Property Market Update

Property prices rising fast throughout Australia
Remember 2003? Well, that was the last time property prices were rising this fast.
Across Australia, the median property price jumped 2.1% in February, according to CoreLogic. That was the largest month-on-month change since 2003.
Meanwhile, prices rose in every capital city and every rest-of-state region – something that hadn’t happened since 2010.

Home loans demand soars thanks to record-low interest rates
Australians took out a record amount of mortgages in January, according to the most recent data from the Australian Bureau of Statistics.
Home loan commitments hit $28.8 billion – a staggering 44.3% increase on the year before:

  • Owner-occupier loans = $22.1 billion (up 52.3%)
  • Investment loans = $6.6 billion (up 22.7%)

Demand is being driven by record-low interest rates, rising property prices and government incentives.

3 Home Loan Tips for 2021
Here are three things to do if you want to give yourself the best chance of locking in a low rate and buying the home of your dreams

  • Speak to a broker – lenders are competing hard for business and are offering special deals that many consumers don’t know about.
  • Get your finance organised early – some lenders are taking longer to process loans and you may need to wait longer than you’re used to.
  • Impress lenders with a clean credit profile – pay bills on time, reduce your credit card limit and minimise the number of credit applications.

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If you need expert help to put your property investment plans into motion or need assistance expanding your property investment portfolio, connect with us today! Our team will be sure to connect with you at the earliest and offer expert advice and guidance.

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