{"id":5318,"date":"2023-09-14T09:39:34","date_gmt":"2023-09-13T23:39:34","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5318"},"modified":"2023-09-14T09:39:34","modified_gmt":"2023-09-13T23:39:34","slug":"property-market-climbs-towards-new-peak","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/property-market-climbs-towards-new-peak\/","title":{"rendered":"Property market climbs towards new peak"},"content":{"rendered":"

\"\"The property market has thumbed its nose at higher interest rates, with values rising almost 5% since March. Here\u2019s why national housing prices are climbing higher.<\/strong><\/p>\n

Australia\u2019s housing market is making a bigger comeback than Barbie.<\/p>\n

Despite interest rates rising 4% in a year and a cost of living crunch,\u00a0home values have skyrocketed<\/a>\u00a0with prices soaring 4.9% nationally since March 2023.<\/p>\n

The strength of the rebound has wiped out about half the losses recorded in the downturn between April 2022 and February 2023, when home values fell 9.1%.<\/p>\n

In fact, the value of Australia\u2019s housing market just hit $10 trillion again \u2013 the first time the total estimated value hit double digits since June 2022.<\/p>\n

So what\u2019s driving home prices higher?<\/h3>\n

CoreLogic says three factors are pushing up property values:<\/p>\n

\u2013 Net overseas migration:\u00a0<\/strong>more people are arriving from overseas than are leaving. That\u2019s a lot of extra people looking for a place to live.<\/p>\n

\u2013 Use of savings, profit and equity:<\/strong>\u00a0upgraders are using savings, equity or profits from their home to buy their next place instead of borrowing more. This has seen demand for property stay strong even though rates have climbed higher.<\/p>\n

\u2013 Tight supply:<\/strong>\u00a0the volume of homes listed for sale is a lot lower than in previous years. That spells competition between buyers, which is putting pressure on prices.<\/p>\n

Will property prices keep rising?<\/h3>\n

Home values have been rising steadily over the past six months. What happens from here hinges on how interest rates move, and whether the economy stays in good shape.<\/p>\n

As a guide, CoreLogic is expecting some heat to come out of the market recovery by the end of 2023.<\/p>\n

That\u2019s great news for home buyers \u2013 as long as cooler prices aren\u2019t the result of more rate hikes or a sluggish economy.<\/p>\n

How to get ready to buy your next home<\/h3>\n

In today\u2019s environment of rapidly rising home values, home buyers can score a winning edge by having their ducks in a row before inspecting homes listed for sale.<\/p>\n

This increasing need to be organised is one of the key reasons why\u00a067% of Australians turn to a mortgage broker<\/a>\u00a0for expert support when they buy their home.<\/p>\n

And according to research by\u00a0Helia<\/a>, prospective home buyers are getting support in the areas of:<\/p>\n

\u2013 determining their borrowing power \u2013 63% of those surveyed;
\n\u2013 help choosing the right loan \u2013 60%;
\n\u2013 getting a home loan pre-approved \u2013 56%; and
\n\u2013 applying for a loan \u2013 55%.<\/p>\n

So if you\u2019d like help in any of these areas, or you want to get into the market before prices rise further, call us today to explore your home loan options.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property market has thumbed its nose at higher interest rates, with values rising almost 5% since March. Here\u2019s why national housing prices are climbing higher. Australia\u2019s housing market is making a bigger comeback than Barbie. Despite interest rates rising 4% in a year and a cost of living crunch,\u00a0home values have skyrocketed\u00a0with prices soaring […]<\/p>\n","protected":false},"author":23,"featured_media":5319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5318","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nProperty market climbs towards new peak · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finance-matters.info\/2023\/09\/13\/property-market-heads-to-new-peak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property market climbs towards new peak · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"The property market has thumbed its nose at higher interest rates, with values rising almost 5% since March. Here\u2019s why national housing prices are climbing higher. Australia\u2019s housing market is making a bigger comeback than Barbie. 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