FHBA Market Update: 4/September/2017
In today’s FHBA Market Update we take a look at the start of the Spring 2017 property market; suburbs in Sydney where property prices are tipped to rise further; new help for first home buyers; how some investors are using a loophole to get the First Home Owners Grant; our latest favourite properties for first home buyers; the latest property prices around the country; a hotspot for first home buyers in Western Australia and what documents you need to get a loan pre-approval fast.
The Spring property market is underway. Spring, which is typically the busiest time of the year for Australia’s real estate markets, commenced on the weekend a little on soft side, according to various reports from CoreLogic, Domain, realestate.com.au and View. Approximately, with more results still coming in, more than 30% of auctions on the weekend failed to find a buyer willing to pay as much as the vendor was willing to sell for. Most of these properties will likely remain on the market for longer and potentially the vendors of these properties may have to lower their sale price expectations.
Talks of a ‘softening’ property market in some areas has been around for several months now. But what we really want to highlight is that you should be careful reading real estate headlines because market conditions can vary from area-to-area and most headlines don’t recognise these variances.
The recent Price Predictor Report by Hotspotting showed that Sydney, Australia’s most expensive capital city (and top performing over the last 5 years), has 15 suburbs tipped to see property prices rise even further. Of concern, the report predicts a lot of the increases will be in either first home buyer areas, or, in the areas more expensive on the list, Hotspotting believes the price increases will be greater on lower-end properties such as smaller sized apartments.
Included in the 15 suburbs were:
- Oran Park
- Spring Farm
Looking for more info on the Hotspotting’s predictions?
- You can see the full list of 15 suburbs in this realestate.com.au article here
- You can organise Hotspotting reports for other areas (i.e. outside of Sydney) on the Hotspotting website
The key thing you should learn is that there are “markets within markets”. For example, there is the Sydney property market, but also each suburb within Sydney is it’s own market. If you aren’t sure where to buy you should get help from a qualified expert.
Enjoy the rest of your weekly Property Market Update.
More First Home Buyer News
- Anger as some investors successfully claim the First Home Owners Grant – in some parts of the country some alternative buyers have been successfully claiming some first home buyer government incentives, such as the First Home Owners Grant (FHOG), according to a consumer investigation – read Daniel Cohen and Taj Singh’s reactions in Domain
- What do I need to show in order to get home loan pre-approval? – ever wanted to know what you have to show in order to gain a home loan pre-approval? – see what in FHBA News
- Mirvac’s new first home buyer special – residential apartment developer Mirvac announced a new special offer for first home buyers in Sydney last week, but, is it any good, or is the FHBA 50 Rebate better? – compare how the Mirvac special stacks up against the FHBA 50 Rebate
New hotspot in focus: Wanneroo (WA)
Every fortnight we take a closer look at an area in Australia that is popular with first home buyers. This week we revealed why Wanneroo in Western Australia is popular with first home buyers:
- Wanneroo is located 30 km north of Perth CBD (and is very close to the beaches on the north Perth coast)
- Wanneroo is part of a fast growing area that is receiving plenty of government investment
- Shops, restaurants, bicycle paths, pretty parks, the glorious Indian Ocean at the doorsteps, Wanneroo (and the surrounding areas) have plenty of lifestyle pluses that first timers love
- And despite the great lifestyle and proximity to Perth CBD, the median property price is….click here to reveal more
Capital City Property Price Movements: 4/September/2017
Updated daily, the CoreLogic Daily Home Value Index show’s how property prices have been changing in our largest capital cities over the last 12 months. This week CoreLogic gave the Index an overhaul “using update methodologies and processes to provide insights into housing market conditions across the regions of Australia”. The enhanced Index is “designed to measure pure returns and exclude value add from capital works (such as renovations)” according to the CoreLogic website. We are reporting the new index figures and will continue to do so every week.
|Capital City Index Score
|Qtr on Qtr
|Yr on Yr
Interest Rates Update: 4/September/2017
Tomorrow the Reserve Bank of Australia (RBA) will meet to review the official cash rate. So far there have been no changes to the cash rate in 2017. Lenders continue to provide competitive offers to first home buyers.
- Compare a range of high-interest savings accounts
- Compare a range of home loan rates
- Speak with a home loan expert
New Homes of the Week (edition 70)
These are our top picks for First Home Owner Grant (FHOG) (& FHBA 50 Rebate) eligible properties this week! All the homes are affordably priced for aspiring first home buyers:
Preliminary Weekend Auction Clearance Rates (2 – 3 September 2017)
Tweet of the Week
— FHBA (@fhba_com_au) August 31, 2017
Missed a previous FHBA Market Update? Click here to catch up now
First Home Buyers Australia