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NSW still leads the pack with the most promising outlook for the upcoming year
Cities that witnessed the most growth are:
There are many investment options promising to make you rich and prepare you for retirement. So, why invest in real estate?
Take this common scenario: most people find themselves wedged in the payroll machinery of daily work, living from paycheck to paycheck, and still hope for a more secure future. They often are left wondering whether they will ever break free from financial stress to enjoy life as they really want it.
The trend in the Australian property market is marked by a radical increase in owner-occupied loans, particularly in Western Australia and Victoria. This tells more about the changing tides of the broader economic indicators and increased consumer confidence and shifting demographics within the country. According to the latest data, these two states are setting the pace for change, with Western Australia recording an impressive 7% annual increase in owner-occupied loans and Victoria following close suit with a 6% increase.
Understanding this loan surge thoroughly analyzes multiple factors, which are not limited to economic condition, supply of houses, interest rates, and demographic trends. Therefore, it's high time to find out about the current situation of the loan market in Australia and how such developments will affect future borrowers.
Although affordability has gone up, most buyers still wait for better opportunities in the changed landscape of unit markets. As per CoreLogic data, 65 unit markets are still underpriced compared to their peak in 2010. This trend gives smart investors opportunities to pick up but remains a challenge for buying confidence .
As the spring selling season kicks off, Perth is witnessing a notable surge in demand for affordable housing. According to recent reports, house prices in Perth have increased by 1% over the past month and a significant 23% year-on-year. The demand isn't just limited to houses—unit prices have also seen a sharp 20% rise over the last 12 months. So, what’s driving this growth in a market traditionally influenced by the performance of key commodities like iron ore and lithium?
The answer likely lies in two major factors: rapid population growth and soaring construction costs. As more people move to Perth and building costs climb, the pressure on the property market has led to rising prices, making it a competitive environment for buyers looking for affordability.
Recent data reveals a significant cooling in the Australian housing market, prompting important questions for potential buyers and investors. According to ANZ, housing lending (excluding refinancing) saw a stark slowdown, falling to just 1% month-on-month in August from a robust 3.5% increase in July. This trend suggests that the market is at a crossroads, balancing between opportunities and the need for caution.
As interest rates fluctuate in the ever-changing mortgage landscape, recent developments have brought hope for borrowers seeking relief. This week, major bank NAB adjusted its forecast for the Reserve Bank of Australia's (RBA) first rate cut, moving it from May 2025 to February. This shift not only influences market sentiment but also signals potential changes that could benefit both current and prospective borrowers.
In the realm of mortgages, you'll hear the term "Loan to Value Ratio" rather often. Because of its potential impact on your ability to borrow money, it is crucial. Finally, could you tell me what LVR is?
Australian home prices rose in September, but the housing market is showing signs of slowing. CoreLogic reports price declines in Melbourne, Canberra, Hobart, and Darwin, while mid-sized cities like Perth and Adelaide continue to see moderate growth.
Households are feeling the strain on their budgets as high inflation, coupled with rising interest rates, is taking its toll. Real disposable incomes have been falling by a significant percentage since early 2022, the Reserve Bank said. Real disposable incomes account for taxes, interest, and inflation.
With cash rates raised by the Reserve Bank since May 2022, many mortgage holders have seen their repayments double in cost, by as much as 30% to 60%. While real earnings stabilised in recent periods to pre-pandemic levels, families still bear pressure from cost-of-living issues which have pressed them towards seeking relief from community groups for the first time.
At OM Financial Services, our experienced group of contract brokers can compare a wide extent of domestic credits over a board of 50+ banks. This means we won’t use any ancient arrangements for you. We will find the best current arrangement to meet your needs. Our fund masters are talented in taking care of advances, from domestic credit to individual credit, right through asset and commercial finance. We can assist you get advance pre-approval and can give master help for borrowers looking to renegotiate. With OM Financial Services, you’ll have access to comprehensive choices to help assist you with borrowing.
