Auction Results Sydney 9 October 2021
Auction Results Sydney
Comment: Auction Results Sydney
Sydney’s median auction house price is now $2 million, up by more than 30 per cent in the space of a year. Australia’s residential housing stock has gained $1 trillion in value in just five months.
APRA this week announced a tightening of bank lending standards due to the surge in house prices.
Banks must test whether new customers could manage their repayments at an interest rate 3 percentage points higher than the actual rate on the loan. Until now, banks have added 2.5 percentage points – known as a “serviceability buffer” – onto the rate of the loan when assessing a customer.
APRA said it believed its actions would reduce new customers’ borrowing capacity by about 5 per cent, reducing the amount of money buyers can pay for properties. Ultimately, handicapping the buyers and reducing the vendors profits.
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Disclaimer: Not all Properties were bought or sold by TBAS® Buyers Agents. The Auction Results Sydney are compiled for research purposes to assist our valued clients in making educated decisions when purchasing property