It's the end of the financial year again: time to take a long hard look at your finances, to make sure you're in the best financial position for next year. Are you getting the best bang for your buck with your home loan? If you haven't refinanced, or had your house evaluated, now is the time.
Typically in winter, there is less competition among buyers and sellers, so it's good to make the most of your seasonality. The best way for a homebuyer to determine how the seasons impact the market is to talk to a broker.
We can provide you with a market update for your area, helping you monitor fluctuations and patterns of average sale prices.
Brian & Jess
The winter months are upon us and there is a general feeling activity has dropped since the first quarter of the year. As such, sale activity in Perth decreased 17% last week. We have also seen a slight increase in stock levels. With that said we are 19% lower on stock levels vs the prior comparative period, so we're expecting the lines at home opens to continue for the interim.
Good news on the value front with Perth’s median house price slowly ticking over $500,000. This is welcome news with a lot of households sitting on investment losses for the better part of a decade. In our view, the steady increase in property prices should lead to increased stock levels and sales volumes as investors and downsizers take the opportunity to deleverage. With that said, the time of this is unknown. With WA being a very favourable place to live, population growth could again result in supply issues.
On the banking front, we are starting to see markets for fixed rate loans push up as they factor in future interest rate rises. Current market forecasts place increases in official interest rates in 2023 but this can change overnight with other economic indicators. Overall, current data shows that we have reached the bottom of the interest rate cycle, but if COVID-19 has taught us anything, it's that this can change. If you are considering locking in a fixed rate, now might be a good time to do so.
TIME TO UPGRADE
With the sellers market hot, is it time for you to consider selling your first home and upgrading? It's likely your houses market value has increased, putting you in a good spot to buy something bigger, better and more suited to your lifestyle.
Now is the time to do a valuation on your home or refinance. Contact us today!
LOW RATE HOME LOANS
Soar high with a seriously good home loan offer. 86400 are offering a two-year fixed loan, owner occupied with principal and interest with 1.89% rates p.a (2.59% comparison) available. Not only will you get $2,000 cash back you can also make up to $20,000 additional repayments with redraw available. Book an obligation-free appointment with us today to take the leap and enter the property market or invest!