Auction clearance rates at record highs
This week 2,207 properties went to auction across Australian capital cities and the combined clearance rate was 77.7 per cent. These current auction clearance rates remain at levels much higher than the same time last year when only 65.4 per cent of homes taken to auction were sold. The auction clearance rate for Sydney remains at levels higher than the other capital cities at 83.9 per cent this week.
Watch the video from Core Logic RP Data for all the latest news on the Sydney Housing Market.
In April 2015 average house values across Australia increased by 0.5%. For the 12 months from April 2014 to April 2015, average property prices across Australia increased by 7.9% . Capital city house value increase for the past 12 months are as follows:
Lowest Interest Rates in Australia’s History
Today the Reserve bank of Australia cut the official cash rate to an all time record low of just 2%, this is the second cash rate cut in Australia this year.
The First Home Owners Grant NSW scheme was established to assist eligible first home owners to purchase a new home, build their own home or purchase a substantially renovated Home, by offering a $10,000 grant. The Scheme applies to new homes only.
There are a few cornerstones of residential lending criteria that are vital to you being approved for a loan.
Property buyers are setting their sights on Western Sydney, as Parramatta’s CBD undergoes an $8 billion building explosion which will dramatically reshape the city, the local economy, employment and the property market.
In November 2014 average home values across Australia dropped by 3.4%, however for the full 2014 year, property prices increased by 8.5% across the Country. Capital city property value increase for 2014 were as follows:
Minister for Planning Pru Goward , yesterday released the NSW Government’s Plan for Growing Sydney, cementing Parramatta’s role as a second CBD. “It is time to take action to realise the community’s ambition for the greatest city in the world – and a Plan for Growing Sydney is the roadmap.” Ms Goward said.