ANZ is the first of big four banks to pass on the rate cut. ANZ has again become the first of the big four banks to reduce variable mortgage rates following the Reserve Bank’s cash rate cut, this time passing on the full amount. ANZ was widely criticised last month when it passed on just 0.18 percentage points of the RBA’s 25 basis point cut, but on Tuesday said it would reduce its variable rates for owner-occupier and investor loans in full from July 12 after the cash rate was cut from 1.25 to 1.0 per cent. “We looked at a number of factors before reaching this decision, including business performance, market conditions and the impact on our customers,” ANZ retail boss Mark Hand said. The official cash rate has been trimmed another 25 basis points to now sit at just one per cent – down from 1.25 per cent...

Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets.According to data from CoreLogic, median home prices in Sydney and Melbourne also increased last week.The federal election result, along with likely rate cuts from the RBA and an easing in lending standards from APRA, may have contributed to the recent improvement in conditions in Australia’s largest and most expensive housing markets.Further housing-related data in the period ahead will help to determine whether a turning point for the property market is currently underway. Auction clearance rates rose strongly last week following the federal election, led by far stronger performances from the Sydney and Melbourne markets. Prices in both major cities also increased, bucking the trend seen for well over a year. According to CoreLogic, Australia’s preliminary combined capitals clearance rate jumped to 62.6%, a sharp improvement on the 57.0% level...

Deep-pocketed buyers on the hunt for prestigious real estate in Melbourne could splash $2 million on a family home in Brighton — or they could sign the deed to a one-bedroom inner-city flat for around the same price. Melbourne’s most expensive one-bedroom apartment has hit the market, set to clock a price record if it sells near its guide of $1.8 million. But for anyone shocked by such a pricetag hanging from a one-bedroom flat, it is worth noting the listing follows a Sydney one-bedder with just a sliding door to the bedroom – essentially a studio apartment – that was recently asking $2.1 million north of the border. The one bedroom in what could be Melbourne's most expensive one-bedroom flat. Photo: Caine Real Estate Found in East Melbourne’s exclusive “tower of power”, the 104-square metre one-bedder faces the historic Fitzroy Gardens. Agent Paul Caineof Caine Real Estate compared the listing to that of an...