Upper Mountains real estate market highlights
We have seen growth in the local real estate market over the last 2 quarters. The standout suburbs are Blackheath showing 8.3% growth & Medlow Bath showing 4.3% growth in property prices since the beginning of this year.
Clearance rates are also up in the area, we held an auction on Sunday 2nd June and recorded a clearance rate of 66% . Our next Auction will be held on Sunday 11th August at Blackheath Golf Club, call now on 4787 8797 to register your property.
National real estate news
Great market conditions for a post election rally
‘There has been excitement across the Australian property market following the announcement from Australia’s banking regulator that they will be relaxing their assessment rate for home loans’. In industry speak, APRA’s serviceability buffer is set to be removed.
‘This means that homeowners can effectively now borrow more money, a move which industry figures are describing as the biggest development for the Aussie property market “in at least four years.”
Lenders currently assess whether a borrower can afford repayments using a minimum interest rate of at least 7%; a rule introduced by the Australian Prudential Regulation Authority (APRA) in 2014 to ensure residential lending standards were being met.
However under their new proposal, lenders will now be permitted to set their own minimum interest rate floor when it comes to assessing borrowers’. (Source: blog.twillis.com.au
Additionally, with negative gearing safe and the recent drop in interest rates we are looking at great market conditions for a post election rally in the real estate market.