Weekly Property News 42nd Edition 2021

Variable Rates Drop For Higher Deposits

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 42nd edition of the Property News for 2021 where real estate information is on the house.

So far in November the property news has been coming thick and fast. We all know that we currently have the biggest residential property boom since 1989, but not all markets are the same in Melbourne and in Regional Victoria. For instance, the growth in prestige markets like Brighton is over 32% for the last 12 months whereas Toorak has had growth of only 17.1% Likewise for the outer South-East suburbs growth is commonly close to 24% whereas in some Western suburbs it’s only 15%.

There are some mixed reports of positive and negative news. In response to the change in Prudential Lending Rules that begin this month, many of the banks are starting to lower their variable interest rates by a 0.2 per cent discount to buyers with deposits above 30 per cent rather than the normal 20%. 

The ABS released data on dwelling approvals for September and the decline of approvals was driven by approvals for private sector houses which fell 16.0 per cent. The value of new loan commitments for housing fell 1.4 per cent in September, a decline for the 4th consecutive month. And the Housing Industry Association reported new home sales increased 11.1 per cent in October compared to the previous month. With on-site auctions within Metro Melbourne now being commonplace, we saw 733 auction results reported with 652 selling giving us an 84% clearance rate.

Across the market at OBrien with a shorter week than usual we saw some stock levels remain subdued with 81 new listings coming to market, with 61 going under offer, 66 confirmed sales, 39 leases signed off on with the highest price achieved being $1.7 Million.

Finishing off this week with some data on life expectancy, babies born today have the highest estimated life expectancy ever recorded in Australia. A baby boy born today is now expected to live to 81.2 years and a girl to 85.3 years. Around 30 years ago in 1990, life expectancy at birth in Australia was 73.9 years for males and 80.1 years for females.

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That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances