Sydney and Melbourne's prices decline as Brisbane becomes Australia's hottest property market. The latest property results are in from Domain's March 2022 House Price Report.
Domain March 2022 House Price Report
Last year, the sunshine state's whopper of an increase added over $550 a day in value to both houses and units. A record-high median price gave Brissy the title of fastest housing price growth so far this year.
In most states, the pricier end of realty town has seen declines over the first quarter this year, as impending interest rate rises gave big spenders a cause for pause.
Slowing auction clearance rates are around 60% from recent 80% highs as signs appear for a possible dramatic drop in house prices nationally.
View the complete report here
A slowed-down market gives first-time buyers a chance to own a home
Once the tight competition wanes and we are purchasing within a fully stocked market again, the pressure to buy will remove that fear. Buyers may be able to take a breath and look around a little more for both the perfect home and mortgage lender.
Agents and vendors will attempt to hold out for a higher sale, but as the market starts to settle after a 40-year upswing, buyers will gain the upper hand and may find settlement a less expensive experience.
The consensus is in – Are we are in for a decline, settling, or a re-set of insane housing prices?
We will see more realistic sales coming into play over the coming months as cost-of-living pressures increase. We choose a new PM, and banks start lifting mortgage rates to maintain shareholder confidence and profitability.
$20 billion profit last year is still not adequate
Forget about Covid, floods, elections, or the Reserve Bank. Gauging lenders with high rates are back on the cards and coming to your inbox soon.
The top four: CBA, Westpac, NAB and ANZ (and most other banks), run a too tight race, and you cannot tell them apart. Sadly only alt-banks and new tech offer some kind of reprieve.
Homeownership, excessive-high rents, and a complete lack of properties nationwide have somehow brought these knuckleheads to a boardroom to show complete separation of reality to their core customers.
True colours start to sow once more, and we will see, possibly starting in a matter of just days, our interest rates go up and up and up and up!
Have a chat with your lender, mortgage broker or bank of Mum and Dad to start looking into alternatives, changing lenders, or minimising any losses incurred from any changes to your mortgage or new application.
Investors can find additional profit opportunities to minimise bill shock.
Options available are everywhere, and it's wise to get in early and stay ahead of the shenanigans coming, even if they turn out to be incorrect or we see another year of profit-defying rental investments.
There is no reason not to investigate ways you can put a few extra bucks into your pocket. Alternative arrangements, new tech, non-bank or new real estate platforms like ours offer new services and ways to reduce or minimise costs and third-party necessities and add thousands of dollars to your investment portfolio annually.
Either way, if house price changes, business costs, or other factors limiting you from making more money from your investment occurs, there are ways of saving thousands, and re-directing new expenses, so you do not absorb them.
A phone call, visit your bank/broker or a google search to find new ways of operating your rental business and property portfolio to alleviate any forthcoming costs you may not be able to pass on to a tenant.
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Until next time and thanks for yours!