The reserve bank’s announcements of rates cuts to an all time low of 2.25% is set to have an impact on Australia’s housing market. The drop is the first announced by the Reserve bank with the last rate of 2.5% set 18 months ago in August 2013. This drop saw a massive increase in housing purchases however; with house prices at a high this might not have the same impact this time around.
The importance of claiming legitimate tax deductions such as depreciation has been highlighted by new ABS figures which show that Governments throughout Australia collected more than $1 billion in taxes every day during the June 2014 quarter.
Growing activity by property investors has resulted in the median house price in Brisbane surging to a record high of $477,352 during the June 2014 quarter according to the latest figures produced by Australian property monitors.