Banking
A better time for a home loan Paul Modra Executive Manager – Member Value and Distribution, Police Credit Union Naturally it’s best to get in before prices rise but how much can you borrow?
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South Australian property market is looking to soar within the coming months, owing to low interest rates and a steady housing sector. The Reserve Bank of Australia’s record low rate drop to 2.25 per cent in early February was a good indicator of a possible housing boom to come for the state. Affordability for the first home buyer and the investor has never been this good. Compared to some of the other major capital cities, Adelaide’s housing market is still relatively “cheap”. In the last quarter of 2014, the median house price for Sydney was $881,971 compared to Adelaide which was $425,000.
With the aftermath of low interest rates looking to Leading provider of financial and property information Core take full effect in the coming months, now is a Logic predicts that, this year, investors will turn their attention suitable time to take advantage of the market. away from bigger cities and try for more high-yielding markets such as Adelaide. However, with a trend of clearance rates rising, Housing costs in Adelaide are still much lower now is the ideal time to start looking for that house or unit to buy. and are in earlier stages of value growth compared to neighbouring capital cities. In January 2015, Adelaide also recorded the At the beginning of March 2015, the auction second lowest rental vacancy rate in the country clearance rate for properties in South Australia rose with 1.6 per cent. a considerable 15 per cent from prior weeks to a steady rate of 69 per cent. With clearance rates steady, there is plenty of Continued page 45 housing stock to choose from and less competition. Police Credit Union busy giving back to members Police Credit Union spent St Valentine’s Day showing some of its most valued Platinum Advantage members just how much it cares. A group of personal bankers headed out to various police stations around Adelaide and hand-delivered custom-made, blue heart-shaped doughnuts for all the officers. Personal Banker Nathan Fisher was among the group handing out the doughnuts and said it was a great way to interact with both members and nonmembers. “During the doughnut giveaway I got to catch up with many of our Platinum members, which was great,” he said. “For any non-members it was a great way to break the ice or ‘icing’ if you like!” Police Credit Union personal banker Nathan Fisher hands out doughnuts to Daniel Cahill, Melissa Gilchrist and Jason Vesey