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The RBA decision comes as the Corelogic PR Data August Home Value Index shows home values continue to rise, with the combined capital cities recording a 0.3% growth rate for the month of August.
Corelogic PR Data Head of Research Tim Lawless says while the Sydney and Melbourne markets continue to perform at above average rates, the rest of Australia's capitals are recording more sustainable levels of growth.
"August housing market data from CoreLogic RP Data together with recent data on investor credit growth would have been welcome news to the Reserve Bank when they deliberated on the cash rate setting today." Lawless says.
"While the Sydney and Melbourne housing markets don't need any further stimulus, other capital cities as well as regional markets have recorded much more sustainable growth rate.
"Home owners and prospective buyers across Australia will welcome the sustained low interest rate setting which will continue to spur buyer demand and help to offset the effects of softer economic conditions outside of Sydney and Melbourne".
Source from: http://www.realestate.com.au/blog
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Instability in the global share market could put downward pressure on interest rates.
Financial experts say falls in the ASX, triggered by shaky Asian markets, may force teh Reserve Bank's hand in coming monthes.
But Stephen Halmarick, Colonial First State head of economic and market research, says it's unlikely rates will change on September 1.
"The most likely outcome from the RBA board meeting in September is that they leave the cash rate unchanged at 2%", he says.
"The high levels of volatility in global financial markets and the associated weakness in the Chinese economy implies some downside risk to Australian interest rates over the remainder of this year.
"While the base case is that official rates stay on hold at 2%, the risk is that the RBA is forced into lowering interest rates again to help protect the economy from further weakness in the global economy and lower commodity prices".
Source from: http://www.realestate.com.au/blog/
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Melbourne named world's most liveable city
Melbourne has been named the world's most liveable city for the fifth year in a row.
The city received a near-perfect score in the latest Economist Intelligence Unit Global Liveability Index, which ranks 140 countries worldwide out of a score of 100.
Melbourne topped the list with a score of 97.5%, beating out the Australian capital Vienna by 0.1%.
And the Yarra city wasn't the only Australian City to feature in the top five, with Adelaide trying for 5th place with a score of 96.6%.
Australia and Canada dominated the top 10 - accounting for seven spots. Sydney is ranked in 7th spot and Perth jumped one place to be named the world's 8th most liveable city.
Brisbane comes in at 18th.
"There does appear to be a correlation between the types of cities that sit right at the very top of the ranking," the report says.
"Those that score best tend to be mid-sized cities in wealthier countries with a relatively low population density. These can foster a range of recreational activities without leading to high crime levels or overburdened infrastructure."
World's top 5 most liveable cities
1. Melbourned, Australia - 97.5%
2. Vienna, Austria - 97.4%
3. Vancouver, Canada - 97.3%
4. Toronto, Canada - 97.2%
5. Adelaide, Australia - 96.6%
6. Calgary, Canada - 96.6%
Source from: www.realestate.com.au/blog/
Victoria introducs 3% stamp duty surcharge for foreign purchasers of residential property
As announced in the Victorian 2015 - 16 Budget, a bill introducing an additional three percent stamp duty surcharge on 'residential property' purchasers by 'foreign purchasers' was introduced into the Victorian Parliament on 5 May 2015.
The surcharge brings the top duty rate for foreign purchasers to 8.5 percent and will come into effect 1 July 2015. This change increases the transaction costs for foreign purchasers, investors and potentially developers of real estate in Victoria, although the Victorian Treasurer will have a discretion to exempt foreign developers operating in the state.
Source from: http://www.dlapiper.com.au