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How long do you have to snap up a property in the current market?

You open up the real estate app on your phone, scroll through a few listings, and then there it is: the home of your dreams, ‘added 1 hour ago’. So just how long do you typically have to act in this hot market? Well, let’s just say it definitely helps to have spoken to us about pre-approval if you’re actively house-hunting right now. That’s because the average number of days properties are listed for sale on realestate.com.au reached record lows…...
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COVID-19 repayment amnesty over: how to avoid a bad credit rating

The COVID-19 loan deferral program and credit reporting amnesty is now over, which means banks will report any late repayments on mortgage or small business loans to credit agencies unless you’ve entered into a hardship arrangement. The banks’ mortgage deferral program and subsequent credit score reporting amnesty officially ended on April 1. The package was created during the peak of COVID-19 to provide loan repayment relief for almost one million home and business loan borrowers facing financial hardship. Luckily, many…...
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Fixed mortgage rates set to rise in coming months: experts

House prices could jump 17% in 2021 and mortgage rates are set to rise much sooner than expected, ANZ Bank has tipped. How much earlier than expected? Well, the Reserve Bank has repeatedly said the official cash rate isn’t likely to increase for a few years, but ANZ senior economist Felicity Emmett believes fixed-mortgage rates have already reached their lowest point, or close to it. In recent times, more than 30% of new loans have been at fixed rates, says…...
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How do you compare: how much of your pay goes to your mortgage?

The property market is going through a boom phase, which means housing affordability is getting tougher. So how much does the average Australian household need to put towards their monthly home loan repayments in the current market? Let’s take a look. You’ve probably noticed the housing market is going a bit crazy at the moment. FOMO has taken hold and many properties across the country are selling well above their reserve. As such, housing affordability has deteriorated, says Moody’s Investor…...
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7 ways to make your property more attractive to potential buyers

Did you know more than a third of Australian homeowners are considering putting their property up for sale so they can take advantage of the current boom in prices? Here’s how to get your property looking spick and span for prospective buyers. New data shows seller confidence is now higher than it was prior to the COVID-19 pandemic, with 35% of homeowners considering selling by 2026, Westpac says. And 12% of homeowners are already in the process of putting their…...
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Boom time: Australian home values surging at fastest pace in 17 years

It’s official: Australia’s housing market is in the midst of a broad-based boom, with the national home value surging 2.1% higher in February; the largest month-on-month change since 2003. We haven’t seen this kind of fast-paced growth since Guy Sebastian robbed Nollsie to win Australian Idol, Roger Federer won his first of 20 grand slams (against the Scud at Wimbledon), and people primarily used their mobile phones to make calls (well, and play Snake). The February surge, which was recorded…...
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Tick tock – is time running out for first home buyers?

The first home buyer market had a bumper year in 2020 due to modest declines in property prices, reduced investor activity, and a range of government incentives. But with those advantages tailing off, how will first home buyers compete in 2021? Another week, another big bank tipping national property prices are set to boom. This week it was Westpac’s turn, with their senior economist tipping property prices to increase 10% in 2021 and another 10% in 2022. This follows AMP…...
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“On the cusp of a boom”: CBA’s assessment of the housing market

Australia’s housing market is on the “cusp of a boom”, with house prices set to leap 16% over the next two years, according to the Commonwealth Bank (CBA). The head of economics at Australia’s biggest bank, Gareth Aird, predicts national house prices will surge 9% in 2021 and a further 7% in 2022. Apartment prices meanwhile are predicted to rise 5% in 2021 and 4% in 2022. "The negative impact that COVID-19 had on Australian property prices turned out to…...
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Back up for grabs: 1800 first home buyer scheme spots reissued

Great news just in for first home buyers: the Australian government will reissue 1800 First Home Loan Deposit Scheme (FHLDS) spots from the 2019-20 financial year.  The 1800 spots are back up for grabs because people who previously reserved a spot in the Australian government scheme were unable to complete the purchase of their first home. Their loss can be your gain! The FHLDS allows eligible first home buyers to break into the property market sooner, as you only need…...
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Record-breaking: 5 big property trends in 2021

After a bumpy 2020, 2021 is already rewriting the record books. From property prices, to interest rates, to refinancing - no matter which way you look records are being broken. Today we’ll look at why property market sentiment is riding so high. How quickly things can turn around. It wasn’t too long ago (9-10 months, to be more precise) that many highly-regarded economists were predicting property prices could plummet 30% due to COVID-19. Instead, now we’re seeing official RBA documents…...
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