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Autumn Market Update

What's the prediction for the property market?

 

If you’re reading this, you’ve probably been keeping an eye on the property market over the past 12 months. 

Throughout the height of the COVID outbreak in Australia you may have read many articles about how property prices are going to fall, home values are going to rise, apartments will be sold cheaply, but houses will be in high demand and regional areas will outpace capital cities.

All of the above assumptions were made by reputable forecasters at some point during the last 12 months, however we are now experiencing first hand that these predictions could not have been more wrong.

ANZ economists have sharply lifted their forecasts for house prices, tipping a nationwide increase of 17% in 2021. Sydney and Perth have been tipped for a 19% growth, closely followed by Brisbane and Melbourne at 16%. The last time house prices lifted so much nationally was in the late 1980s.

Whether you are buying, selling or refinancing below are some tips on how you can make this once in a generation boom work for you! 

Refinancing: 
With the cash rate sitting at 0.1% at the moment there are a number of banks and lenders offering interest rates that begin with a 1. So if you are looking to stay put in your current residence or have home loans that begin with a 3, 4 or even 5, NOW is the time to refinance to begin saving thousands in interest. 

Selling: 
Properties are selling faster than ever. The average number of days properties are listed for sale on realestate.com.au have been at record lows in every State last month (48 days on average, down from an average of 71 days in June 2020). Properties sold the fastest in the ACT in March, at an average of 25 days on market, followed by NSW (27 days) and VIC (30 days).

Purchasing: 
With the property market on the rise, conditions are still very favorable for consumers looking to make their first or next purchase. Interest rates are at record lows, banks and lenders have reduced their assessment rate. 

 

Let McNeill Real Estate help work out the value of your property and talk to a property professional today.