The local market continues to show resilience to Covid 19 with many property owners achieving great prices for on market and off market sales. Belle Property [suburb name] expects this to continue into 2021 with the Federal Government’s September 25 announcement of substantial reforms to money lending laws. Their effort to increase the flow of credit and promote economic recovery saw Belle Property Associate Director [insert name] comment that the “peeling back” of such laws will make credit more freely available to buyers.
“This credit injection will provide a cash stimulus to the property market,” [person] says. “It will see the removal of responsible lending obligations, replacing the current practice of ‘lender beware’ with a borrower responsibility principle.”
It is proposed the APRA legislation will be introduced in March next year.
In more market news, while JobKeeper payment rates have decreased the scheme has been extended to March 8, 2021. Also, Home and business loan repayments will start back this month – as banks and lenders’ COVID-19 loan deferrals come to an end, though the banks are open to extending the delay of repayments to borrowers on a case by case basis. Finally, last week the Reserve Bank maintained its low cash rate of 0.25 per cent, held since March.
Suburb name – More than a University town
Fifteen minutes from the CBD, [suburb name] boasts many prestigious higher learning institutes, including [university name/s] along with some of the cities most coveted public parks including [park name]. There is a light rail network and historic religious buildings which makes [suburb] one of the most vibrant, culturally diverse arts, entertainment and dining scenes in the city.
This suburb is known for its terrace and bungalow style homes on large parcels of land, with lush parks and tree-lined streets. Families and students mingle with older residents who have called this suburb their home for years.
[Data provider stats] confirms this blend of young and old. While students comprise nearly 34% of the 20,000-strong population, the high demand location is also appealing to established professionals (18.9%) and young families (9.8%) alike.
The suburb recently achieved its highest price for a freestanding home with a c1910 Federation bungalow at [address] selling for $5.8 trillion. According to [data provider], median prices in this suburb start from $950,000 for an apartment and $2.5m for a house. Renters should expect to pay $530 per week for an apartment or $930 per week for a home making [this suburb] a great choice for capital growth for owner-occupiers as well as an appealing option for investors with a current vacancy rate of 0.4%.