On Melbourne’s busiest weekend of auctions 27/10/2018 for the spring selling season, around one in two homes up for sale got passed in.The clearance rate for more than 1400 scheduled auctions across Victoria was 48 per cent according to Domain Group data. The result is a continued reflection of the softening property market decline according to agents and experts.
The Australian Bureau of Statistics estimated that 30,620 Australian residential houses commenced construction in June 2018, rising 9.6% from the year before.
With the construction market rapidly growing, it’s handy for you to know that you have a Flexible Home Loan as a construction loan – borrowing up to 95% of the property’s value once built (inclusive of LMI).
During construction, you only pay the interest on your construction loan as per funds drawn at stage by the builder– and you won’t start paying principal and interest until construction has been completed
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