The median house price in Melbourne is $675,000 (13.7%) up for the end of June 2017 which is $205,000 behind Sydney at $880,000. That's a staggering price for anyone entering the market for the first time, and even for those already in it!!!
Geelong tends to be less than Melbourne but as we see more buyers with 'Melbourne amounts of cash' we'll see house prices continue to rise here.
Interest rates held last month with an 11 month record. The last time there was any change to the office cash rate was August 2016. Next Tuesday's decision will be very interesting to see if the hold pattern continues.
Generally economists seems to agree that rises are likely either later this year or early 2018.
Come and see us if you haven't looked at your home loan in the last year or so. We might be able to save you money.