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2017 Home Loan Updates From Sydney, Nsw
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Here are three predictions that you should know about for 2017.
● Interest Rates Going Up
Home loan interest rates in Australia are expected to rise following Donald Trump’s victory last year in the US presidential election. Fixed rate home loan rates could start to be repriced. Variable rate home loans may not rise. However, suddenly, pressure to lift rates, in the USA and in Australia, has intensified.
After several years of falling interest rates that have pushed us into a record-low rate environment, economists and industry experts are forecasting it could soon come to an end.
● Apartment Building To Decline
A major feature of the housing market over 2015-16 was the record level of dwelling approvals in Sydney and across Australia. In many capital cities, records tumbled as high rises began construction. But there has been some softening and this could continue to slip in 2017, after reaching 230,000 building commencements over the past financial year, the levels have reached “the turning point” with the attached apartment market set to fall 10.6 per cent. On a historical basis, these are still strong numbers.
● Property Price Trends To Continue
It’s hard to expect that the Sydney and Melbourne markets could grow any more in value, but experts are predicting they will continue to grow, just at a slower rate.
Real estate agency Starr Partners chief executive Doug Driscoll anticipates that “market conditions will not change a great deal from what we’re currently experiencing” with continued rises at a subdued level.
“In the absence of further macro-prudential measures or an unexpected rise in interest rates, investors will continue to be prevalent; leaving scores of first home buyers still on the sidelines,” he said.
Dr Wilson agreed there would be continued growth for Sydney and Melbourne, likely around 5 per cent over the year. Most other markets would be in the 2 to 4 percent range, he said.
Buyer’s agency Cohen Handler predicted North Sydney’s Crows Nest and Neutral Bay would see growth, as well as areas near the south-east light rail. In Melbourne, suburbs around Carlton and Fitzroy, as well as Brunswick and Coburg would continue to surge.
Kimberley A is an expert property adviser and professional from North Sydney, Australia. The author loves to share her experience on the topics like home loan interest rates, types of home loans, big lenders, how to get loans approved, etc. so that latest property and home loan updates can be made available for the buyers before making any deal.
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