Where has the Australian property market been and where is it heading?
FHBA Weekend Preview: 29 – 30 July 2017
In today’s edition of FHBA Weekend Preview we take a look at why you should look at where a property has been before buying, what’s going on in Brisbane, why first home buyers are loving Geelong, our 5 favourite new properties for first home buyers this week, a review of the top first home buyer stories this week and a preview of this weekends auctions.
Are you planning to buy your first home soon? At FHBA we often tell our clients to not only look at current properties on the market, but to also look at recently sold properties to get an idea of how much properties are selling for (as sometimes there is a difference between advertised prices and eventual selling prices). This helps first-timers with their planning.
Another good idea is to have a look at past performance over several years. Now we must firstly warn that past performance should never be relied upon for predicting future performance (as new factors will likely affect future performance). However past performance (think changes in property values over previous years) provides you with an indication of what performance current property holders in the area have experienced, including those selling. You can also try and dig deeper to see why people think the property values have changed over a given period and then try to determine whether these factors will be in play in the future. This can be done by talking to real estate agents, people in the local community, researching online and seeking advice. While it can be helpful gathering all this information, just take a moment to remind yourself that almost every party you speak to has an interest and this may impact the quality of the information.
Last week CoreLogic, Australia’s largest property research house, looked at the performance of our capital cities in from 1996 to now. It is interesting to see the varying performance from area-to-area. CoreLogic also used this update to note that they expect this financial year’s growth to be lower than the financial year that just ended. You can see a summary of this research by clicking here.
It is also interesting to note that the performance of Australia’s 3rd largest city, Brisbane, is down. Domain also ran a feature article on Brisbane this week noting the river city is at ‘crossroads’ and that it is the subject of a heated debate in the property industry:
- Construction approvals are ‘collapsing’;
- The unit market is ‘oversupplied’;
- Property prices are ‘stagnant’;
- Where will economic growth come from?
For more about the Brisbane market see this week’s Domain article by Jim Malo.
Below is a summary of this weekends auctions around the country.
Want to know more about this weekend’s auction activity? See the CoreLogic blog
Good luck to all first home buyers this weekend – and remember, if you need assistance with planning your property search, don’t forget to get in touch with an FHBA Coach.
First home buyer homes of the week: edition 64
These are our favourite 5 new properties for first home buyers looking for First Home Owner Grant eligible homes, this week. These properties are also eligible for the exclusive FHBA 50 Rebate! Which is your favourite?
Open homes and auction weather
See what the weather will be like in your area before you attend open homes and auctions!
Current hotspot in focus: Geelong
Every fortnight we take a closer look at an area in Australia that is popular with first home buyers. Our very latest first home buyer hotspot is Geelong, Victoria.
- Geelong is located 75km to the south of Melbourne
- Geelong has absolutely everything you need, transport, hospitals, schools, a great lifestyle and affordably priced housing!
- Geelong is set to be even more popular with first home buyers on the back of new stamp duty exemptions and the regional Victorian First Home Owners Grant of $20,000 that commenced on the 1st of July
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!
1 July 2017 changes to government assistance for first home buyers
On the 1st of July many state government assistance measures for first home buyers (such as the First Home Owners Grant and stamp duty concessions) had some form of change. We have summarised all the changes in a free quick guide available on our website here. In the quick guide simply select your state for a free guide to your state’s government incentives.
Friday News Review
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First Home Buyers Australia
Wondering whether you have saved enough to form a deposit? Try the revamped FHBA Eligibility Estimator for free!