Australia’s banking regulator has announced it will remove a major restriction that saw property investor activity tumble across the country.
The Australian Prudential Regulation Authority (APRA) chairman Wayne Byres on Thursday announced the 10 per cent limit on bank lending to property investors would be scrapped, arguing it had “served its purpose” since its establishment in 2014.
The investor lending restriction preceded a cap on interest-only lending, with the two measures aimed at strengthening major bank balance sheets and restricting the flow of speculative money into the property market.
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After a few false starts with earlier buyers, the team at PropertyNest has set a 2018 suburb record after selling a Newington 2Bed apartment for $770,000. This is the highest price paid in the suburb for a 2 bedroom apartment since July 2017.
With Multiple buyers wanting the property, Anzac Day market the D-day for the exchange to take place. Even though the media is reporting lac-lustre performance buyers are looking for quality apartments and are willing to fight foe the right property. With more than 50 enquiries and 7 offers, there is life in this market place as yet.
If you are thinking of selling buying or renting a property, give the PropertyNest team a call to discuss the details and complexity of your desired result. Our positive and energetic team are waiting for you call.
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