Melbourne Property Market Update – November 29, 2014
By Peter Sarmas on 29 Nov 2014
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Maybe There Is More Left In The Property Market? A clearance rate of 67 per cent was recorded this weekend, compared to 66 per cent last weekend and 65 per cent this weekend last year. “There were two other things I found particularly noteworthy – the fact that units recorded low clearance rates across all suburbs in Melbourne and the growing number of properties being sold prior to auction”. Peter Sarmas examines why he cannot see a downturn in the property market.
APRA data shows investment lending continues to outpace growth on owner occupier loans. The Australian Prudential Regulation Authority (APRA) released their quarterly Authorised Deposit-taking Institution (ADI) Property Exposures data for September 2014 earlier today. The data always provides a valuable insight into current and historic mortgage lending by domestic ADIs and this quarter’s release was no different.
Housing now a key source of growth for most states. Six out of the eight states and territories recorded a strong recovery in residential construction over the 2013/14 financial year. This recovery follows a relatively weak year in 2012/13, according to an economist for the Housing Industry Association.
Lender slashes variable rates as rates near historic low. A lender has cut its rates aggressively as interest rates now near lows not seen since the 1950s. Heritage Bank’s chief executive John Minz said the rate cuts are all about giving consumers an unbeatable deal on their home loans.
Architecture projects honoured in 2014 AGDA Awards. At the 2014 Australian Graphic Design Association Awards, announced in November, it was clear to see the convergence of design disciplines with a number of architecture and design related projects receiving distinctions. Not only were projects honoured in the Spatial Design category but across the board in Branding, Graphic Design, Books and Digital Design.
New Home Design in Australia Mirrors Neighbouring Architecture. Their client wanted a spacious home in Melbourne, Australia, one that would incorporate 5 bedrooms, large open spaces both inside and outdoors and northern sunlight to his discretion. Find out how these architects managed to design such a modern contemporary home that still complements its neighbourhood, full of pitched and gabled roofs.
