Blogs

Homes in good public school catchment areas or close to a selection of top private schools are popular with families. Getting into a new home in time for the start of the new school year is attractive for buyers, and so sellers in such areas may find summer just the time to list.

A record number of homes went under the hammer in Melbourne last week, the second week of December, with the city recording a clearance rate of 65.3 per cent based on 1922 reported results. That performance was stronger than Sydney’s clearance rate but still marked a decrease from the weeks prior.

It’s the time-honoured question of summer. You’re relaxing at your favourite holiday destination, the bags are packed with only the essentials – swimmers, sunscreen, T-shirts, some good books – and as you sip your wine while enjoying another perfect sunset you start to contemplate the joys of owning a bit of your personal paradise.

There is no doubt that a hot property market, where homes are being snapped up in record time, can lead some to think that it is best to rush in and buy.  But no matter what the climate it is important to have a full building and pest report.

With the latest lockdown firmly in the rear view mirror and Melburnians enjoying increased freedoms, the city’s auction market is back with a bang.  New listings and clearance rates are on the rise, and there’s a renewed sense of optimism about selling properties ‘under the hammer’.

The Reserve Bank of Australia determined to keep the official cash rate at its current record low of 0.1 per cent at its November board meeting, but opened the door to rates rising in late 2023, earlier than its previous indications.

This month, CoreLogic announced the national property market had experienced the highest annual pace of growth since June 1989.  Housing values were up 20.3 percent over the past year and in Melbourne, values had soared 15 percent.

While few areas in Melbourne missed out on a lift, the rise in property values varied from 9.5 percent in Melbourne’s western suburbs to 30 percent on the Mornington Peninsula.

Borrowers will face tougher serviceability tests when applying for a new home loan after new requirements were announced by the Australian Prudential Regulation Authority this week. Under the changes, borrowers will need to demonstrate to a lender that they are capable of making repayments even if interest rates rise by 3 per cent or more above the rate of the product they are applying for.

CoreLogic’s latest quarterly Pain and Gain report reveals the strength of the current property market for sellers. Tight listings, record low mortgage rates and extraordinary growth in housing values have led to strong resale gains for vendors, particularly in regional and tree-change markets, it reports.