FHBA Market Update – Property market as hot as the weather

We are now into the last month of summer 2016-17 and it’s hot. And not just the weather. Most property markets are hot as well, with Sydney leading the way, followed by Melbourne. Even Perth, according to CoreLogic RP Data referred to in this week’s Market Update has also seen a small recovery over the last 3 months with property prices rising faster than Adelaide and Brisbane.

The use of the First Home Owners Grant has also been in the headlines again.

Plus, tomorrow the RBA meets for the first time this year to review the official cash rate. As always, FHBA News has got you covered. Enjoy being informed by this week’s FHBA Market Update.

News affecting first home buyers

Here are the top stories affecting first home buyers this week:

  • First Home Owner Grant – FHBA co-founder Daniel Cohen spoke to Domain on the weekend about the First Home Owners Grant in Queensland, how it’s currently at a good setting and why other States such as NSW should copy Queensland’s policy read more in Domain
  • Suburb Focus: Newcastle – Every week, actually make that every day, Sydney’s booming property market is in the news headlines. But what about other major cities in NSW such as Newcastle & Wollongong? Last week we took a closer look at the suburb of Newcastle and why some first home buyers may want to call this part of Australia ‘home’ read more

Capital City Price Movements

The CoreLogic RP Data Daily Home Value Index (as at 06/February/2017):

  • Adelaide – 474.61 (Qtr + 0.26% / Yr + 4.74%)
  • Brisbane – 557.72 (Qtr + 0.75% / Yr + 4.73%)
  • Melbourne – 868.36 (Qtr + 2.76% / Yr + 11.45%)
  • Perth – 581.18 (Qtr + 1.80% / Yr – 2.61%)
  • Sydney – 1071.44 (Qtr + 2.67% / Yr + 16.38%)

(Source: CoreLogic)

Weekend Auction Clearance Rates

Source: CoreLogic

Interest Rates Update

Tomorrow the Reserve Bank of Australia (RBA) board will meet for the first time since the start of December to review the official cash rate. The cash rate significantly influences the cost of funding for banks, thereby influencing the interest rates they offer saving and home loan customers.

Tomorrow afternoon we will post the decision on our Facebook and Twitter pages. In next week’s FHBA Weekly Update we will take a look at how the banks respond.

New Homes of the Week

The latest edition of FHBA New Homes of the Week (edition 40) focused on First Home Owner Grant eligible homes that are suitable for single first home buyers. We know it’s tough for any first home buyer, let alone a single first home buyer. So we thought we would dedicate this edition to single first home buyers.

Some of the winner homes are larger than 1 bedroom, but you could always rent out the spare rooms to help with loan repayments!

See this week’s best first home buyer homes

Tweet of the Week

Missed a previous FHBA Market Update? Click here to catchup now

Written By,

First Home Buyers Australia

First Home Buyers Australia
First Home Buyers Australia

Australia’s leading organisation specialising in assisting first home buyers achieve the great Australian dream of property ownership.