Brisbane leads surge in listings as RBA keeps rates on hold

first_imgBrisbane led last month’s surge in residential listings, according to SQM Research.BRISBANE is leading a surge in capital city listings, flying high as the Reserve Bank keeps rates at record lows and warns of further tightening in lending standards.RBA Governor Philip Lowe confirmed the official interest rate target would remain at 1.5 per cent for another month, but warned there could be even tighter standards for mortgages.“Some further tightening of lending standards by banks is possible, although the average mortgage interest rate on outstanding loans has been declining for some time,” he said in a statement after Tuesday’s RBA monetary policy meeting. $5 villa set for newest millionaire Record Brisbane block sold for ‘Sydney price’ First home buyer delays expected Nationally residential listings figures jumped 1.9 per cent rise in June to 331,407 “led by a jump in Brisbane properties hitting the market”, according to SQM Research head Louis Christopher.The average asking price for a capital city house in Australia was now $962,600 (down -1.4 per cent) while units were at $580,600 (0.2 per cent). More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoListings were up 3.8 per cent in Brisbane in June from May, with 31,830 properties for sale, while Sydney posted a 3 per cent rise to 34,863 homes for sale — the biggest physical number listed of the capitals. Melbourne was up by 2.3 per cent in the month to 33,926. RBA Governor Philip Lowe has been pleased with the crackdown on lending standards. Picture: AAP Image/Daniel Pockett.“We are seeing more property being listed in Sydney and Melbourne compared to a year ago, which is pushing down asking house prices in both cities,” Mr Christopher said. “Even in Hobart, price growth has slowed despite the ongoing shortage of properties for sale there.”Unlike the other East Coast powerhouse capitals where higher listings saw lower prices (-1.4 per cent in Sydney and -1.3 per cent in Melbourne), Brisbane saw its house asking prices rise 0.6 per cent.Mortgage broker network 1300HomeLoan managing director John Kolenda said even with the official interest rate target on hold at 1.5 per cent, mortgage holders were “experiencing out of cycle rate increases from many lenders because of cost of funding pressures and regulatory requirements”.Borrowing capacity had dropped up to 30 per cent over the past quarter, he said. FOLLOW SOPHIE FOSTER ON FACEBOOKlast_img read more

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