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Mortgage Interest Market Monthly Summary

Home Loans Today Home Interest Rates update for June 2014

October 17, 2014 by · Leave a Comment 

Home Loans Today

Home Interest rates

up date for June 2014

Current Rates Variable              5.99% 6 Month Fixed    5.55% 1 Year Fixed       5.70% 2 Year Fixed       5.85% 3 Year Fixed       6.25% 5 Year Fixed       6.79% *All rates subject to change without notice and not available to all borrowers. Property Prices Will house prices rise or fall? How rapid will interest rates rise? I now find myself frequently addressing these questions. My 2 cents… Around 2001 a supersonic housing boom hit Sydney. It was just after Olympics. Property prices suddenly started to skyrocket! No one wanted to miss the yummy gravy train. Everyone hopped on board. One thing led to another that led to a Mexican wave. By around 2005 house prices had pretty much doubled around Sydney, Melbourne, and Perth, as far as I can remember! Then followed (as usually do) talks of doom and gloom. Prices are unsustainable, they said. Totally unaffordable for the new generation, they said. Prices will fall – wait and watch, they said.  Yeah right I said! Fast-forward a decade. 2012 saw yet another housing boom hit Sydney. Even Capital Gains Tax and Stamp Duty (tax) cant stop Australians from digging deep! As we speak, property prices are still running hot around Sydney, embarrassing the “naysayers” yet again! Time flies fast! Before you know it, it ‘will’ be 2024. New suburbs, new motorways, new tunnels, new train networks, new shopping malls, new apartment blocks, new skyscrapers, all together will look to spread cities further out, further wide. Did I mention population increase? What would this mean for property prices? Would you rather look back in 2024 and wish you had bought at 2014 prices? Moral of the Story – Avoid “naysayers” and in moments of doubt, just revisit History.  Here’s an activity to seal the deal… Approach a senior citizen and ask him or her a simple question – “What was the average house price around your suburb 40 years ago (1974), 30 years ago (1984), 20 years ago (1994), 10 years ago (2004)?”   If you would like help please contact Kevin on 021532569.

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