Mortgage Broker Melbourne
Another ‘Super Saturday’
The last weekend of October saw another huge number of properties auctioned in Melbourne. 964 of the 1358 properties listed sold at a clearance rate of 71%. Investors dominated the same weekend in 2014, however this year homebuyers have flexed their muscles and showed heavy interest in freestanding houses and family homes.
As we see more and more properties going to auction, buyers and sellers have awoken from their winter slumber. While clearance rates have dropped slightly, suggesting a cool in the Melbourne market, 2015’s average remains at a massive 77%, sitting 5% ahead of 2014.
As our beloved Melbourne Cup approaches, the weekend leading into the great race has typically seen a large drop in auctioned properties. But as it’s been all year, 2015 has been full of surprises, and over 500 properties are scheduled for auction this Melbourne Cup weekend (more than double held on the weekend in the previous year).
Since Westpac raised their standard variable rate 0.2 earlier this month, all the majors and a couple of their owned subsidiaries have followed suit. NAB raised their rate by 0.18, ANZ by 0.17 and CBA lifted 0.15. Bankwest and St George, both owned by one of the Big 4, also followed their lead which leaves the smaller players with an opportunity to be even more competitive so watch this space!
Inflation keeps dipping so it is possible The RBA may act to reduce rates on Cup Day, to stimulate the economy and at the same time counteract the banks’ recent hikes.
Until next month!
Marc has been a professional lender for 28 years. After beginning his career in 1990 with a UK Building Society, he moved to Australia where he held several different retail banking roles. In 1999 it became clear to him that a mortgage broker would eventually become an obvious choice for someone looking for a home loan so he took the plunge and became an independent broker. He hasn’t looked back since!