Last Week in Review 17/06/2021

June 17, 2021

Last week it was mostly good news for homebuyers. Lender 86 400 announced a drop in their rates which coincides with a continuous boom in the property market. Buyers are buying property at record speeds, which is causing FOMO to take over. FOMO seems to be part of the main driving force of the current boom and it doesn’t look like it’s slowing down any time soon as demand continues to outpace supply.

Why brokers are better than banks? – It’s Simple

A quick video explaining why going to a broker is more advantageous for consumers than going straight to a bank.

Is it too late to purchase property in Australia? – It’s Simple

With property prices in Australia at an all-time high, Australians are experiencing FOMO. This video helps explain why it isn’t too late to purchase property in Australia.

New rates announced for 86 400 effective from 16 June 2021

Owner occupied P&ICurrent rate (p.a)New Rate (p.a)Change
1 year2.15%1.84%-0.31%
2 year1.98%1.89%-0.09%
3 year2.15%1.99%-0.16%
Investment P&ICurrent rate (p.a)New rate (p.a)Change
1 year2.39%2.24%-0.15%
2 year2.24%N/AN/A
3 year2.39%2.24%-0.15%
Investment IOCurrent rate (p.a)New rate (p.a)Change
1 year2.59%2.44%-0.15%
2 year2.44%N/AN/A
3 year2.59%2.49%-0.10%

Pre-auction real estate sales surge as the pandemic house price boom creates buyer FOMO – ABC News

The fear of never owning a home is producing a spike in so-called ‘snap’ or ‘on-the-spot’ auctions. This is where property sales are rushed through prior to auction day. The latest data from CoreLogic show a spike in buyer snapping up properties prior to auction day. In 2018, on 2% of all auctions in Australian capital cities were sold before auction. Now in 2020, as many as 83% of homes are sold prior to auction. Real estate agents have warned people to cool down as usually this involved paying a ‘premium’.

SA’s most affordable and liveable suburbs revealed –

Affordable and liveable suburbs – houses

SuburbMedian PricePrice GrowthRental YieldRadial distance from CBD
Valley View$408,0002.1%4.5%10km
Hope Valley$435,0007%4.8%11km
North Field$440,0001.3%4.8%8km

Affordable and liveable suburbs – units

SuburbMedian Priceprice growthrental yieldredial distance from cbd
Hope valley$310,0003.3%5%11km
Kensington gardens$422,0001.7%4.9%6km

Five suburbs where buyers can strike gold amid more listings, steady prices –

SuburbListings (May)5-year average for listingsChange in dwelling value (12 months)Median house priceMedian unit price
South Yarra3352620.1%$1.9525m$611,000
Port Melbourne15097-0.3%$1.5975m$725,000

Key number that proves property boom isn’t slowing down –

Australians are buying properties at record speeds with homes selling on average in just 32 days. It dropped from an average of 37 days in April. Some states saw themselves with even faster buyers. In the ACT the average time for properties appearing on was 24 days, 27 days in NSW, and 28 says in Victoria. The property market continues to boom with demand outpacing supply in May.

More Topics