The upward swing in Sydney house prices has continued through April. The median house price for metropolitan Sydney has gone from $850,000 in the first half of 2013 to $989,000 at the same time in 2014 up to a whopping $1.133 million today. The average price in Lane Cove is currently $1,548,750, according to RP Data.
Going forward, commentators are predicting another official interest rate cut either on or before the May meeting of the Reserve Bank. AMP economist Shane Oliver says borrowers can expect the cash rate to go as low as 1.5% this year in an unprecedented series of cuts. Oliver says a high unemployment rate, softening Chinese economy and high Aussie dollar will be behind the cuts, resulting in mortgage loan rates below 4%. Aussie Home Loans chairman John Symond says he also expects the cash rate to be at 1.75% by the middle of the year, although he doesn’t believe the cuts will have much more of an impact on property prices.
Most investors buy property as a means to securing a better financial future, but sometimes our future comes at the expense of our current lifestyle. But there are ways to minimise investing expenses so you can still indulge in dinners out, a gym membership and even the occasional holiday abroad. … Read more
The decline in housing prices experienced across Sydney in the past year is likely plateauing, according to the Real Estate Institute of NSW, backing up Ray White Lane Cove’s own analysis and empirical evidence we published mid-June. As a further slump in median house prices is met with improving … Read more