Record low interest rates have resulted in burgeoning property prices in Australia, creating one of the most expensive markets in the world. House prices in Sydney grew 20 per cent over the past year, and grew by 10 per cent in Melbourne. This growth, while great for homeowners has led many, including the Reserve Bank of Australia (RBA) to believe that the property market may be overheating.
As a result of the economic situation in Greece and the Chinese sharemarket freefall, shockwaves have been felt throughout global markets including the Australian sharemarket, which has fallen close to 10 per cent from highs earlier this year.
The start of a new financial year is an ideal time to review and take stock of your client’s superannuation strategy. A rebalance, recalibration or the development of an alternative strategy can potentially save millions.