The Australian Financial Review“The reality is there are one-quarter of buyers who are not very sensitive to interest rate movements. They don’t have home loans.”The proportion of cash purchases was also consistent with 2021, before the Reserve Bank of Australia started lifting the benchmark lending rate.
“It disproportionately targets younger borrowers,” he said. “That’s an interesting dynamic the RBA need to consider.”Regional Australia dominated the numbers for overall cash transactions, reflecting the propensity of downsizing retirees selling properties in urban areas and making a tree-change or sea-change move.In Queensland – long an attraction for retirees from the southern states – nearly two-thirds of all cash sales were in regional areas, while in NSW, the equivalent figure was 56.
In NSW and Queensland, the median price of cash purchases was generally greater than the median price across the whole market, while in Victoria, it was generally the opposite and the median cash price paid fell below the wider-market median price. However, both central Sydney and central Melbourne ranked second by value in their respective states and as these areas had a large proportion of off-the-plan apartments targeted at offshore markets, foreign buyers likely figured strongly, Mr Gill said.“Those parts of the capital cities have a lot of apartments, often marketed to offshore buyers, who are permitted to buy off the plan,” he said. “We do see a lot of interest from foreign purchasers in these areas.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianAus - 🏆 1. / 98 Read more »
Source: 9NewsAUS - 🏆 10. / 72 Read more »
Source: 9NewsAUS - 🏆 10. / 72 Read more »