News & Events
This Week In Property 10 March 2020
5 THINGS YOU NEED TO KNOW THIS WEEK - 10 MARCH 2020
Your quick guide to all the key stories from the property industry this week.
- Official rates were slashed last week, and all four major banks moved fast to pass the cut on in full to borrowers.
- Now all eyes are on the Morrison government to help stimulate the economy. It is due to announce a business- and jobs-focused stimulus package this week – and the word is, there may also be some relief for households coming as part of that plan.
- One downside of the RBA rate cut is, interest rates for savers are also dropping along with lending rates. If you’re saving for a deposit right now, this could slow you down.
- If you hold a savings account with one of Australia’s neobanks like Xinja, Volt and 86400, you’re in a better position to save than anyone with accounts at the big four. These digital-only banks are keeping savings account rates on hold despite the official rate cut – but only for existing customers for the time being.
- Coronavirus hasn’t slowed the property market down even a little bit. CoreLogic reported a 82.6 per cent auction clearance rate in Sydney over the weekend, up on last week.
