, click here.

Aireys Inlet Real Estate House Inspections June 4 – 5

Just in case you weren’t sure, the lack of people in the streets, the periods of silence without the phone ringing and the lack of home buyer enquiry only confirms it. Winter has officially arrived.

Despite what the calendar tells us, we have actually known for a few weeks that the coastal market has already entered its winter hibernation period.

The Melbourne property market is quiet also with low auction clearance rates and falling home loan approvals.

This however is not all bad news. We talk about sellers markets, balanced markets and buyers markets. Currently we are in a house buyers market. Not since the last slowdown in 2008 have we seen discounting of prices and lack of buyer interest to this level. Genuine property buyers will have increased ability to negotiate on not just pricing, but terms and conditions. No doubt when spring arrives upward pressure will return to prices again, so keep your eyes open over winter for that perfect property. Better still, email me what you are looking for as it might be one of the ‘quiet listings’ I have in my back pocket.

Open houses this weekend from Aireys Inlet Real Estate

Sunday 5th June
11:00am – 11:45am 7 Narani Way, Fairhaven
11:00am – 11:45am Lot 36 Narani Way, Fairhaven
11:00am – 11:45am Lot 29 Narani Way, Fairhaven

See you on the coast.

Real Estate Aireys Inlet