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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...

The median value of Australian property has fallen 2 percent since early May, to $747,800—a figure that includes homes and apartments, according to the latest housing data. CoreLogic research director Tim Lawless says Australian housing market conditions are likely to worsen as interest rates tick higher throughout the rest of the year. Here’s a breakdown of the states from Australia’s latest housing figures. Sydney: house prices are falling Average change: 2.2 percent drop in July Sydney house median value: $1,346,193 Average unit value: $806.310 Five of the eight capital cities saw month-on-month declines in July, led by Sydney occupancy values ​​which saw a 2.2 percent decline. “Although the housing market is only three months into a downturn, the national Home Value Index shows that the rate of decline is comparable to the start of the global financial crisis (GFC) in 2008, and the sharp decline in the early 1980s,” Mr Lawless said. “In Sydney, where th...

“The sector as a whole has a large liquidity buffer, most households have substantial equity in their housing assets, and lending standards have in recent years been more cautious and have built a larger buffer for rate hikes,” he said this week. Bullock explains that “many borrowers have made payments well above what was requested”, with much of the mortgage debt held by wealthy households. The RBA also takes comfort in the fact that “those with very low fixed-rate loans have time to prepare themselves for higher interest rates”. Hammered household I will reiterate that as droves of unwitting borrowers have been embarrassed by the RBA’s public commitment not to raise rates until 2024 (at the earliest) noticed that their mortgage payments will more than double in the next year or two, thanks to what that would soon be at least a 1.75 percentage point rate hike in just three months. In 2020 and 2021, the RBA relentlessly advised families and bus...

Australia may be facing record inflation, but that is nothing compared to some countries as New Zealand is mired in a miserable cost of living – while China looks smug. Prices soared as the country faced the perfect Covid storm and soaring fuel and electricity bills while flood-stricken farmland saw food prices skyrocket. The battle against inflation is being fought globally – and even though Australia is suffering, the 5.1 percent inflation rate here is still among the best in the world. Australia may be facing record inflation, but it pales in comparison to some countries as New Zealand is mired in cost of living woes – while China looks smug China has so far emerged almost unscathed while most other countries are suffering from the Covid stimulus package that has overheated the global economy. In New Zealand, inflation is currently at 6.9 percent and has brought some families to the brink of starvation as they struggle to cope with rising prices. Kiwis actually pay ...

However, the prospect of what happens after that is troubling. The higher costs will eat into my monthly savings buffer, either delaying my retirement or meaning I retire with less. At some point, it also meant that I had to reduce my standard of living – a position many borrowers have experienced recently. The degree of fear of what is to come is, in fact, the emotional response Lowe expects to elicit in borrowers. But Lowe doesn’t just want us to wallow in fear. He also wants us to take action, reduce non-discretionary spending and tighten our belts as best we can. Collectively, these actions will remove demand from the economy, which will help to curb price pressures. So, here are five things you can do today to help you navigate what’s to come. Remind yourself that it could be worse The good news is that interest rates are only rising because of the underlying forces of our economy. Unemployment is at its lowest in nearly half a century and, as long as you keep your j...

South Australian households have complained of declining returns on solar energy they contribute to the grid, with electricity regulators saying it has “no value” in the market. Key points: Some energy companies offer less than 4c/kW for energy fed back to the grid SA minimum feed-in rate ends in 2017 Some consumers are investigating options for investing in solar battery systems to save money The incentive to switch to renewable energy started in SA in 2008. The first household to install a solar panel is priced at a feed-in rate of 44 cents per kilowatt, which significantly reduces the quarterly bill. As time went on, more and more households installed solar panels and feed-in rates continued to decline. Most energy providers in the state offer rates between 5 and 10 cents. But some companies offer less than 4 cents, which causes frustration for customers. What keeps the rates low? The state’s Essential Services Commission (ESCOSA) had previously set minimum feed-i...