FHBA Weekend Preview: 1 – 2 July 2017
In recent weeks Australia’s largest property research house, CoreLogic Australia, has been reporting that auction clearance rates have been trending slightly lower in Australia, with Melbourne and Sydney leading the way (& last week, Brisbane took a deep lower movement). It is also interesting to note that the quantity of auctions have also been falling. So what does this tell us? Well, we don’t have the extensive research resources CoreLogic does, but it could mean:
- Sellers are getting greedy (in comparison to what buyers are willing to pay);
- There aren’t as many buyers around (perhaps because investor lending has tightened and/or because many first home buyer benefits don’t kick in until 1 July);
- Both sellers (wanting the market to rise) and buyers (wanting the market to pull back) are feeling unsure about where the property markets are actually heading and are therefore waiting on the sidelines.
The truth is it could mean any one (or more than one of those things). It could also mean other things you may be able to think of yourself.
For NSW and Victoria, tomorrow (1 July 2017) marks the beginning of new first home buyer stamp duty discounts (& for some, exemptions) that are more geneorous than the existing schemes in place for these two states. It will be interesting to see how many more first home buyers enter the property market and whether any new sellers enter the property market as well.
At FHBA we can assist first home buyers entering the property market anywhere in Australia, but with the new (NSW, Victoria, South Australia) and extension (Queensland) of first home buyers government incentives starting tomorrow (1 July 2017), this week we launched the following state programs to assist first home buyers enter the property market sooner:
An important thing we would like to note is that at this stage the First Home Super Saver Scheme (FHSSS), outlined in the federal May budget, has not passed as legislation. We will provide a further update on the FHSSS in Monday’s FHBA Market Update.
As for the first home buyers in action already this weekend – good luck to you all!
Want to know more about this weekend’s auction activity? Visit the CoreLogic blog
First home buyer homes of the week: edition 60
These are our favourite 5 properties for first home buyers looking for new, FHOG eligible homes, this week:
Open homes and auction weather
See what the weather will be like in your area before you attend open homes and auctions!
House hunt with confidence
Planning on going house hunting soon but don’t know whether a bank will lend you enough funds to buy your first home yet?
You should get a no obligation home loan pre-approval! A loan pre-approval provides you written guidance of how much a particular bank is willing to lend to you. A loan pre-approval comes with no obligations to proceed, leaving you in control and importantly, attending open homes knowing what your borrowing capacity and budget is.
Search FHOG eligible homes from your couch
Are you in the market for a newly built property? This could be a house & land package, a townhouse or a newly constructed apartment. Search our new look ‘new homes’ portal this weekend to see hundreds of Grant eligible properties suitable for first home buyers!
Friday News Review
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First Home Buyers Australia
In the market for a brand new home? The newly launched FHBA 50 Rebate could give you a big helping hand – find out more