PHOTO Mortgage rates
- As mortgage rates return to levels not seen since the 1950s, house prices are again soaring, rising again in October, according to the latest CoreLogic figures.
- Nationally prices jumped 1.2%, helped largely by 1.7% in Sydney and 2.3% in Melbourne.
- However, while the RBA is hopeful that will translate to increased spending, IFM chief economist Alex Joiner fears it may lead to another risk of rocketing debt.
The good times appear to again be in full swing for the Australian property market – at least if you’re already in the market.
Another rocket has found itself under major capital city markets, lifting national dwelling prices 1.2% higher, according to the latest data from property research group CoreLogic.
“It’s becoming increasingly clear that the housing market rebound is gathering pace, both geographically and across the broad valuation cohorts, off the back of lower mortgage rates and improved access to credit, as well as an improvement in affordability relative to the market peak several years ago and consistently high demand via population growth,” head of research Tim Lawless said in a note issued to Business Insider Australia.
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