FHBA Market Update – 2017 looking tough for FHB’s
Welcome back to the weekly FHBA Market Update. This is our first edition of 2017. The new look FHBA Market Update is a great source of information to keep you informed with market conditions and news that effects first home buyers. If you only have time to read one property article per week then this is the article need to stay informed.
News affecting first home buyers
Here are the top stories affecting first home buyers at the moment:
- First Home Owner Grant Changes – On January 1 2017 the First Home Owners Grant (FHOG) changed in two States (an increase in WA and a decrease in the ACT) read more
- Fresh Calls For Negative Gearing Review – The Labor Party last week pushed yet again for changes to negative gearing at a press conference in Sydney. Even a few Liberal backbenchers have called for a negative gearing review. What are the chances that negative gearing will be reviewed by the Coalition in 2017? read more
- 2017 – A Tough Year For First Home Buyers – According to leading Australian housing data company, SQM Research, all capital city property prices are predicted to rise in 2017, except for Perth & Darwin. Interest rates are also tipped to rise read more
Another #OutOfTouch pollie-@Barnaby_Joyce did you know you need stable employment to get a home loan? #FHBA #Auspol https://t.co/foXu9rOwc4
Capital City Price Movements
The CoreLogic RP Data Daily Home Value Index (source: https://www.corelogic.com.au/research/rpdata-corelogic-home-value-index.html):
- Adelaide – 474.76 (Qtr + 1.49% / Yr + 4.84%)
- Brisbane – 549.82 (Qtr + 0.81% / Yr + 4.77%)
- Melbourne – 872.79% (Qtr + 2.76% / Yr + 12.35%)
- Perth – 582.61 (Qtr + 2.73% / Yr – 3.33%)
- Sydney – 1064.99 (Qtr + 2.67% / Yr + 15.84%)
Interest Rates Update
In recent week’s many banks have raised interest rates on a range of home loan products independently of the Reserve Bank of Australia (RBA). Unfortunately, interest rates on savings accounts have not improved.
New Homes of the Week
Last week our FHBA New Homes of the Week segment returned. As it was Australia Day last week the edition focused on great Aussie homes for first home buyers. All of the 5 homes around Australia are priced under the threshold for eligibility of the First Home Owners Grant (FHOG).
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