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13 July
Comments Off on Rate hikes on the horizon, agent warns

Rate hikes on the horizon, agent warns

First home buyers need to weigh upwhether they can service their home loans as interest rates start to climb, one of the country’s leading agents has warned.
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It comes after all four big banks announced they would raise interest rates, independently of the Reserve Bank. Many smaller lenders, including Newcastle Permanent, are following suit.

There could be pressure for further hikes if the Reserve Bank lifts the official cash rate from its current recordlow of 1.5 per cent.

CEO of Century 21 Australasia Charles Tarby said rising rates could have the positive effect of cooling an overheated real estate market, especially in Sydney and Melbourne. But he saidyoung people – who had never witnessed the heights of interest rates in the early 1990s – needed to be prepared if an era of historically low rates came to an end.

“If you’re accustomed to paying an interest rate of fourper cent and it goes up to five, which is very possible, that’s a 25 per cent increase in your repayment.

“I don’t think people have factored that in. I don’t think people understand how potentially easily rates can rise.”

But Mr Tarby said higher rates could bring some needed relief to the “upward movement” of overheated markets around the country.

“I know this sounds a bit odd coming from a real estate agent but that is not what our economy needs right now,” he said.

“A boom market is a massive disruption to a real estate cycle, and in certain locations it has been brought about by the reduction of interest rates because of economic issues.”

But he challenged the mounting calls for negative gearing to be abolished.

“Realistically only Sydney and Melbourne are producing these massive results and some other markets are struggling,” he said.

“My greatest concern is if you remove negative gearing, what impact is that going to have on the rest of the country, places like Western Australia?”

He said prices in Sydney were “clearly a supply issue” and the result of “dysfunctional arrangements” between councils and state governments, tying up land.

TIGHES HILL IN DEMAND Rate hikes on the horizon, agent warns TweetFacebook‘MUCH ADMIRED’ DISPLAY HOME TO BECOME MEDICAL PRACTICEThe miserable conditions broke to abeautiful Autumn morning as a “much admired” property at 141 Gordon Avenue in Hamilton South went under the hammer.

Domain previously reported that the property, on one of Newcastle’sbusiest street corners, was built by the Australian Agricultural Company as one of the city’s first display homes.

Four registered bidders battled out it with the gavel falling at$750,000.

The successful buyer plans to use the property as a medical practice.

Listing agent John Kerr of Dalton Partners described it as a “fantastic” result for the vendor NSW Trustee and Guardian.

 
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