Autumn is here! And with it, the second most bustling time in the property market.
Despite recent hikes to interest rates by the Reserve Bank of Australia, there are signs of a possible cash rate pause coming soon. Property value declines also appear to have slowed down significantly over February, dropping by -0.1%. Now is an excellent time for buyers to take advantage of lower prices and find new opportunities. Interest rate news can be confusing and current conditions may mean borrowers need to consider refinancing or negotiating a more competitive interest rate – something we can help with. With so much changing in the property space, it pays to do your research and explore your finance options before undertaking any major decisions.
Interest rate news
At its March meeting, the RBA further increased the cash rate by 25 basis points to an 11-year high of 3.60 per cent. This means that borrowers with a $500,000 home loan will soon be facing monthly repayments almost $1000 larger than what they were paying a year ago. If you haven’t negotiated a more competitive interest rate on your home loan or refinanced since the start of the RBA’s cash rate hikes, now is definitely the time to review your mortgage – and we’re here to help! Get in touch for a comprehensive home loan health check so you can take advantage of current market conditions and find the right finance option for you.
Home value movements
February saw home value declines flatten as low advertised stock levels kept a floor under prices. Nationally, prices dropped -0.14%, while Sydney experienced a 0.3% rise in property prices and regional dwelling values were down -0.3%. CoreLogic’s research director, Tim Lawless, attributed the stabilisation in housing values to consistently low advertised supply levels and higher auction clearance rates.
Meanwhile, preliminary clearance rates and auction volumes were down for the week ending March 12 due to the long weekend. However, with around 2,350 properties scheduled to go under the hammer across Australia’s capital cities for the week ending March 19 – representing the second busiest auction week so far this year – it looks like auction activity is set to pick up again shortly.
If you’re planning on buying a property soon, don’t hesitate to get in touch with us for help exploring your finance options and finding the right home loan for your financial circumstances and goals!
|All dwellings||Auctions||Clearance Rate||Private Sale||Monthly home
* Australian auction results, clearance rates and recent sales for the week ending 12 March 2023
* The clearance rate is preliminary and current as of 12:50 pm AEDT, 13 March 2023
Planning to purchase a property this autumn? Don’t forget to talk to us about your finance options! We can compare the market and help you find the most appropriate home loan for your financial circumstances and goals.
Even if you already have a mortgage, now could be the ideal time to shop around and see if you can find a more competitive home loan that better suits your needs. Plus, if you’ve been with the same lender for some time, chances are you can get an even better deal elsewhere. So why not get in touch today? Let’s chat and start exploring your finance options and potential savings!