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The Australian housing market has seen a surge in auction activity, presenting an opportune time for potential homebuyers to enter the market. This increase in activity comes ahead of the spring season, traditionally a hot period for the property market. According to a recent report by CoreLogic, there has been a significant 17.5% increase in auctions held this year compared to the same period last year.
This rise in auction activity is not just confined to the major capital cities; even regional areas are experiencing a boost. Sydney is leading the pack with the highest auction activity, but Brisbane is not far behind, with a predicted 32% increase in auction action - the highest amongst other capital cities.
The property clearance rate, which indicates the percentage of properties sold at auction, is also on an upward trend. The current weighted average clearance rate across Australia's capital cities stands at 65%, suggesting strong demand from buyers. This robust demand and increased auction activity are good news for those looking to buy an investment property or their first home.
However, it's crucial to remember that while these statistics provide a broad overview of the market, they may not necessarily reflect the situation in your specific location or suburb. If there are more properties for sale than there are potential buyers, clearance rates may fall, leading to potentially lower property prices. So, if you're planning on helping buying your first home or investing in property in Australia, it's essential to conduct thorough research and understand the market dynamics in your area.
For those ready to jump into the property market, exploring home loan options is the next logical step. The average variable interest home loan rate currently stands at 6.60%, according to data from Mozo's database. Although this may seem high, some lenders are offering variable interest rates as low as 5.54% for a $400,000 home loan.
A range of options are available for potential homebuyers and investors. For instance, CommBank's Unloan offers an increasing discount for borrowers with no application or banking fees and no monthly account keeping or early exit fees. Other options include the competitively-priced Neat Home Loan ideal for both owner-occupiers and investors with no service fees and flexible repayment schedules.
For those seeking fast online approval, Bendigo Bank's award-winning Express Home Loan provides multiple offset accounts and redraw facilities with flexible repayment options. Another option is Up's competitive variable interest rate loan with no application, monthly, annual, redraw or discharge fees and up to 50 free offset accounts.
In conclusion, the current surge in auction activity coupled with strong demand presents an opportune time for potential homebuyers and investors to enter the Australian property market. However, it's crucial to do your homework and understand the market dynamics in your area before taking the plunge. Whether you're looking to buy your first home or invest in property in Australia, understanding your home loan options and seeking investment property support can make the process smoother and more rewarding. find out your suitability to buying an investment property off the plan. email me
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