Property Review Video – August 2023
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
Stay up to date with the latest developments in the property market over the past month.
In its tenth rate increase since May last year, the Federal Reserve Bank has announced another rise to the official cash rate, increasing it by 25 basis points from 3.35% to 3.6% in response to continued inflationary pressures.
Our video also takes you through an overview of the state of the property market, including a breakdown across all capital cities of the changes in dwelling values over the past month, as well as over a period of 12 months.
Click the video below to view our March update.
With interest rates increasing, contact us today to get a better understanding of how market changes will impact your next property purchase
Having a career means so much more than just having a job and a regular income. Having a successful career can provide you with great satisfaction but it does require work to get to where you want to be and then sustained effort to continue to grow in your chosen field.
It’s worth it though. We spend roughly 13 years of our lives at work, so it makes sense to put effort into establishing and maintaining a career that ticks your boxes.i
It’s important to consider that having a satisfying career is not so much a destination than a journey. Most of us, on average, have 12 distinct jobs through our working life so managing your career is never ‘set and forget’, it’s a continual process of progress and re-evaluation. So, whether you are relatively new to the workforce or well into your working life, here are some tips to help you along your journey.
While it is possible to achieve success by ‘winging it,’ you improve your chances of achieving the career of your dreams by putting a plan in place. Everyone has different goals and dreams for themselves and it’s important to be true to what you want for yourself, so do some soul searching to decide what’s important to you.
Good career planning also takes into consideration where you want to be in the future – both personally and professionally. Think short term, medium and long term. For example, how do you see your life in two years, five years, and ten years?
Then once you’ve decided what you want to achieve and defined what success looks like to you, the next step is to do some goal setting. Put in place some achievable, incremental steps to aim for to make the journey a little easier. Make sure your goals don’t just exist inside your head – writing down your goals makes them more tangible. Just be sure your goals are specific and measurable.
Growth is integral to career success and that can mean pushing yourself out of your comfort zone.
Say yes to that job interview, even if you don’t feel totally qualified, as the experience of attending the interview itself will help you to hone your skills and you may well even be successful in being offered the role.
Take a course so you can learn a new skill, even if you’re scared you’ll be terrible at it – you may surprise yourself and find that you excel in this new endeavour.
You don’t have to go it alone. One of the most powerful things you can do to enhance your career and make the most of opportunities is to recognise the power of networking and actively expand your career networks. The concept of networking can sound a little intimidating, but it simply means connecting with people and cultivating mutually beneficial relationships. Start with who you know and build from there, be open to meeting new people and attend professional groups and networking events and maintain a presence on social platforms like LinkedIn.
Another way to get help is to develop a relationship with a mentor. A great mentor can provide the benefit of their experience, be a sounding board and support you in your career development. It can take time to find the right person so be patient and invest in building good relationships, perhaps with more than one individual to open up career opportunities.
An integral part of career development is maintaining continual growth. While it can be tempting to stick with what you know and stay in your comfort zone, it’s important to recognise when you’ve outgrown a role or even an organisation and when it’s time to seek out new opportunities and make a move.
And finally, dare to dream – be an active participant in your career development, and you’ll be sure to see your career grow in amazing ways.
With higher interest rates causing price falls across most of the country, buying in a falling market can appear tempting. As always, whether it’s a good time to buy will depend on your circumstances and what type of property you’re after. Here are some tips to help you avoid the pitfalls and capitalise on opportunities presented in the current market.
While the property market is never uniform, in today’s climate, sellers may have to consider lowering their price expectations. This can give buyers more negotiating power and, if you have your finance in place, then you may be able to take advantage of the falling market. Knowing exactly when the market has bottomed out is difficult and shouldn’t be your main concern. It is unpredictable and you need to look long-term to ensure you don’t miss out on the right property.
Believe it or not, people are still missing out on their dream property because they haven’t organised their finance ahead of time. Whatever the market, if you have your pre-approval in place, you know the maximum amount you can borrow and how much your repayments will be.
You’ll also have to decide whether to fix your loan at the current rate or choose a variable rate that might benefit from falls sooner rather than later. Some people may opt for a combination of the two. Again, working out what’s best for you is something that should happen before you start looking to buy a property. We’re happy to help you do this and keep you up to date as rates and loans change.
Local real estate agents can guide you on what’s happening in the areas you are interested in purchasing in, and whether there may be room to negotiate on the price.
Keep track of sales in your area, go to house inspections and auctions so you know what to expect. Some properties may sell for more than anticipated and some for less. Others may be passed in at auction and then sold later. If real estate agents know you have your finance in place, they will take you seriously when you approach them about a property pre- or post-auction. They may also be happy to put you on their off-market sales list.
Off-market campaigns could potentially save sellers money because there is no public website campaign or auction, which could also save the buyer. The estate agent can send you the details of the property directly, allowing you to negotiate faster.
