This Month in Review
In news this month, AMP Capital economist Shane Oliver has stated that he is not expecting interest rates to change until 2020, a view increasingly supported by actions from the RBA who are looking to maintain a balance between economic growth and a cooling property market.
This is good news for those wanting low mortgage rates, with young Australians still very keen on buying property - ING’s Millennial Homeownership Report finding three quarters of 22-37 year olds are ready to make substantial sacrifices to save for a home beyond just forgoing luxuries.
Foreign investment in Australian real estate has reduced dramatically this year, falling by $47 billion. China still remains the major buyer of local property however it has been significantly curtailed due to capital controls, financing restrictions, and foreign buyer taxes.
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The Market Essentials Report is compiled by Buyside on behalf of Loanscape. Founded by Josh Masters, Buyside are registered buyer's agents with on the ground expertise in the Sydney and Brisbane property markets.