Paul Castran Real Estate
Banks have begun denying funds to homeowners that are looking at upgrade and move to a bigger home. The Daily Telegraph has reported that banks are denying homeowners from bridging finance, the process where a bank offers intermediate loan that finances the purchase of a new property while the existing property is sold.
In the past, a common strategy for people looking to relocate, was that they would take out a bridging loan to buy their new property, while their existing property was up for sale. Banks are now claiming that bridging finance can produce bad debt, while some other lenders don’t even offer the product.
This position by banks may be contributing to the decrease in the property market, by delaying purchases, and forcing home owners to sell their homes before buying a new one.
This new stance may have come about for a number of reasons, some possible reasons are the relatively static property market, and that the banks are essentially issuing a second mortgage on the first property and they have no security to attach the mortgage to.
Mortgage Choice broker John Manciameli said the banks’ aversion to bridging finance may be due to the fact Sydney homes are taking a lot longer to sell, elevating the lenders’ risk profile into alarm-bell territory.
New homes sales fell a seasonally adjusted 6.4 per cent to 8,024 units in Maym following a 6.2 per cent rise the month before, the Housing Industry Association (HIA) said this week. This is a 3 month low that appears to have been caused by rising interest rates.
“This is the lowest number of new home sales since February 2010; with private house sales fell 5.9 per cent in the month while sales of multi-units slid 11.6 per cent” said Mark Forytarz and Paul Castran.
NSW has the largest sales of 13.6 per cent of detached new homes in May, while South Australia has rose up to 2.1 per cent.
Queensland has the largest decline in sales of 12.3 per cent, whereas Western Australia was down to 10.7 per cent and Victoria fell 8.5 per cent.
In April, house prices have slowed considerably with some capital cities placing marginal gains and other reporting falls. Australian has stated that RP Data-Rismark Hedonic Home Value Index, which was liberated on 31st May, 2010, reveals the nationalized standard increase for homes of 0.2 per cent, following 1.3 percent growth in March.
Generally, rates of homes, including dwellings and units have augmented 4.6 per cent this year and are up 11.9 per cent for the year to April, at present with the medium home price of $460,000. Houses in capital cities mounted 11.6 per cent for the year to April that is more than twice the 5.6 per cent increase for accommodations outside the cities. The standard worth for the dwellings declines 1.2 per cent in Brisbane, 0.9 per cent in Perth and 0.3 per cent in Darwin during April.
After been asked about the implications of market crash, Tim Lawless from PDData.com declared that they are on a cusp in considering an alteration of market situation. Chief executive of Rismark’s, Mr. Christopher Joye said that the statistics established for the country was not featuring a housing boom. He added that the medication in the value of Australian lodging will be determined by the fundamentals of demand and supply but not higher liability level.
With the current global financial crisis, many people are nervous and want to get the best result when buying or selling their real estate. As such, if you’re planning on buying or selling, you need to ensure that you have an experience real estate agent.
When selecting an agent, it’s important to remember that the real estate section is a big and sometimes complicated market. With this in mind, its crucial that your real estate agent has comprehensive knowledge about all of the ins and outs of that sector. With this in mind, Paul Castran should be your first call.
Paul Castran has many years of experience in real estate. He enjoys his work and is driven by achieving the best results for his customers. Paul Castran has a long list of satisfied customers, including developers, property investors, families, and many others. Paul Castran has a comprehensive understanding of real estate business provides his clients utmost satisfaction. He answers all questions from his clients and takes care of their requirements, and ensures the best solution for them.
It is really surprising that despite of the present global economic meltdown, the real estate sector in Australia is booming at tremendous speed. To help people in making the right investment decision, there are several real estate service advisors available. But, to get utmost outcome on your investment, you need to take necessary advice from an expert who has an in-depth knowledge of this sector. Paul Castran is a name on which you can trust upon without any second thought, when it comes to Real estate!
In modern times, there is no doubt that real estate investment requires lots of mental, emotional, and financial involvement from both the buyer as well as seller. But, if you are going to take advice from Paul Castran, then you should feel more confident, no matter whether you are a buyer or seller. This is because Paul Castran has spent years in the real estate sector, for which he can assure you most relevant and best advice to you. In his professional career he has dealt with various aspects of real estate segments, which has made him a highly skilled real estate professional.
His profound knowledge on the Australian real estate sector and a good sense of property investment, distinguishes Paul Castran from the other real estate investors.
So, if you want to be a successful real estate investor, and wish to get the utmost return out of your investment, then without any second thought, call Paul Castran today and arrange a meeting.