How are you all doing?

I’m Kate Hill bringing you the best and unbiased and honest content on property along with some fantastic hints and tips.

Stay tuned today for all your latest property news.

Rent growth has started to ease after growing by thirty nine percent in the past four years according to new research by CoreLogic.

That growth between August twenty twenty and June twenty four was extraordinary when compared with the four years prior to August twenty twenty when rents rose by just five point four percent.

CoreLogic says that despite the slowdown, the annual rental growth trend is still well above the pre COVID average in most capital cities.

The data shows in the twelve months to August twenty four that rents rose the most in Perth where they’re up eleven point six percent followed by Adelaide up eight point four, Melbourne up six, and rents in Sydney are up six point four percent.

In Brisbane, they are up six percent.

In Hobart, three point seven percent, while the ACT is up by two point seven percent and Darwin by point eight.

According to CoreLogic, rents in Sydney fell by point three percent in the three months to August this year, which is the first decline in rents in over in a three month period since the three months ending October twenty twenty at the height of the COVID lockdowns.

Building approvals are on the rise with the latest Australian Bureau of Statistics figures showing that total approvals are up by ten point four percent in July.

ABS head of construction, statistics says that house approvals are up by point six percent for the month, while apartment approvals are up thirty two percent after a low June result. In July, approvals for total dwellings rose in New South Wales, in Victoria, in South Australia, and Queensland, and WA.

Approvals are down in Tasmania, and the ACT was down by thirteen point nine percent.

The total value of residential buildings approved rose eleven over eleven percent to seven point three billion, while the value of alterations and additions fell six point eight percent to one point one billion.

Housing industry association economists say that the latest figures show market confidence appears to be returning to the home building market.

They said that the uplift in home building approvals in those markets outside of Sydney and Melbourne has been driven by strong economic conditions and the relatively lower cost of delivering a new home.

Aussie homeowners have taken to renovation with gusto with a new analysis showing a significant increase in loans for renovations.

The latest mortgage insights report by money dot com dot a u says that renovation loans are one of the fastest growing areas in new loans. Renovation loans are up by nine percent annually.

Money dot com dot a u’s home loan experts say that rising property prices, limited supply, and the cost of transacting are driving people to stay put and renovate.

The report says that the average new loan size in Australia is six hundred and forty thousand dollars with the average loan size over the past twelve months for owner occupiers being six hundred and sixteen, six hundred and twenty seven for investor loans.

New home loans are also up on the rise.

They are up seven percent annually, but are nineteen percent below what they were in January twenty two.

Loans to property investors are also rising, but not at the same pace.

They are up by three percent in the past year. Investor loans seem to be particularly strong in WA, no surprise there,

Up by four point six percent in July alone. Finally, Australia’s key banks have started to reduce their fixed home loan interest rate offerings with some now dropping below six percent.

Despite the drops, the latest ABS figures show only one point nine percent of borrowers in July opted for a fixed interest rate. Home loan experts dot com dot a u senior mortgage brokers predict fixed rates may fall even further and to as low as four percent, although they believe it will be a bit longer before variable rates reduce to such levels.

Home loan experts dot com dot au say that falling fixed rates are a sign that the banks believe the RBA will make future cash rate cuts.

Fixed rates usually indicate where the market expects the cash rate and variable rates to go, although they don’t always predict the timing accurately, of course.

Most lenders are adjusting their medium term fixed rates, two and three year terms, which suggests that they are locking in clients at higher rates before the market eventually adjusts. I will keep you posted on all things property from around Australia.

Please hit the like and subscribe button if you are enjoying the free content, and I will see you all soon.

Bye.

How are you all doing?

I’m Kate Hill bringing you the best and unbiased and honest content on property along with some fantastic hints and tips.

Stay tuned today for all your latest property news.

Rent growth has started to ease after growing by thirty nine percent in the past four years according to new research by CoreLogic.

That growth between August twenty twenty and June twenty four was extraordinary when compared with the four years prior to August twenty twenty when rents rose by just five point four percent.

CoreLogic says that despite the slowdown, the annual rental growth trend is still well above the pre COVID average in most capital cities.

The data shows in the twelve months to August twenty four that rents rose the most in Perth where they’re up eleven point six percent followed by Adelaide up eight point four, Melbourne up six, and rents in Sydney are up six point four percent.

In Brisbane, they are up six percent.

In Hobart, three point seven percent, while the ACT is up by two point seven percent and Darwin by point eight.

According to CoreLogic, rents in Sydney fell by point three percent in the three months to August this year, which is the first decline in rents in over in a three month period since the three months ending October twenty twenty at the height of the COVID lockdowns.

Building approvals are on the rise with the latest Australian Bureau of Statistics figures showing that total approvals are up by ten point four percent in July.

ABS head of construction, statistics says that house approvals are up by point six percent for the month, while apartment approvals are up thirty two percent after a low June result. In July, approvals for total dwellings rose in New South Wales, in Victoria, in South Australia, and Queensland, and WA.

Approvals are down in Tasmania, and the ACT was down by thirteen point nine percent.

The total value of residential buildings approved rose eleven over eleven percent to seven point three billion, while the value of alterations and additions fell six point eight percent to one point one billion.

Housing industry association economists say that the latest figures show market confidence appears to be returning to the home building market.

They said that the uplift in home building approvals in those markets outside of Sydney and Melbourne has been driven by strong economic conditions and the relatively lower cost of delivering a new home.

Aussie homeowners have taken to renovation with gusto with a new analysis showing a significant increase in loans for renovations.

The latest mortgage insights report by money dot com dot a u says that renovation loans are one of the fastest growing areas in new loans. Renovation loans are up by nine percent annually.

Money dot com dot a u’s home loan experts say that rising property prices, limited supply, and the cost of transacting are driving people to stay put and renovate.

The report says that the average new loan size in Australia is six hundred and forty thousand dollars with the average loan size over the past twelve months for owner occupiers being six hundred and sixteen, six hundred and twenty seven for investor loans.

New home loans are also up on the rise.

They are up seven percent annually, but are nineteen percent below what they were in January twenty two.

Loans to property investors are also rising, but not at the same pace.

They are up by three percent in the past year. Investor loans seem to be particularly strong in WA, no surprise there,

Up by four point six percent in July alone. Finally, Australia’s key banks have started to reduce their fixed home loan interest rate offerings with some now dropping below six percent.

Despite the drops, the latest ABS figures show only one point nine percent of borrowers in July opted for a fixed interest rate. Home loan experts dot com dot a u senior mortgage brokers predict fixed rates may fall even further and to as low as four percent, although they believe it will be a bit longer before variable rates reduce to such levels.

Home loan experts dot com dot au say that falling fixed rates are a sign that the banks believe the RBA will make future cash rate cuts.

Fixed rates usually indicate where the market expects the cash rate and variable rates to go, although they don’t always predict the timing accurately, of course.

Most lenders are adjusting their medium term fixed rates, two and three year terms, which suggests that they are locking in clients at higher rates before the market eventually adjusts. I will keep you posted on all things property from around Australia.

Please hit the like and subscribe button if you are enjoying the free content, and I will see you all soon.

Bye.

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