When auction clearance rates consistently remain near 80% it means there are more buyers than sellers in the market and this eventually leads to higher property prices, and that’s clearly what’s happening. With an excess of 2,000 properties being auctioned every week and given the strong ongoing interest in auctions, it’s worth revisiting key aspects of auctions for buyers.
Bushy Martin does that today with buyer’s agent and builder broker, Rob Newman of Blackfords Urban Habitats. Did you know that over 60% of all new home loans in Australia are now facilitated by mortgage brokers? The growth is so strong that ASIC has moved to put in place a process called Best Interests Duty as a guide for brokers and protection for consumers. So, what if anything has changed since it came into force on January 1 this year? You will find out today.
And on that subject – financing, brokers, and banks – in Bushy’s last word he talks about a worrying trend that has emerged where the banks are contacting borrowers introduced by a broker and offering enticing locked-in 4-to-5-year fixed-rate loans. Bushy calls them golden handcuffs and for good reason. He will explain.
But first up today, we are delighted to welcome back to the show Bryce Holdaway. Bryce is well known for his TV appearances in Location, Location, Location Australia, Escape to the Country and Relocation, Relocation Australia, and co-host of The Property Couch with Ben Kingsley. Bryce has some thoughts about who on your panel of property experts you should be most concerned about impressing. You might be surprised. Let’s get into it!