While property prices may be decreasing in different areas across the country, this could be offset by the recent interest rate rises. As the cash rate increases, first home buyers are watching their borrowing capacity decrease with every interest rate hike.
This could impact where they choose to buy and they may decide to either expand their search in terms of where they are willing to move, or to ‘rentvest’ instead. This is when you buy an investment property in an area you can afford and continue renting yourself in an area you prefer to live.
Generally, falls have been stronger for houses rather than apartmentsi. For upgraders, this could be good news, but for downsizers, it may mean adjusting what you can buy. You may need to look at a property that needs work instead of a renovated property or expand your search to neighbouring suburbs which may be a little cheaper. But again, suburbs vary, so always check with local experts about what’s happening.
With all these options and a market that is favouring buyers across many regions and types of housing, 2023 could be a good year to buy property.
We can help you arrange your finances and apply for your loan pre-approval. With this in order, we can help you make the most of the opportunities presented in a falling market and buy your home in 2023!
Australian property values appeared to stabilise with a 0.1% increase in national dwelling values for February. There was a –2.3% drop over the quarter according to CoreLogic’s national Home Value Index (HVI).
Although median property prices are still falling across the country there are signs some wind has come out of the housing downturn’s sails. While the 0.1% dip continues into negative territory, the February statistic was an improvement on the -1% fall seen in January, and was the smallest month-on-month decline since June.
All in all, CoreLogic’s Index is –9.1% off its April peak. However, it pays to put this dwelling downturn in context. “Record declines in home values follow a record upswing, both in magnitude and speed. The national HVI was up a stunning 28.6% in the space of just 19 months,” said CoreLogic research director Tim Lawless.
While they aren’t the only driver of the downturn, interest rates have played a major role in steering the ship. Once the Reserve Bank decides to hit the pause button – which is largely tipped to be in the first half of 2023 – economic experts predict housing values are likely to stabilise.
At its first meeting for 2023, the RBA increased the cash rate by 0.25 percentage points on February 7, pushing the cash rate to a decade-high of 3.35%.
The upper quartile of the combined capital city housing market drove this month’s stabilising trend, increasing by 0.1% in February.
This trend was most obvious across Sydney’s upper quartile, which recorded a 0.7% rise in values over the month, compared with a -0.2% fall in values across the lower quartile of the Sydney market.
After extraordinary price growth in 2021, values in all regions are declining. Regional dwelling values were down -0.3% in February compared with a -0.1% fall across the combined capital cities. However, the weaker regional result relative to the combined capitals was mostly a factor of the monthly rise in Sydney housing values rather than a larger fall in regional market values.
Overall, CoreLogic recorded a combined regional market fall of -2.1% for the quarter to February 28. That’s a modest movement backwards after the combined non-capital city areas saw housing values surge 41.6% through the most recent upswing. Since peaking in June, the combined regionals index is only down -7.7%.
Melbourne’s median dwelling value is down –2.7% over the quarter. Data shows the Victorian capital has had a Covid trough to peak of 17.3%. After peaking in February 2022, the median dropped by -9.6%. Regionally, Victoria is –7.0% off its most recent peak in May 2022.
The quarter to January’s close saw the median dwelling price in the Harbour City fall by –2.4%. Although In February Sydney was the only capital city to record an increase, gaining 0.3%. Sydney’s median peaked in January 2022 and has since experienced a -13.5% decline. The city’s trough to peak was 27.7%. After hitting its peak in May 2022, regional NSW closed the most recent quarter –10.1% off that high.
By February Brisbane’s median dwelling price was down –3.2% for the quarter. The capital of the Sunshine State had an exceptional trough to peak throughout the pandemic with the media skyrocketing 42.7%. Post peak in June 2022, the drop has been –11.0%. Across regional Queensland the median has come -7.3% off the June 2022 high.
The ACT experienced a –2.7% decline of its median dwelling price during the three months to February’s end. Australia’s capital reached its price peak in June 2022 and has since come off the boil by –9.0%.
The Perth median appears to be plateauing with a modest quarterly move of just -0.2%. According to CoreLogic data the West Australian capital’s market only reached its peak in July 2022 and has come off just -0.9% since. The full trough to peak figure for Perth has been 25.9%. Regionally, the state is reportedly at its peak after experiencing a 32.4% increase through the recent growth phase.
To find out more about the current property landscape, reach out to us today.
In its first cash rate decision for 2023, the Federal Reserve Bank has announced a rise to the official cash rate, increasing it by 25 basis points from 3.10% to 3.35% in response to continued inflationary pressures.
Our video also takes you through an overview of the state of the property market, including a breakdown across all capital cities of the changes in dwelling values over the past month, as well as over a period of 12 months.
Click the video below to view our February update.
With interest rates increasing, contact us today to get a better understanding of how market changes will impact your next property purchase.
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
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