Sydney property market update

 Are you planning on buying a new home? Or are you a first home buyer thinking of giving shape to your dreams? This blog will then really follow to know about the current situation of the market so you can plan accordingly. 

The Sydney property market has always been one of the strongest and consistent performers for decades but due to the coronavirus, the year 2020 experienced unexpected downfalls. The damage was predicted to show its impact on the preceding year as well, however, despite the havoc and volatility, the market has been seeing to be shaping again. 

Since the housing values had seen a downfall in October, still the home values have remarkably surged 5.7% to name a record in early March 2021

As the housing values surge, it has been seen enormous growth in the buyer's demand, and in the first three months of the year, the sale almost reached 24,000 in the metro areas. The figures are 34% higher than the first three months of last year. This increase in demand has contributed to the upward pressure on housing prices. Moreover, Sydney's median house price has soared $100,000 in these three months which has also become a reason for a battle between the investor and first home buyer at auctions. And if the hikes remain consistent, it can probably lead to two-digit price growth in the next 12 months. 

According to CoreLogic, dwelling prices were up to 3.7% in March, whereas apartment prices have risen 2.1% pushing the median house price to $1,112,67 and apartments $755,360.

Now peeking into a report of ANZ bank, it is expected to see a jump of 19% through 2021, before slowing down to 6% in 2022. 

Summing up the whole point, this can be a golden time to make a purchase, as the market price can significantly witness a peak in the coming years. 

Don't let the opportunity go out of your hand and walk towards your new journey. Don't worry our best mortgage broker in Sydney and our professional adviser will always be by your side. To reach for our assistance and advice call us on 9907 4624

Demand Surge for Construction Loans

 If you're building your dream home or investment property or even thinking of doing major renovations then it might be good news to you that there also exist finance companies that lend money. It lends financial help to individuals and companies with the benefit of making the best return possible in a short duration of time. Earlier it had been often seen that many first-time developers were skeptical about construction loans, there could be possibly two reasons either they didn't properly understand the term 'risk' or they lacked certain knowledge. However, the table has turned and it has been noticed now people are actually seizing the opportunity. Before we jump into how they are, let's first understand what exactly construction home loans are! 

So this is a variant of home loan specially designed to benefit people who are building a home, investment property, or doing high Budget renovations. It has certainly a different loan structure than the commonly used loan which is available for buying an existing home. The installment amount also varies at various stages of construction, moreover, you only need to pay interest on the amount that is drawn down. 

As people have started understanding the advantages of a construction loan it has been seen a spectacular demand for loans in new dwellings in the first month of 2021. According to the latest report released by the Housing Industry Association (HIA), the number of construction loans to owner-occupiers has witnessed a jump of 45.8% from November to January 2021. 

If we navigate through the state-wise data then the biggest jump has been recorded in Western Australia which is 221.7%, next on the line is Queensland with a 164.9% hike, Northern Territory with 160.3% and Tasmania with 104%. And the other states have also recounted vigorous growth of at least 70%.

So now when the demand for construction loans is at the pinnacle then what are you waiting for? Get started with your construction without any worries.

Yes, we're always by your side. Be it advice or help we're just a call away. So if you need help finding the best mortgage brokers in Sydney or financial help and advice then grab your phone and call us at 99074625 

5 Sure-fire ways to save big on your mortgage

 Everyone probably looks for various ways to save their hard-earned money to shave costs. This saving becomes more prominent when you've aspired to buy a home, actually, it's a smart idea though,  Afterall purchasing a home is one of the biggest financial commitments and certainly, it can take decades to complete. However, there are concessions you use to cut the corners and keep the costs down. 

Budget your expenses

'Save more by spending less' we always hear this thrown all around. It's a simple trick and eventually the most effective one, to save money, you must spend less. This becomes more vital if you've dreamed of owning your own house. So always keep a track of your spending, for doing that you need to formulate a budget and stick to it at least until you achieve your goal. 

Keep your Income in Offset Account

This can be one of the smartest ways to boost your savings. Moreover, it just requires minimal effort. All you need to do is play smart and keep your savings and income resting in an offset account. By doing that you can earn interest every single day because interest is charged monthly but computed daily. Even if you spend the majority of your income, you would still be able to pay your loan quicker. 

3 Review your cost

Once you figure out where and how much you're spending, you would be able to sketch your estimate of your spending, while where you can lower your expenses. 

So review all your expenses, bills, utilities, etc to evaluate and find solutions. You can also take the help of your mortgage broker in Sydney as they can review your accounts before approaching lenders. 

4 Review your financing position regularly

This point is not quite simple to understand yet very crucial to evaluate where you stand financially. For doing that you need to review your financing position periodically. This will also eliminate the risk of any financial shocks if you're aware of your earnings, spending and savings.  

5 Raise your deductible

'Cut your dress according to your cloth' well this phrase is something your shoulder fix in mind if you're someone who has big plans to achieve. Precisely you should never have a deductible which is higher than your earning. So boosting your deductible can really save you as on your premiums.

If you're looking for such more ideas, and need the advice to help boost your savings or want a reliable mortgage broker in Sydney then we're just a call away. To contact mortgage brokers on northern beaches call on 9907 4624