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Property Market Update – May 2021

MAY RBA UPDATE: CASH RATE REMAINS AT HISTORIC LOW – 0.1%

Federal Budget 2021: What it means for home owners / buyers

The 2021-2022 Federal budget was focused on the impact of COVID-19 and continuing to pave the wave for Australia’s recovery. Last night saw the extension of popular homeowner/builder schemes and changes for single parent families and those nearing retirement.

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Investor loans doubled: March

According to APRA data, Investor lending grew at double the rate in March compared with February by $1.6 billion.

Meanwhile, the growth rate of owner-occupied loans also rose in March, increasing by 0.7% or $8.3 billion. That’s up $2 billion from the previous month.

Although owner-occupied lending is outpacing investor lending, major banks recorded only modest increases in loan flows for owner-occupied, whereas 3/4 major banks recorded noticeable increases in investor lending.

Property market experts suggest more investors are now recognising there are no ‘bargains’ to be found in the Sydney property market, but anything purchased now might look like one in 12 months.

 

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With most banks taking upwards of 10+ business days to pick up applications and over 20+ days to approve in some cases, this was an astounding result by one of our brokers.

 

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Please contact your dedicated broker to see how we can help.

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