Interest rates will remain at record-low levels until any economic recovery takes hold, but the Reserve Bank of Australia says the depth of the economic downturn may be less than previously expected.
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Australian Property Investor Magazine
Economists are tipping stamp duty could be phased out as early as the end of next year, as state governments seek to stimulate the ailing property sector by making it less expensive to purchase a house.
Capital city median house prices dipped slightly in May for the first month-on-month decline in a year, but markets were nonetheless resilient with transactional activity starting to bounce back.
The Real Estate Institute of NSW is heaping pressure on the state government to provide additional support for landlords affected by COVID-19, saying several insurers were not honouring rent protection policies if a tenant’s rent is voluntarily reduced, while stimulus announced to date only is available to a small percentage of property owners.
Australia’s peak real estate industry group has warned the federal government that providing stimulus for new homes and not established dwellings could have detrimental effects on the property sector and the wider economy.
Sublease office space in Sydney’s CBD has surged to a 10-year high, but COVID-19 hasn’t been the primary cause, according to analysis by commercial agency CBRE.