Posts Tagged ‘interest rates’
Private real estate sale with no agent and no commission through Privatepoint, the real estate by owner free private real estate sale website.
For sale by owner and private real estate sale sellers will benefit from the recent 1% real estate reduction regardless of the amount the retail banks decide to pass on. All this hype about the retail banks not passing on the full interest rate reduction is all nonsense and irrelevant to for sale by owner and private real estate sale sellers.
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Private real estate sellers received some much needed relief yesterday when the Reserve Bank of Australia reduced the official interest rate by 0.25% to 7%. This is the first interest reduction since December 2001 and the talk amongst the professionals is that there is an 80% chance rates will reduce next month.
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Recent figures released by the Reserve Bank of Australia (RBA) show that property owners are hurting because of inflationary conditions in the economy. The rising cost of living is causing households to suffer as any increases in salary or wages are being gobbled up.
ABS figures show the cost of living rose 4.5% last financial year boosted by record petrol prices, the biggest rental increases since 1989, higher bank fees and margins, rising health premiums and the Federal Government’s increase in excise tax.
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The words Vendor Finance when used in conjunction with the sale of real estate don’t often paint a good picture in the minds of many people. Vendor Finance is often associated with unreasonable terms and dodgy dealings which invariably don’t work out for the purchaser. This is not always the case and is a misconception due to a general lack of understanding on how these deals should be structured.
In actual fact Vendor/Owner Finance could be the solution for a property owner being able to sell their property in a timely manner for the price they have set. With the global credit squeeze impacting on Australia it is now harder to borrow money from a bank, forcing many renters to put on hold the dream of purchasing a property. Vendor Finance offers a way around this, as long as the property seller offers reasonable Vendor Finance terms then it is an effective alternative means to sell a property with minimal risk.
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Subsequent interest rate rises, the US downturn in the property market and uncertainty in the longevity of the mining boom has resulted in a buyers property market across Australia. The hot Australian property market has now cooled to an autumns day and is on the verge of slipping into a cold winter. For sellers this is not great but for buyers this posses a great opportunity particularly in investment properties in capital cities.
For a long time the return on investment properties across Australia has only be 2% to 4% (excluding capital gains) which compared to the return of a bank deposit account of 5%+ it isn’t that great. The reason for this hasn’t been that rental levels in Australia are low, as these have been rising steadily for the past ten years. Rather, it is because property values in Australia have increased ridiculously over the past ten years, much greater than rental incomes.
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