this post was submitted on 03 Jul 2023
13 points (100.0% liked)

Australia

3582 readers
48 users here now

A place to discuss Australia and important Australian issues.

Before you post:

If you're posting anything related to:

If you're posting Australian News (not opinion or discussion pieces) post it to Australian News

Rules

This community is run under the rules of aussie.zone. In addition to those rules:

Banner Photo

Congratulations to @Tau@aussie.zone who had the most upvoted submission to our banner photo competition

Recommended and Related Communities

Be sure to check out and subscribe to our related communities on aussie.zone:

Plus other communities for sport and major cities.

https://aussie.zone/communities

Moderation

Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.

Additionally, we have our instance admins: @lodion@aussie.zone and @Nath@aussie.zone

founded 1 year ago
MODERATORS
lodion@aussie.zone
Fluid@aussie.zone
bestusername@aussie.zone
eatham@aussie.zone
13
Five reasons for the RBA to keep rates on hold (www.abc.net.au)
submitted 1 year ago by Mountaineer@lemmy.world to c/australia@aussie.zone
10 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] beatle@aussie.zone 5 points 1 year ago (6 children)

On cue, there's been a sudden spike in homes, owned for two years or less, being sold for a loss.

During the pandemic first-home-buyers splurge, just 3 per cent of properties held for less than two years were sold at a loss. That's suddenly now leapt to 12.3 per cent.

Will be an interesting number to watch going forward.

[–] SJ_Zero@lemmy.fbxl.net 2 points 1 year ago (4 children)

Unpopular opinion, but if future generations are going to be able to own a home in the lands of their parents, grandparents, and great grandparents, rates need to continue to rise and debt costs need to come way up so people start using money instead of debt.

Does Australia have long long term mortgages like America's 30 year? In canuckistan over 90% of mortgages are 5 years or less because a 10 year has a couple percent premium and by the time you hit 20 years you were looking at like an 8% rate when you could get 5 years for like 2%.

If Australia is similar to canada in that regard, the real scary part will be when the fixed rate mortgages taken out during the pandemic reset in about 2 years.

[–] skribe@lemmy.one 8 points 1 year ago (1 children)

Australian mortgages are usually over a 30 year term.

[–] SJ_Zero@lemmy.fbxl.net 2 points 1 year ago (1 children)

So the interest rate is fixed for 30 years, or it takes 30 years to pay it off?

[–] Getawombatupya@aussie.zone 5 points 1 year ago

Variable rate, calculated daily, over a 30 year term

load more comments (2 replies)
load more comments (3 replies)