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  • Property market update April 2019

    Property market update April 2019

    Getting smart with debt while rates are low

    Low interest rates provide a great environment to pay down your home loan faster, or borrow to take advantage of growth opportunities. 

    It’s now been more than two and a half years since the RBA cut the official cash rate to 1.5% in August 2016. 

    Not only is that a record low interest rate, it’s now the longest period rates have been left unchanged since the cash rate was introduced in 1990. 

    What’s more, falling house prices are supporting the case to keep rates on hold even longer. 

    Looking at the numbers, the average house price in our national cities fell by 8.2% in the 12 months to March 2019. As you can see below, the results varied significantly across the country – ranging from a 6.0% gain in Hobart to a 10.9% drop in Sydney1

    It’s hard to predict how long these trends in house prices will continue, or how long the RBA will keep interest rates where they are. But we do know the current environment provides a great opportunity to get smart with debt. 

    That could mean making extra repayments to pay your home loan off sooner, or buying an investment property in an area where prices have been falling, or even using your equity to add value to your home through renovations.

    In this RAMS Talk, you’ll see some great strategies to get money smart. While there’s never a bad time to get savvy with your home and your home loan, there’s rarely been a better time to do it. 

    Median dwelling (house/unit) prices at 31 March 20191 

    City Median dwelling price (house and units) Capital growth last 12 months
    Sydney $782,473 -10.9%
    Melbourne  $624,425 -9.8%
    Brisbane $489,832 -1.3%
    Adelaide $426,990 0.8%
    Perth $442,716 -7.7%
    Darwin $400,316 -6.8%
    Hobart $464,168 6.0%
    Canberra $595,212 3.1%
    Combined capitals $597,860 -8.2%

    1CoreLogic Home Value Index, 1 April 2019

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.