As COVID-19 and social distancing measures continue to impact day-to-day life, the ability to complete conveyancing electronically has become more relevant than ever. A process that previously would take days or weeks can now be completed in minutes.
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While housing prices in most capital cities have declined a little since May, the rising equity market meant household wealth remained largely unchanged, despite the deep recession caused by the coronavirus pandemic. Figures released by CoreLogic have shown that Sydney has fallen by 0.8 per cent, while nationally, capitals have fallen by just 0.7 per cent throughout the COVID-19 crisis.
While the Reserve Bank noted in its latest meeting that conditions in the established housing market “remained mixed”, pointing to recent falls in dwelling values across Australia’s capital cities.
“Housing prices in some larger cities had declined in June, though we’re only a little below recent peaks in the case of Sydney and Melbourne,” the RBA noted.
“Housing prices in a number of smaller cities were broadly unchanged.” REA chief economist Nerida Conisbee said suburbs with prices over $1 million have remained stable during the coronavirus pandemic due to the strong momentum of the past year.
Fifteen suburbs across Sydney have crossed the $1 million median price barrier for the first time.
The suburbs, located predominantly in Hornsby Shire, The Hills and Sutherland Shire, saw their median house price surge in the 12 months to June, thanks to record-low interest rates fuelling the market.
Realestate.com.au data showed Bexley in the city’s south had the strongest growth of the new entrants, with prices growing $266,000 to $1.251 million. Neighbouring Bayside suburb Arncliffe also surpassed $1 million. However, Sydney’s property market is going backwards for the first time since early 2019, with new data revealing house prices have fallen 2 per cent over the past three months. Northmead was the sole Parramatta suburb to break $1 million, with the median house price now $1.01 million. Jannali, Menai and Yarrawarrah from Sutherland Shire along with Belmore and Picnic Point from the Canterbury-Bankstown area also saw house values surpass $1 million.
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In a move many expected, the Reserve Bank has today lowered the official cash rate to 0.75%, hopeful it will help stimulate employment and income growth, set against a backdrop of improving housing markets in both Sydney and Melbourne.
In a statement accompanying the decision, RBA Governor Philip Lowe said:
While the outlook for the global economy remains reasonable, the risks are tilted to the downside. The US–China trade and technology disputes are affecting international trade flows and investment as businesses scale back spending plans because of the increased uncertainty.
A gentle turning point, however, appears to have been reached with economic growth a little higher over the first half of this year than over the second half of 2018. The low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some established housing markets and a brighter outlook for the resources sector should all support growth.
There are further signs of a turnaround in established housing markets, especially in Sydney and Melbourne. In contrast, new dwelling activity has weakened and growth in housing credit remains low..
The Board took the decision to lower interest rates further today to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target.
It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The Board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.
To read the full statement, go to https://www.rba.gov.au/media-
Reserve Bank of Australia Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016
Reserve Bank of Australia (RBA) met for its August meeting and decided to cut the official cash rate by 25 basis points to just 1.50 per cent. This result was widely predicted with many experts tipping the RBA would lower the rate to provide some stimulus for the economy following last week's disappointing CPI numbers. At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016.
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Selling your property at auction? Here are some simple strategies that can help you achieve better results.
Have you decided to selling your property at auction? Here are some simple strategies that may help you get a better result.
Land tax is a tax that is applied to the value of any property you own or jointly own which is more than the land tax threshold as at midnight on 31 December of every year and is not applicable to your home or your principal place of residence.
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In NSW on, 6th May 2014, there was a announcement in regards to the removal of Home Owners Warranty obligations for owner builders. In other words owner built homes will be sold with no home owners warranty protection for the new purchaser. This decision will significantly impact the viability of owner building in NSW.
A strata scheme is a system of multiple ownerships in a strata community or in other words every unit owner owns a portion of the strata community. Strata schemes can be though of as small communities. In a shared environment it is important to understand your privilages, obligations and responsiblities while owning or living in a strata unit.
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Stamp Duty or Transfer Duty is a revenue levied by State on sale of real estate, or other dutiable property, business etc.