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Navigating Sydney’s Mortgage Market: A Guide To Maximizing Profit – Australians spend more of their income on debt than other Western countries. Photo: Darren England/AAP
The cost of repaying the loan is 15 percent of income and is likely to be higher after this year’s inflation, as the income estimates GDP growth of 1.2 percent next year.
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According to International Monetary Fund figures, Australia has the highest level of mortgage lending in the developed world and spends 15% of its income on loans.
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Borrowers have been through a series of advances by the Reserve Bank of Australia that began last May and continued for eight straight months until December 2022, when the IMF wrote its Debt.
Rising borrowing costs have seen Australia top the league for debt with Canada tied for second, followed by Norway and the Netherlands.
A further four interest rate hikes from December will keep Australia’s debt-to-cash ratio at 4.1%.
In July, the Australian National University calculated that if rates increased by 50 basis points to 4.6, Australians would have to pay 40 percent of their income on mortgages and other loans. money.
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The data was released on Tuesday in the International Monetary Fund’s six-month report on global financial stability, and came with a warning that about 5 percent of households International banks could be under pressure if central interest rates remain too high.
Another 30 percent of banks – including some of the world’s largest – will be affected if the global economy enters a period of low growth and inflation inflation, or “stagflation,” the International Monetary Fund said.
The International Monetary Fund also published its World Economic Outlook in Morocco, with global growth expectations slightly higher than some expected a few months ago.
The global economy has a better chance of avoiding a hard landing, although advanced economies such as Australia can still expect weak growth, according to forecasts very new.
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The fund said that the chances of a soft landing, in which inflation is controlled without major disruptions in work, have improved.
Global economic growth is expected to slow to 3 percent this year and 2.9 percent in 2024, down 0.1 percent from the agency’s July forecast.
Australia should follow a similar pattern to other advanced economies, recording years of weak performance.
The International Monetary Fund projects Australia’s GDP growth between 1.8% in 2023 and 1.2% in 2024. This figure in the next year is half a percent less than the previous estimate.
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International Monetary Fund head of research Pierre-Olivier Guerinchas said the global economy has shown “good potential” as it recovers from the pandemic, the conflict in Ukraine and inflation increases.
“Despite the war’s impact on the energy and food markets and the financial markets have not been seen to prevent inflation for many years, the economy has slowed down but don’t stop,” he said.
Inflation has started to moderate globally, but most countries, including Australia, are not expected to return to their target until 2025. Advisor Australia journalists write start their research and thinking on purpose and independent writing.
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According to the ANZ CoreLogic Housing Affordability annual report, it will come as no surprise to many of us that house prices in Australia have fallen over the past year, with opportunities to save a standard 20 per cent of the deposit in Sydney up to 12.6 years. .
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Nationally, the figure was slightly lower after 10 years of saving for deposits, although there were surprising results in Melbourne – expected to become Australia’s largest city. In the five years to September, the savings period for deposits in Melbourne fell from 10.2 years in September 2018 to 9.6 years today.
“Less movement in house prices in Melbourne will result in more housing than 15 years ago,” the authors wrote.
“The difference between the average earnings between Sydney and Melbourne reached $343,000 in October this year. For Sydney as a whole, this could lead to weaker earnings for key workers and can negatively affect internal migration.”
The report also noted that Australia’s regional housing market has recovered and “affordability standards are now more comparable to capital markets than before the pandemic”. . Perhaps more worryingly, the share of income required to cover the cost of new loans has risen to 46.2% – up from 29.0% in March 2020 at the start of the pandemic – put more families in the place of credit.
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The country has been experiencing a rental crisis for some time, with many landlords passing on their mortgage repayments to tenants. The latest release of the Rent Affordability Index – published annually by SGS Economics and Planning, National Shelter, Brotherhood of St Laurence and Beyond Bank – shows that the crisis is worsening and is now affecting the region in regions including major cities.
“Findings show few affordable options for vulnerable renters in Australia, including seniors and single parents,” the index said.
It also revealed that rental prices have worsened in all major Australian cities and regions except Hobart and Canberra.
The report says: “The increased demand for housing in some areas of the region due to the influx of migrants associated with Covid-19 has led to an increase in rents across the country. “
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The lowest cost of all regions and capitals to rent is Queensland, with an average rental price of $553 per week. Over the course of a year, this equates to 30% of the average Australian’s income, putting these Australians in the “rental stress” category.
Ellen Witt, director and partner at SGS Economics and Planning said: “The Security Survey showed that renters in all capitals are worse off than they were in 2019, before the recession. spread,” said Ellen Witt, director and partner at SGS Economics and Planning and director and analyst of the report. explain.
Unfortunately, the lack of affordability has spread from the cities to the suburbs, although there are fewer. CoreLogic’s quarterly update on new business areas – which analyzes price and rent changes in the nation’s 50 largest non-metropolitan areas (SUAs) – shows that the Rising interest rates, high costs of living and normalizing internal migration patterns seem to have a negative impact. . have Effect of rent
CoreLogic economist Kaytlin Ezzy said rental growth in the area has slowed after the capital city but remains optimistic.
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“Due to strong immigration, smaller families and fewer properties, all capital cities have seen rents increase by 1.8% in the last three months. He said, of the on the other hand, the normalization of the migration pattern has seen an increase in rents in the area by 0.8 percent.
Meanwhile, a new survey by Flatmates.com.au found that of more than 10,300 respondents across the country, around 48% are in a shared relationship because they can’t afford it. on their own.
Amid the crisis of living and the tight rental market, many people are turning to sharing housing to ease the high costs, the survey found.
Flatmates.com.au community manager Claudia Connelly said: “Australians are looking for new ways to get through renting and dealing.
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