Vly News - Professional news Platform

A 25-year-old man purchased a two-story house with a beautiful garden for over $300,000 referring to the early 1990s. Key points: Parts of Queensland saw property prices rise in July, contrary to national trends The Regional Australia Institute says housing affordability will keep much of Queensland more insulated from falling property prices than the city The Gold Coast and Sunshine Coast markets are the exception, registering accelerated declines in recent months But in outback Queensland towns like Longreach, it’s the norm. The Reserve Bank of Australia yesterday raised interest rates for the fourth month in a row, but Longreach resident Ben Galea said he was not stressed. “When it came time for my fixed rate to change … I didn’t have to change my lifestyle,” Galea said. “It’s a great city. It’s bustling. There’s a lot of young people here. There’s a lot to do, a lot of sports. It’s brilliant. “There are things w...

“We buy first and then sell, which is a bit stressful in a falling market, but it worked out well,” he said. “It’s great to give our house over to another family with kids.” Four of the five registered bidders competed for the house, but needed a few pushes to start bidding. Credit: Peter Rae Sales agent William Pereira, from Adrian William, had been expecting seven buyers, but two came out at the last minute, deciding to watch the auction from the sidelines. Pereira said news of rising interest rates and falling prices had made buyers a little more cautious in their approach, but noted there was still good buyer demand. White predicts it will be his strongest auction of the day, with only one or two bidders expected at the other three auctions he calls on Saturday. “It’s great to have such a strong offering … that’s rare nowadays,” he said. While rising interest rates put downward pressure on prices, as it affects buyers’ borrowing...